Market Size of North America Automotive Parts Die Casting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Automotive Parts Die Casting Market Analysis
The North America Automotive Parts Die Casting Market is projected to grow with a CAGR of more than 6 % during the forecast period.
- North America is second largest automotive market after Asia-Pacific region. Because of the ongoing trade tensions between two major economies United States and China, there is a slowdown in growth and demand for automobiles all around the world, the situation got more troubling for the automotive players after the rise of COVID-19 pandemic around the world. However, the situation is expected to become normal in the second half of 2021 and the demand is expected to rise again.
- However, because of the ongoing trade war between United States and China, the economy is expected to be heading towards a recession and the automobile sales are expected to witness a downfall for a couple of years until the end of trade tensions.
- With the increase in adoption of light weight ferrous materials to reduce the weight of automobile, majorly driven by the stringent policies imposed by CAFÉ standards to cut emission and increase fuel efficiency of the vehicle is driving growth in the market.
- Rules imposed by OSHA and NADCA policies to improve the technical workforce are expected to improve production standards in the die casting industry.
