MADURAI: The Indian forging industry, despite being slated for a robust 10 per cent growth this year, said it is facing a slew of challenges including the Centre’s “renewed focus” on electric vehicles and its mission to eliminate petrol and diesel cars by 2030.
The forging industry supplies about 60 per cent of its total material produced to auto component makers.
“The traditional internal combustion engines have about 2000 moving parts, while the electric vehicles have only about 20 parts - they don’t have engine and transmission parts completely,” said S. Muralishankar, President, Association of Indian Forging Industry at an event in Chennai.
“It only comprises of steering components, suspensions and axles - that the forged auto component suppliers will make,” he said.
“This will lead to an adverse impact for the forging industry,” he added.