CAGR: 2.9%Current Market Size: USD 2.7 BillionFastest Growing Region: North America
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global automotive crankshaft market is expected to grow from USD 2.7 billion in 2022 to USD 3.39 billion by 2030, at a CAGR of 2.9% during the Projection period 2023-2030. The growth of the automotive crankshaft market is mainly driven by the rising demand for high-end performance vehicles.
The rising demand for high-performance vehicles around the world and the rising demand for automobiles created opportunities for the Automotive Crankshaft Market during the Projection period. As automotive crankshafts play an essential role in cars, the global automotive crankshaft market is primarily driven by rising demand from the automotive sector. In addition, demand is increasing in developing countries as a result of increased spending on commercial and passenger vehicles. With rising purchasing power, technological innovation in the automobile sector promotes market growth. As a result, the Automotive Crankshaft market benefits. Machined billet crankshafts are becoming increasingly popular in high-end sports cars, and are likely to drive the market. These factors are projected to fuel the Automotive Crankshaft market expansion over the estimated Projection period. There are some constraints and hurdles that will impede market expansion. One of the key constraints is the need for large amounts of cash for crankshaft research and development within the industry, which causes the price of automobile crankshafts to rise to some level. As a result, it may have an impact on the growth of the Automotive Crankshaft market. Furthermore, raw materials are inaccessible in some places, which may impede the market throughout the Projection period.
Sample Request: - Global Automotive Crankshaft Market
Market Dynamics:
Drivers:
As the crankshaft is a vital component of cars, rising demand for vehicles to meet expanding population demand for better transportation services is driving market expansion. The rising global demand for high-performance vehicles is expected to drive growth in the automotive crankshaft market during the Projection period.
Restraints:
A crankshaft is a fundamental component of any combustion engine, including those found in motorcycles, automobiles, and trucks. It is one of the most difficult components of any automobile. Because of the high tolerance requirements and challenging machinability of materials such as forged steel or cast iron, designing crankshafts necessitates the use of optimized tools and machining procedures. There are also several types of crankshafts, ranging from little ones found in 2-stroke engines in lawnmowers to huge crankshafts found in diesel engines in ships.
Opportunities:
People in emerging countries are increasing their spending on commercial and passenger automobiles, which presents a growth opportunity during the projection period. Higher technical advancement in the automotive industry, as well as increased purchasing power, contribute to market growth throughout the Projection period.
Challenges:
To improve the quality and performance of the car crankshaft, ongoing research, and development are essential. However, the large capital requirement for research and development to improve crankshafts in the automotive industry is a constraint for market expansion because it raises the final price of automotive crankshafts to some extent. The increasing price places an additional strain on buyers, reducing demand for vehicles.
Segmentation Analysis:
The global automotive crankshaft market has been segmented based on product type, material type, vehicle type, and region.
By Product Type
The product type segment is the flat plane and cross plane. The flat plane segment led the largest share of the automotive crankshaft market with a market share of around 54.40% in 2022. The flat plane automobile crankshaft improves exhaust scavenging, which supports market expansion during the Projection period. Flat plane crankshafts are loud, simple in design, and cause vibrations in car engines, propelling market expansion.
By Material Type
The material type segment is forged steel, cast iron/steel, and machined billet. The forged steel segment led the largest share of the automotive crankshaft market with a market share of around 43.63% in 2022. The forged steel segment leads the market due to its capacity to withstand extra pressure and the increased strength it provides to the vehicle. The forged steel crankshaft is widely employed in diesel cars and heavy-duty commercial vehicles, propelling market expansion.
By Vehicle Type
The vehicle type segment is passenger vehicles, and commercial vehicle. The passenger vehicles segment led the largest share of the automotive crankshaft market with a market share of around 58.3% in 2022. The factors can be ascribed to the significant rise in global demand for passenger vehicles. Increasing demand in developing countries such as China and India has accelerated the expansion of the passenger car segment throughout the Projection period.
Global Automotive Crankshaft Market - Sales Analysis.
The sale of the automotive crankshaft market expanded at a CAGR of 1.3% from 2016 to 2022.
The crankshaft is the backbone of the internal combustion engine found in cars. It is frequently in charge of the engine's smooth and proper operation. To ensure the engine's long service life, the crankshaft must have good wear resistance and fatigue strength. A crankshaft is a mechanical mechanism that is commonly referred to as the heart of an automobile engine. It usually converts the piston's linear reciprocating action into a rotating motion, which aids in engine power transmission. Crankshafts are commonly seen in autos such as cars, trucks, and trains. It becomes difficult to move a vehicle even an inch without a crankshaft, as it is a critical link between the vehicle's input and output powers.
Crankshafts must be resistant to wear and have a high fatigue strength to ensure long service life. In addition to the vehicle business, the automotive crankshaft is utilized in other industries such as the industrial machinery sector, numerous industrial sectors, and printing equipment. The market is expanding due to increased demand for vehicles with higher performance and quality.
Thus, owing to the aforementioned factors, the global automotive crankshaft market is expected to grow at a CAGR of 2.9% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the automotive crankshaft market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific region dominated the automotive crankshaft market and held a 37.8% share of the market revenue in 2022.
Global Automotive Crankshaft Market - Country Analysis:
Germany's automotive crankshaft market size was valued at USD 0.19 billion in 2022 and is expected to reach USD 0.24 billion by 2030, at a CAGR of 3% from 2023 to 2030. Germany is considered an early technology adopter, with substantial growth projected over the next seven years. Increasing fuel efficiency regulations and a general awareness of resource sustainability in European countries have benefited the automotive crankshaft business.
