Commercial Vehicle Component Forging Market - Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Material Type, By Component Type, By Vehicle Type, By Region and By Competition 2021-2031F

Description

The Global Commercial Vehicle Component Forging Market will grow from USD 34.65 Billion in 2025 to USD 49.88 Billion by 2031 at a 6.26% CAGR. Commercial vehicle component forging involves the manufacturing process of shaping metal using compressive forces to produce durable parts such as crankshafts, axles, and chassis components for trucks and buses.

Market Overview
Forecast Period	2027-2031
Market Size 2025	USD 34.65 Billion
Market Size 2031	USD 49.88 Billion
CAGR 2026-2031	6.26%
Fastest Growing Segment	Steel
Largest Market	North America

Key Market Drivers

Rising investment in infrastructure and construction activities fundamentally compels the commercial vehicle component forging market, as heavy-duty machinery requires high-strength parts to withstand extreme operational stress. Governments worldwide are prioritizing modernization projects, leading to a surge in the procurement of yellow goods and vocational trucks that utilize forged engine and chassis components for superior durability. This localized construction boom creates a sustained requirement for forged steel tracks, hydraulic cylinder bases, and transmission gears necessary for earthmoving applications.

Key Market Challenges

The rapid transition toward electric mobility and sustainable powertrains presents a substantial structural barrier to the growth of the commercial vehicle component forging market. Electric propulsion systems function with significantly reduced mechanical complexity compared to traditional internal combustion engines. Consequently, essential forged components such as crankshafts, connecting rods, and complex transmission gears are eliminated from the vehicle architecture. This reduction in part count directly lowers the volume of forged steel required per unit, resulting in a decrease in revenue potential for manufacturers dependent on conventional powertrain supply chains.

Key Market Trends

Forging companies are increasingly shifting their product portfolios from internal combustion engine parts, such as crankshafts, to specialized components essential for electric commercial vehicles, including high-strength motor shafts and rotor spindles. This strategic realignment addresses the industry's critical need for efficient propulsion systems that can handle the high torque and load requirements of electric trucks while compensating for the reduction in traditional powertrain components.

Key Market Players

Accurate Steel Forgings (INDIA) Limited
AICHI STEEL CORPORATION
Alcoa Corporation
Aluminum Precision Products
Anderson Shumaker Company
Arconic Inc
Bharat Forge Limited
Ellwood Group Inc.
Kalyani Technoforge
Kobe Steel, Ltd.

Report Scope:

In this report, the Global Commercial Vehicle Component Forging Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Commercial Vehicle Component Forging Market, By Material Type:

Aluminum
Steel
Others

Commercial Vehicle Component Forging Market, By Component Type:

Gears
Piston
Bearing
Axle
Connecting Rods
Crankshaft
Others

Commercial Vehicle Component Forging Market, By Vehicle Type:

LCV
M&HCV

Commercial Vehicle Component Forging Market, By Region:

North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Asia Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Commercial Vehicle Component Forging Market.

Available Customizations:

Global Commercial Vehicle Component Forging Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Commercial Vehicle Component Forging Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Material Type (Aluminum, Steel, Others)
- 5.2.2. By Component Type (Gears, Piston, Bearing, Axle, Connecting Rods, Crankshaft, Others)
- 5.2.3. By Vehicle Type (LCV, M&HCV)
- 5.2.4. By Region
- 5.2.5. By Company (2025)
5.3. Market Map

6. North America Commercial Vehicle Component Forging Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Material Type
- 6.2.2. By Component Type
- 6.2.3. By Vehicle Type
- 6.2.4. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Commercial Vehicle Component Forging Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Material Type
    - 6.3.1.2.2. By Component Type
    - 6.3.1.2.3. By Vehicle Type
- 6.3.2. Canada Commercial Vehicle Component Forging Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Material Type
    - 6.3.2.2.2. By Component Type
    - 6.3.2.2.3. By Vehicle Type
- 6.3.3. Mexico Commercial Vehicle Component Forging Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Material Type
    - 6.3.3.2.2. By Component Type
    - 6.3.3.2.3. By Vehicle Type

