Los Angeles, December 19, 2019 –QY Research recently published a report titled, “Global Automotive Hydroformed Parts Market Research Report 2019”. The global automotive hydroformed parts market is expected to rise at a CAGR of 6.75%, from US$10 bn in 2018 to reach US$16 bn by the end of 2025.
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Increasing Production of Electric Vehicles to Drivers Market
The rising demand for lightweight parts from automobiles industry for the production of electric vehicles is the major driver of the global automotive hydroformed parts market. The efforts toward reduction of weight to improve fuel efficiency to meet the evolving demands of increasingly electrified vehicles has spiked the demand for hydroformed parts.
Hydroforming is considered as one of the enabling technologies to deliver lightweight components as it creates parts without welding, making them a unibody component structure. The technology is relatively new as compared to rolling, forging or stamping and offers several advantages over them such as improvement of structural stability, reduction in tooling costs, enhanced quality and precision, reduced dimensional variability, decrease in workpiece and product weight cost, increase in strength and stiffness of the formed parts, more uniform thickness distribution, fewer secondary operations, and others. Demand for fuel efficient in light of growing carbon emissions coupled with ongoing innovations is expected to push the market in the upward direction.
Stainless Steel Segment to Grow as it Provides Accuracy for Complex Parts
The stainless steel segment holds the largest market share as it allows increased hardening of sheet material and provides better shape accuracy for complex parts. Owing to these reasons, this segment will grow drastically in the forecast years.
Asia Pacific Region to Dominate as Automotive Industry Accelerates in Top Gear
The rising automotive industry in China, Japan, and India is expected to report an extensive growth in the coming years, giving Asia Pacific regional market a significant place in the global market. Also various new OEM manufacturers are entering these countries to open new production units which will further fuel the market.
Manufacturers to Focus on Producing Parts for New Electric Vehicle
In 2017, thyssenkrupp System Engineering received an order for manufacturing and delivery of body stamping dies for a new vehicle generation from the Chinese automotive manufacturer SGMW. In addition, both the companies have agreed to explore long-term cooperation. According to the order, thyssenkrupp will design, plan, and manufacture tools for the production of exterior body parts includes doors, side panels, and fenders for SGMW’s SUV CN300M. The company’s joint venture with GM China, SAIC and Wuling Motors is expanding their production capacity to up to 800 electric vehicles per day.
The manufacturers covered in the report include Magna International, KLT Auto, Metalsa, Alf Engineering, Tenneco, F-TECH, Thyssenkrupp, Yorozu, Vari-Form, Pliant Bellows, SANGO, Tata Precision Tubes, Electropneumatics, Salzgitter Hydroformin, Showa Rasenk, Right Way, Busyu Kogyo, Nissin Kogyo, and others.
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