China’s automotive crankshaft market size was valued at USD 0.26 billion in 2022 and is expected to reach USD 0.33 billion by 2030, at a CAGR of 3.2% from 2023 to 2030. Industrialization, fueled by rising demand for automobiles and other machinery, is likely to drive growth in the worldwide automotive crankshaft market during the Projection period. South Asia, according to the World Bank, is a competitive leader in the automotive manufacturing sector. South Asian countries such as China are rapidly expanding in the automotive industry.
India's automotive crankshaft market size was valued at USD 0.20 billion in 2022 and is expected to reach USD 0.25 billion by 2030, at a CAGR of 3.1% from 2023 to 2030. India is experiencing fast industrialization and urbanization, establishing Asia Pacific as the worldwide automobile crankshaft market leader. The automobile crankshaft market is expanding as a result of government measures boosting manufacturing. For example, one of the primary drivers of industrial activity in India is the 'Make in India' program. Convenient FDI rules and intellectual property protection for corporations, combined with industry-friendly government policies, have fueled fierce competition among Indian states to attract foreign direct investments in the manufacturing sector. The country's ascension in the World Bank's Ease of Doing Business rankings has ensured its hopeful expansion.
Key Industry Players Analysis:
To increase their market position in the global automotive crankshaft market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
2.9% |
Market Size |
2.7 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product Type, By Material Type, By Vehicle Type, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Maschinenfabrik ALFING Kessler, Rheinmetall, Sandvik, TIANRUN CRANKSHAFT, Thyssenkrupp, NSI Crankshaft, Kellogg Crankshaft Company, Farndon Engineering, Bharat Forge, and Crower Cams & Equipment. |
By Product Type |
|
By Material Type |
|
By Vehicle Type |
|
Regional scope |
|
Scope of the Report
Global Automotive Crankshaft Market By Product Type:
Global Automotive Crankshaft Market By Material Type:
Global Automotive Crankshaft Market By Vehicle Type:
Global Automotive Crankshaft Market By Region:
Global automotive crankshaft market is expected to reach USD 3.39 billion by 2030.
The automotive crankshaft market is projected to have a CAGR of 2.9%.
As the crankshaft is a vital component of cars, rising demand for vehicles to meet expanding population demand for better transportation services is driving market expansion. The rising global demand for high-performance vehicles is expected to drive growth in the automotive crankshaft market during the Projection period.
Based on the product type, the automotive crankshaft market is segmented into a flat plane and cross plane.
Leading market players active in the global automotive crankshaft market are Maschinenfabrik ALFING Kessler, Rheinmetall, Sandvik, TIANRUN CRANKSHAFT, Thyssenkrupp, NSI Crankshaft, Kellogg Crankshaft Company, Farndon Engineering, Bharat Forge, and Crower Cams & Equipment. among others.
Political Factors- To safeguard the safety of passengers, most governments have set regulations governing the production of automotive parts. If a corporation fails to meet these conditions, their licence may be revoked. Furthermore, the organisation must devote significant time to testing before launch, which can be costly at times. Administrations are likewise determined to limit the widespread use of fossil fuels, which emit more pollutants. Automobile manufacturers must keep emissions under a certain limit in order to stay in business. A country's vehicle sector is also reliant on government choices about export and import. A company's profit margin can improve if it can import high-quality parts at a lower cost.
Economic Factors- People's incomes in both stable and growing economic zones are rising. As a result, their spending power is increasing. It is the reason why car sales are increasing. Many countries have levied taxes on luxury items, raising their prices and discouraging some purchasers from purchasing one. It may reduce demand for luxury vehicles in some nations. However, if more businesses launch very inexpensive cars, they may attract more purchasers. If the cost of automobile parts rises, so will the cost of the vehicles. It could be one of the reasons behind the drop in demand for autos.
Social Factors- Cars are more than just transportation; they are also fashion statements. As a result, when developing new vehicles, corporations must consider the preferences of their customers. Otherwise, it may fall out of favour and fail to sell. The population distribution of a country influences car sales as well. A state with a dense population and numerous families has a high demand for bigger vehicles such as SUVs. The vehicle industry is also influenced by community culture and habits. Countries with well-connected transit services, for example, may see less people owning vehicles. Developed countries also have a proclivity to own one or more automobiles.
Technological Factors-To secure people's safety, the vehicle industry is heavily reliant on cutting-edge technology. Companies must enhance their technologies in order to make their vehicles as safe as feasible. Companies must concentrate on lowering their emissions. They can use cutting-edge technology to reduce emissions. Self-driving cars are already available on the market. As a result, they may face significant demand in the future. The corporation should advertise self-driving cars and electrified vehicles in order to win more clients.
Environmental Factors- Environmentalists and the government are concerned about automobile emissions. Companies can use cutting-edge technology to create battery-powered or electric vehicles, which can assist to reduce pollution. The governments of the countries are more ready to implement environmental legislation to reduce pollution levels, and automotive manufacturers must follow the guidelines. It may reduce profit margins for automotive manufacturers. Automobile businesses' research divisions must be rigorous in their testing. They should release a unit if it can pass the stringent pollution tests.
Legal Factors- Many countries have severe restrictions in place to reduce the amount of automobiles on the road, which can assist to reduce air pollution. If it is discovered during an accident's forensic examination that there was a problem with the faulty parts or airbags, the corporation may face legal action. If a vehicle manufacturer operates in an international market, it must adhere to tax and environmental regulations. If they do not comply, the corporation may be barred from operating in the country.
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