7. Europe Commercial Vehicle Component Forging Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Material Type
- 7.2.2. By Component Type
- 7.2.3. By Vehicle Type
- 7.2.4. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Commercial Vehicle Component Forging Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Material Type
    - 7.3.1.2.2. By Component Type
    - 7.3.1.2.3. By Vehicle Type
- 7.3.2. France Commercial Vehicle Component Forging Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Material Type
    - 7.3.2.2.2. By Component Type
    - 7.3.2.2.3. By Vehicle Type
- 7.3.3. United Kingdom Commercial Vehicle Component Forging Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Material Type
    - 7.3.3.2.2. By Component Type
    - 7.3.3.2.3. By Vehicle Type
- 7.3.4. Italy Commercial Vehicle Component Forging Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Material Type
    - 7.3.4.2.2. By Component Type
    - 7.3.4.2.3. By Vehicle Type
- 7.3.5. Spain Commercial Vehicle Component Forging Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Material Type
    - 7.3.5.2.2. By Component Type
    - 7.3.5.2.3. By Vehicle Type

8. Asia Pacific Commercial Vehicle Component Forging Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Material Type
- 8.2.2. By Component Type
- 8.2.3. By Vehicle Type
- 8.2.4. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Commercial Vehicle Component Forging Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Material Type
    - 8.3.1.2.2. By Component Type
    - 8.3.1.2.3. By Vehicle Type
- 8.3.2. India Commercial Vehicle Component Forging Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Material Type
    - 8.3.2.2.2. By Component Type
    - 8.3.2.2.3. By Vehicle Type
- 8.3.3. Japan Commercial Vehicle Component Forging Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Material Type
    - 8.3.3.2.2. By Component Type
    - 8.3.3.2.3. By Vehicle Type
- 8.3.4. South Korea Commercial Vehicle Component Forging Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Material Type
    - 8.3.4.2.2. By Component Type
    - 8.3.4.2.3. By Vehicle Type
- 8.3.5. Australia Commercial Vehicle Component Forging Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Material Type
    - 8.3.5.2.2. By Component Type
    - 8.3.5.2.3. By Vehicle Type

9. Middle East & Africa Commercial Vehicle Component Forging Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Material Type
- 9.2.2. By Component Type
- 9.2.3. By Vehicle Type
- 9.2.4. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Commercial Vehicle Component Forging Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Material Type
    - 9.3.1.2.2. By Component Type
    - 9.3.1.2.3. By Vehicle Type
- 9.3.2. UAE Commercial Vehicle Component Forging Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Material Type
    - 9.3.2.2.2. By Component Type
    - 9.3.2.2.3. By Vehicle Type
- 9.3.3. South Africa Commercial Vehicle Component Forging Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Material Type
    - 9.3.3.2.2. By Component Type
    - 9.3.3.2.3. By Vehicle Type

10. South America Commercial Vehicle Component Forging Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Material Type
- 10.2.2. By Component Type
- 10.2.3. By Vehicle Type
- 10.2.4. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Commercial Vehicle Component Forging Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Material Type
    - 10.3.1.2.2. By Component Type
    - 10.3.1.2.3. By Vehicle Type
- 10.3.2. Colombia Commercial Vehicle Component Forging Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Material Type
    - 10.3.2.2.2. By Component Type
    - 10.3.2.2.3. By Vehicle Type
- 10.3.3. Argentina Commercial Vehicle Component Forging Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Material Type
    - 10.3.3.2.2. By Component Type
    - 10.3.3.2.3. By Vehicle Type

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Global Commercial Vehicle Component Forging Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Accurate Steel Forgings (INDIA) Limited
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
15.2. AICHI STEEL CORPORATION
15.3. Alcoa Corporation
15.4. Aluminum Precision Products
15.5. Anderson Shumaker Company
15.6. Arconic Inc
15.7. Bharat Forge Limited
15.8. Ellwood Group Inc.
15.9. Kalyani Technoforge
15.10. Kobe Steel, Ltd.