Gigacasting Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 109.13 Million |
| Market Size (2029) | USD 711.61 Million |
| CAGR (2024 - 2029) | 45.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Gigacasting Market Analysis
The Gigacasting Market size is estimated at USD 109.13 million in 2024, and is expected to reach USD 711.61 million by 2029, growing at a CAGR of 45.5% during the forecast period (2024-2029).
Over the medium term, the automotive industry witnessed remarkable growth, continuously adopting innovative approaches without constraints. Currently, automotive manufacturers are concentrating on achieving their targets for durable chassis frames and sturdy automotive parts that are both long-lasting and cost-effective, emphasizing lightweight design.
The increasing popularity of gigacasting among vehicle manufacturers has been found to significantly improve productivity and reduce production costs. With gigacasting, the potential for reducing per-unit manufacturing expenses is achieved by casting a single module instead of welding multiple body parts. This technology saves time, labor, cost, and factory space by replacing multiple robots that weld car parts with a single machine.
The electric vehicle (EV) market is growing rapidly due to the specific manufacturing requirements of EV components. As the automotive industry moves toward electrification, the demand for lightweight and high-performance components has increased, contributing to the strengths of gigacasting processes.
Gigacasting Market Trends
Body Assemblies Hold Major Market Share
Body assemblies are an integral component of any vehicle that requires the employment of efficient casting techniques. Increasing passenger car production worldwide to cater to the rising consumer demand, coupled with expanding e-commerce and road freight sector, serve as major determinants for the growth of this segment.
The increasing use of aluminum gigacasting modules and structural parts is mainly due to the necessity of preventing the constant rise in vehicle weight, improving fuel efficiency, and meeting the growing demand for battery electric vehicles. Gigacasting can reduce per-unit manufacturing costs by eliminating the welding of numerous body parts and replacing them with a single-cast module.
According to the European Automobile Manufacturers鈥� Association (ACEA), in July 2023, new car registrations across the European Union reached 851,156 units compared to 739,135 units in July 2022, representing a Y-o-Y growth of 15.1% between July 2022 and July 2023.
According to the International Organization of Motor Vehicle Manufacturers (OICA), new light commercial production worldwide touched 19.8 million units in 2022 compared to 18.6 million units in 2021, recording a Y-o-Y growth of 7% between 2021 and 2022.
With the expanding commercial and passenger vehicle market, there exists a massive demand for advanced and lightweight door frames, roof panels, etc., which, in turn, positively impacts the surging demand for this segment.
Many vehicle manufacturers are using the gigacasting process to improve the production of passenger cars. This is expected to result in significant growth in the industry in the coming years. For example, Tesla has already adopted gigacasting at its factories in the United States, China, and Germany. Tesla's Model Y uses two massive gigacastings as the front and rear underbody, revolutionizing traditional car body design and streamlining manufacturing.
With the abovementioned development across the world, body assemblies are expected to witness significant demand in the coming years.
Asia-Pacific Witnessing Significant Growth
China is the world鈥檚 leading exporter of aluminum and aluminum products. It holds a significant position among the world鈥檚 largest suppliers of automotive parts, exporting motor vehicle parts and accessories.
The growth of lightweight parts may continue to increase during the forecast period to meet the growing demand for lightweight components and high-conductivity metal parts from the automotive sectors.
Electric vehicle production has seen exponential growth in past years, which is an evident sign of consumer demand and is likely to supplement the demand for automotive parts in the gigacasting market. However, the rising electric vehicle market in China has prompted automakers to recognize that the electric vehicle trend is irresistible. Therefore, they have abandoned their initial policies and announced plans for electric vehicle models and new factories. For instance, in September 2023, Tesla used gigacasting technology to reduce component costs in Model Y production at its Shanghai factory.
A major factor contributing to the proliferation of the Japanese market is the continuous emphasis on vehicle weight reduction to enhance fuel efficiency and reduce emissions. As automobile manufacturers strive to meet strict environmental regulations, gigacasting components, known for their strength-to-weight ratio, become integral in achieving these goals.
The growing trend toward electric vehicles (EVs) has further propelled the demand for gigacasting components, given the need for lightweight structures to maximize battery efficiency.
By 2050, Japan plans to implement a 鈥淲ell-to-Wheel Zero Emission鈥� policy to eliminate emissions by focusing on energy supply and vehicle innovation. Replacing all traditional vehicles with electric vehicles can reduce the emission of greenhouse gases by around 80% per vehicle, including an approximate 90% reduction per passenger vehicle.
