Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Automotive Gigacasting Market Size is Expected to Grow from USD 115.31 Million in 2023 to USD 4231.21 Million by 2033, Growing at a CAGR of 43.37% during the forecast period 2023-2033.
Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Automotive Gigacasting Market Size, Share, and COVID-19 Impact Analysis, By Locking Force (10,000 kN to 30,000 kN, 30,000 kN to 60,000 kN, Above 60,000 kN), By Application (Body Part, Engine Part, Transmission Part, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033
The market for the gigacasting in automotive industry referred to as a unique manufacturing process employs large-scale casting machines to yield automotive components. This technique is mostly utilized in the manufacture of large and complex parts such as body panels and structural members. Gigacasting is done in a one-piece fashion most of the time with lightweight materials which help in vehicle performance, fuel efficiency, and structural integrity. The market for automotive gigacasting will be triggered by increasing the need for lightweight and fuel-efficient vehicles. Further, automakers tend to adopt gigacasting to simplify production and cut costs while also improving the integrity of the structure, especially in the case of electric vehicles (EVs) which expanded the market dimensions. Moreover, the increased adoption of EVs is driven by government incentives and investments made by the private sector into charging infrastructure to drive market growth. However, the market faces some barriers against growing opportunities high upfront investment, fluctuations in raw material prizes, and a shortage of skilled personnel for the machinery upkeep and integration.
The 30,000 to 60,000 KN segment accounted for the largest share of the global automotive gigacasting market in 2023 and is projected to grow at a substantial CAGR over the forecast period.
On the basis of the locking force, the global automotive gigacasting market is divided into 10,000 KN to 30,000 KN, 30,000 KN to 60,000 KN, and above 60,000 KN. Among these, the 30,000 to 60,000 KN segment accounted for the largest share of the global automotive gigacasting market in 2023 and is projected to grow at a substantial CAGR over the forecast period. This is due to its fame-durable and versatile automotive manufacturing equipment designed to manufacture huge and intricate automotive parts. Moreover, the increasing adoption of the EVs parts such as battery housing and entire body frame boosts segmental expansion.
The body parts segment accounted for the highest share of the global automotive gigacasting market in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
On the basis of the application, the global automotive gigacasting market is segmented into body part, engine part, transmission part, and others. Among these, the body parts segment accounted for the highest share of the global automotive gigacasting market in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This segmental growth contributed to the market expansion due to the increasing need for components that are durable, portable, and solid in construction. Further, it is an extremely simple-to-assemble assembly and reduces the number of welded joints, thus improving the overall structural integrity and growing acceptance of EVs and autonomous vehicles boost the segmental acquisition.
Europe is anticipated to hold the largest share of the global automotive gigacasting market over the forecast period.
Europe is projected to hold the largest revenue share of the global automotive gigacasting market over the forecast period. The growing acceptance of autonomous vehicles, manufacturing technology advancements, and sustainability means are the key factors driving the regional market. Stringent environmental regulations are compelling automakers to use lightweight materials and efficient production techniques to lower emissions showcasing the market opportunities. Further propelling the adoption of gigacasting is the rising demand for EVs, which is bolstered by government subsidies and investments in charging infrastructure.
Asia Pacific is predicted to grow at the fastest CAGR of the global automotive gigacasting market over the forecast period. The regional market expansion is propelling due to swift electric vehicle manufacturing progress and substantial funding for innovative technology development. The region is dominated by nations like China, Japan, and South Korea, which use gigacasting in their production processes to meet their needs for lightweight, energy-efficient automobiles. Moreover, robust industrial supply chains that encourage EV use, along with government policies and incentives, have further accelerated the adoption of gigacasting in the regional market.
Company Profiling
Major vendors in the global automotive gigacasting market are Idra S.r.l., L.K. Technology Holdings Limited, Bühler Holding AG, Birch Machinery Company, Handtmann Group, HAITIAN DIE CASTING, Oskar Frech GmbH + Co. KG, Shibaura Machine CO., LTD., SUZHOU SANJI FOUNDRY EQUIPMENT CO., LTD., UBE Machinery Inc., Yizumi Holdings Co., Ltd., ZITAI PRECISION MACHINERY CO., LTD., and others.
Key Target Audience
Recent Development
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global automotive gigacasting market based on the below-mentioned segments:
Global Automotive Gigacasting Market, By Locking Force
Global Automotive Gigacasting Market, By Application
Global Automotive Gigacasting Market, By Regional
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