Automotive Crankshaft Market to Cross USD 4.33 billion, at a CAGR of 2.23% by 2031 | States Transparency Market Research Inc.

Demand for automotive crankshafts may grow with growing electric vehicle sales and consumer purchasing power.

Wilmington, Delaware, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Crankshaft sales in the automotive industry reached US$ 3.40 Billion in 2020. Between 2021 and 2031, the market is expected to expand at 2.23% CAGR. Crankshaft sales worldwide are expected to exceed US$ 4.33 billion by 2031

Vehicles with high performance are in high demand. For performance cars that require higher horsepower and torque, crankshafts must be more precisely engineered and stronger. Macroeconomic factors, such as GDP growth, consumer spending, and disposable income, can influence automobile industry growth.

Increased vehicle sales and, consequently, component demand, are generally a result of economic stability and growth. In the automotive industry, innovation can impact the demand for certain components, such as electric vehicles and internal combustion engines.

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Newer technologies may require crankshafts to change in design or material.  Innovations in engine technology can be driven by changes in emission standards and regulations, resulting in changes in crankshaft design and demand.

Changing consumer preferences, such as an increase in the demand for fuel-efficient, high-performance, and sustainable vehicles, can impact component demand. Automotive components' overall costs and production are affected by raw material availability and cost, as well as supply chain efficiency.

Fuel efficiency and emissions are increasing demand for lightweight materials for automobiles. Advanced alloys and composites can be used in crankshaft designs and materials as a means of addressing market demands.

The rise of electric and hybrid vehicles has caused a shift in the traditional automotive landscape. Hybrid vehicles may still utilize crankshafts even though electric vehicles lack them. Adaptable or innovative hybrid powertrain companies may find opportunities in this market.

Global Automotive Crankshaft Market: Key Players

Several global players seek better transmission systems and new technologies to expand their footprints. New technology and more efficient (lightweight) crankshafts are being developed by companies operating at the global level.

  • Bharat Forge Ltd (India)
  • Amtek Auto Ltd. (India)
  • ThyssenKrupp Crankshaft Company LLC (U.S.)
  • NSI Crankshaft (U.S.)
  • Bryant Racing Inc. (U.S.)
  • Arrow Precision (U.K.)
  • Maschinenfabrik ALFING KESSLER GmbH (Germany)
  • Cigueñales Sanz SL (Spain)
  • Tianrun Crankshaft Co., Ltd. (China)
  • Mahindra CIE Automotive Ltd. (India)
  • Rheinmetall AG (Germany)
  • Sandvik AB (Sweden)
  • Other Key Players

Key Findings of Market Report

  • The increasing number of IC engine vehicles on the road is expected to maintain the cross-plane crankshaft segment's dominance over the forecast period.
  • Cast iron crankshafts accounted for the majority of global automotive crankshaft sales.
  • Based on vehicle type, two/three wheelers will likely increase demand for automotive crankshafts.
  • With technological advancements and industrialization in North America, the automotive crankshaft market is expected to grow significantly.
  • Due to the high number of vehicles on the road, Asia Pacific is a significant market for automotive crankshafts

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Global Automotive Crankshaft Market: Growth Drivers

Automobile components, including crankshafts, are heavily dependent on the overall growth and health of the industry. The global demand for crankshafts is expected to increase as more vehicles are produced, especially in emerging markets.

Automotive components are becoming more advanced and lightweight as a result of emission regulations and the push for better fuel efficiency. Lightweight and durable crankshafts are necessary to improve engine efficiency and meet emission standards.

Hybrid and electric vehicles have had a significant impact on the automotive industry. However, some hybrids still use internal combustion engines, even though these vehicles have fewer internal combustion engine components. As engine design changes and lightweight components become more prevalent, crankshaft demand can shift.

Crankshafts can be made more efficient and durable with advances in manufacturing technologies. Innovation and improved performance are the keys to thriving in the crankshaft market.

The aftermarket for replacement parts, such as crankshafts, is growing as consumers keep their vehicles for longer periods. As a result, the market for replacement parts may be driven by this phenomenon.

Global Automotive Crankshaft Market: Regional Landscape

Automotive crankshafts are expected to be the most popular in North America.  As vehicle production levels increase in North America, so does the demand for automotive components. Mexico, Canada, and the United States are key players in the region. The demand for crankshafts can be directly affected by changes in vehicle production rates.

Historically, trucks and SUVs have dominated the North American automobile market. Crankshaft demand for large vehicles may be affected by consumer preferences towards these vehicles. Regulations requiring emissions standards and fuel efficiency may spur innovations in engine design, resulting in a greater demand for crankshafts, contributing to more efficient engines.

Key Developments

  • In October 2023, Direct Connection, a Dodge performance brand, announced the Hellephant C170 Crate HEMI® Engine will be available in Q1 2024 at for the Dodge Challenger SRT Demon 170.
  • In November 2023, BMW's first XM Label hybrid electric SUV broke its own record at Pikes Peak near Colorado Springs with an officially certified course run with 738 horsepower and 738 pounds-feet of torque.

Global Automotive Crankshaft Market: Segmentation

  • By Product Type
    • Flat Plane Crankshaft
    • Cross Plane Crankshaft
  • By Material
    • Cast Iron
    • Forged Steel
  • By Vehicle Type
    • Two / Three Wheelers
    • Passenger Vehicle
      • Hatchback
      • Sedan
      • Utility Vehicle
    • Light Duty Vehicle
    • Medium & Heavy Duty Trucks
    • Bus & Coaches

By Region

    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America

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