Based on the abovementioned points, the demand for gigacasting components across the region is likely to grow in the coming years.
Gigacasting Industry Overview
The gigacasting market is dominated by a few key players, including Idra SRL, LK Technology Holdings Limited, B眉hler AG, and others. The growing adoption of gigacasting machines among vehicle manufacturers worldwide is likely to boost the market during the forecast period. For instance,
- In September 2023, Aisin, a Japanese automotive supplier, implemented gigacasting, a manufacturing method originally introduced by Tesla, in the production of aluminum components for electric vehicles.
- In June 2023, B眉hler Holding AG showcased its Carat 840 megacasting solution at the "Megacasting Unveiled" event in Austria. The machinery enables the production of structural castings for automobile body-in-white assemblies while reducing costs and CO2 emissions.
Gigacasting Market Leaders
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Idra S.r.l.
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B眉hler AG
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L.K. Technology Holdings Limited,
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Handtmann Holding GmbH & Co. KG
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Birch Machinery Company Ltd
*Disclaimer: Major Players sorted in no particular order
Gigacasting Market News
- November 2023: Idra SRL signed a contract with Volvo Cars to install two 9,000-ton giga press machines at a new site located in Ko拧ice, Slovakia. This installation of advanced machinery is set to revolutionize the automotive manufacturing sector.
- September 2023: Toyota Motor Corporation unveiled a new technology called gigacasting machinery that is designed to improve the production process of electric vehicles. The introduction of this technology is expected to enhance the efficiency of EV production, reduce plant investment, and minimize manufacturing costs. Toyota's target is to sell 3.5 million EVs per year by 2030.
Gigacasting Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Rise in Demand for Lightweight Vehicle Parts
4.2 Market Restraints
4.2.1 High Intial Investment
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value - USD)
5.1 By Application
5.1.1 Body Assemblies
5.1.2 Engine Parts
5.1.3 Transmission Parts
5.1.4 Others
5.2 By Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Rest of North America
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 India
5.2.3.3 Japan
5.2.3.4 South Korea
5.2.3.5 Rest of Asia-Pacific
5.2.4 Rest of the World
5.2.4.1 South America
5.2.4.2 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Idra SRL
6.2.2 Buhler AG
6.2.3 LK Technology Holdings Limited
6.2.4 Handtmann Holding GmbH & Co. KG
6.2.5 Birch Machinery Company Ltd
6.2.6 Colosio SRL
6.2.7 Huachen Precision Manufacturing Co. Ltd
6.2.8 UBE Machinery Inc.
6.2.9 Yizumi Holdings Co. Ltd
6.2.10 Oskar Frech GmbH + Co. KG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Gigacasting Industry Segmentation
Gigacasting involves using high pressure to cast intricate parts with advanced technology, typically using lightweight materials like aluminum. These components are used in large aluminum body parts, such as the entire underside of a vehicle.
The gigacasting market is segmented by application and geography. By application, the market is segmented into body assemblies, engine parts, transmission parts, and others. By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. For each segment, the market sizing and forecast have been done based on the value (USD).
| By Application | |
| Body Assemblies | |
| Engine Parts | |
| Transmission Parts | |
| Others |
| By Geography | ||||||||
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Gigacasting Market Research FAQs
How big is the Gigacasting Market?
The Gigacasting Market size is expected to reach USD 109.13 million in 2024 and grow at a CAGR of 45.5% to reach USD 711.61 million by 2029.
What is the current Gigacasting Market size?
In 2024, the Gigacasting Market size is expected to reach USD 109.13 million.
Who are the key players in Gigacasting Market?
Idra S.r.l., B眉hler AG, L.K. Technology Holdings Limited,, Handtmann Holding GmbH & Co. KG and Birch Machinery Company Ltd are the major companies operating in the Gigacasting Market.
Which is the fastest growing region in Gigacasting Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Gigacasting Market?
In 2024, the Asia Pacific accounts for the largest market share in Gigacasting Market.
What years does this Gigacasting Market cover, and what was the market size in 2023?
In 2023, the Gigacasting Market size was estimated at USD 59.48 million. The report covers the Gigacasting Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Gigacasting Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Gigacasting Industry Report
Statistics for the 2024 Gigacasting market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Gigacasting analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
