Dublin, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The "Automotive Gigacasting Market: A Global and Regional Analysis, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The automotive gigacasting market was valued at $71.6 million in 2023, and it is expected to grow at a CAGR of 47.88% and reach $3.57 billion by 2033. The market is at a nascent stage and is projected to experience steady growth. Market players investing in research, infrastructure, and partnerships are expected to capitalize on the increasing demand for the automotive gigacasting industry.
Gigacasting contributes to improved vehicle performance by reducing weight while maintaining structural integrity, enhancing handling, and potentially increasing fuel efficiency. Enhanced structural integrity through gigacasting can positively impact vehicle safety by providing stronger and more durable parts, potentially improving crash safety standards. The use of lightweight materials and streamlined manufacturing processes in gigacasting aligns with sustainability goals in the automotive industry by reducing material waste and improving fuel efficiency, thereby lowering the environmental impact.
The adoption of gigacasting technology may influence a shift in manufacturing approaches, encouraging more efficient and advanced production methods across the automotive sector. Companies investing in gigacasting technologies aim to gain a competitive edge by offering vehicles with lighter weight, better performance, and improved efficiency, which could drive further innovation within the automotive industry. As the automotive sector continues to evolve, the integration of gigacasting technologies represents a significant step toward producing vehicles that are lighter, safer, and more environment friendly. However, the widespread adoption and impact of gigacasting will depend on factors such as technological advancements, cost-effectiveness, and acceptance of these methods within the automotive manufacturing landscape.
Market Segmentation
Segmentation by Application
Among the applications, the body part segment plays a pivotal role in dominating the automotive gigacasting market due to its significance in enhancing structural integrity, reducing weight, and elevating performance standards. Leveraging body parts within gigacasting processes enables manufacturers to create components with unparalleled precision and strength, offering a competitive edge in the market. The integration of body parts facilitates the production of critical components such as chassis nodes, suspension towers, and structural elements of the vehicle frame through gigacasting.
This advanced manufacturing technique allows for the creation of complex, lightweight, and high-strength parts that are vital for dominating the automotive gigacasting landscape. By harnessing the capabilities of gigacasting with body parts, companies can achieve superior design flexibility, enabling innovative and efficient vehicle architectures. This innovation not only meets but exceeds industry standards, setting benchmarks for safety, performance, and fuel efficiency.
Segmentation by Locking Force
Among the various product types, a locking force range of 30,000 kN to 60,000 kN signifies a significant advantage in dominating the automotive gigacasting market. This range of locking force is crucial in achieving the precision and strength required for casting large-scale automotive components. The higher end of this range, around 60,000 kN, represents a formidable capability in gigacasting.
Such immense locking force enables the production of robust and intricately designed parts with exceptional structural integrity. It allows for the creation of critical components such as engine blocks, transmission cases, or structural elements of vehicle frames with unparalleled precision and strength. With this locking force range, manufacturers can ensure the fabrication of high-quality, lightweight parts that meet stringent performance and safety standards. The ability to apply such force enables the creation of complex geometries and intricate designs, offering an edge in producing innovative automotive components.
Segmentation by Region
The automotive gigacasting market is poised for domination by the Asia-Pacific region. This projection stems from various factors, including the region's robust automotive industry, technological advancements, and presence of key manufacturing hubs. Countries such as China, Japan, and South Korea are at the forefront of automotive production, housing major players in the industry. The region's focus on electric and hybrid vehicles further propels the need for advanced manufacturing techniques, such as gigacasting, fostering a conducive environment for its market growth.
Additionally, the established industrial infrastructure, technological progress, and proactive government initiatives supporting automotive innovation amplify the region's standing in gigacasting. Collaborations between automotive giants and local suppliers in Asia-Pacific foster technological advancements, leading to enhanced gigacasting techniques and capabilities.
Key Market Dynamics
Demand drivers:
- Increasing Demand for Lightweight Vehicles
- Need for Reduced Production Time and Costs
- Material Innovation and Performance Enhancement
Market challenges:
- High Initial Investment
- Complexity in Design
Competitive Strategy:
The key players in the automotive gigacasting market analyzed and profiled in the study include automotive gigacasting machine manufacturers. Moreover, a competitive landscape of the players operating in the automotive gigacasting market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as launches, synergies, and mergers and acquisitions will aid the reader in understanding the untapped revenue pockets in the market.
Some of the prominent names in this market are:
- Idra S.r.l.
- L.K. Technology Holdings
- Buhler Holding
- Birch Machinery
- Colosio
- Haitian Die Casting
- Handtmann Group
- Huachen Precision Manufacturing
- Norican Group
- Oskar Frech
- Shibaura Machine
- Suzhou Sanji Foundry Equipment
- UBE Machinery
- Yizumi Holdings
- Zitai Precision Machinery.
Other related companies in the ecosystem are:
- Toyo Machinery & Metal Co., Ltd.
- Guangdong Hongtu Technology
- Wuxi Xinjiasheng Die-Casting Machine Manufacturing Co., Ltd.
- Ningbo Dongfang Die-Casting Machine Tool Co., Ltd.
- Ahresty Corporation
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 155 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $71.6 Million |
| Forecasted Market Value (USD) by 2033 | $3579.6 Million |
| Compound Annual Growth Rate | 47.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/1in4yy
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