South America Automotive Forging Market to Cross $ 1.3 Billion by 2023
According to TechSci Research report, “South America Automotive Forging Market By Vehicle Type, By Material Type, By Application, By Country, Competition Forecast & Opportunities, 2013 – 2023”, the automotive forging market across South America is projected to reach $ 1.3 billion by the end of 2023, backed by growing construction and industrial sectors coupled with rising vehicle production. Technological advancements, increasing demand for advanced components and decreasing raw material costs are also anticipated to fuel the region’s automotive forging market during the forecast period. Some of the major players operating in the region are Bharat Forge Limited, Thyssenkrupp AG and CIE Automotive, S.A.
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Brazil is the largest market for automotive forging in South America, owing to increasing vehicle population, backed by expanding base of consumers and rise in per capita income in the country. Moreover, road infrastructure development and government initiatives towards promoting the use of public transport in the country is driving both passenger car and commercial vehicle segments, which in turn is fueling the Brazil automotive forging market. Backed by huge sales of passenger cars in the region, this vehicle segment is expected to continue dominating the South America automotive forging market during forecast period.
“Growing focus of the automakers towards producing lighter vehicles without comprising on their integrity, along with increasing preference of consumers towards high performance vehicles, which require complex structures of forged components, is likely to aid growth in the South America automotive forging market over the next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Browse 26 market data Figures and Tables spread through 55 Pages and an in-depth TOC on “South America Automotive Forging Market”
“South America Automotive Forging Market By Vehicle Type, By Material Type, By Application, By Country, Competition Forecast & Opportunities, 2013 – 2023” has analyzed potential of automotive forging market across the region, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the South America automotive forging market.