Automotive Crankshaft Market Trends

  • Report ID: 349
  • Published Date: Nov 08, 2024
  • Report Format: PDF, PPT

Automotive Crankshaft Market Trends

Growth Drivers

  • Rise In Sales Of Luxury Cars Across The Globe- The number of luxury vehicles sold in India from January-May 2022 increased by 53% over the previous year's 10,500 units.
  • Engine crankshafts convert linear motion into rotational motion by converting linear motion into rotational motion. Luxury cars require heavy-loading engines that are compact. A crankshaft's fatigue strength and wear resistance are very high, ensuring long service life. The rising purchasing of luxury cars is anticipated to propel the demand for automotive crankshafts over the forecast period.
  • Growing Market For Commercial Vehicles - For instance, a total of 67,100 commercial vehicles were sold in August 2022, an increase of 8.21% from 54,000 units in August 2021.
  • Increasing Exports Of Automotive Components- Estimates indicate that the export of auto components from India will reach USD 29 billion by 2026. By 2026, the automotive components industry is expected to generate USD 190 billion in revenues.
  • Upsurge In Manufacturing of Motor Vehicles Worldwide - According to statistics in a report published by the International Organization of Motor Vehicle Manufacturers (OICA), motor vehicle production has increased since 2000 from 583,74,162 to 917,86,861 vehicles. 
  • Rise In Exports of Crankshafts Worldwide- As per the  statistics by the International Trade Center (Trademap), the global value of exports of crankshafts in the year 2021 was recorded to be USD 11,542,182 thousand, which was an increase from USD 9,732,537 thousand in the previous year. 

Challenges

  • Significant Investment In Research And Development Activities While The Manufacturing Crankshaft
  • High Cost Of Raw Materials
  • Stringent Government Regulations Regarding Product Approval

Automotive Crankshaft Market: Key Insights

Growth Drivers

  • Rise In Sales Of Luxury Cars Across The Globe- The number of luxury vehicles sold in India from January-May 2022 increased by 53% over the previous year's 10,500 units.

Engine crankshafts convert linear motion into rotational motion by converting linear motion into rotational motion. Luxury cars require heavy-loading engines that are compact. A crankshaft's fatigue strength and wear resistance are very high, ensuring long service life. The rising purchasing of luxury cars is anticipated to propel the demand for automotive crankshafts over the forecast period.

  • Growing Market For Commercial Vehicles - For instance, a total of 67,100 commercial vehicles were sold in August 2022, an increase of 8.21% from 54,000 units in August 2021.

  • Increasing Exports Of Automotive Components- Estimates indicate that the export of auto components from India will reach USD 29 billion by 2026. By 2026, the automotive components industry is expected to generate USD 190 billion in revenues.

  • Upsurge In Manufacturing of Motor Vehicles Worldwide - According to statistics in a report published by the International Organization of Motor Vehicle Manufacturers (OICA), motor vehicle production has increased since 2000 from 583,74,162 to 917,86,861 vehicles. 

  • Rise In Exports of Crankshafts Worldwide- As per the  statistics by the International Trade Center (Trademap), the global value of exports of crankshafts in the year 2021 was recorded to be USD 11,542,182 thousand, which was an increase from USD 9,732,537 thousand in the previous year. 

Challenges

  • Significant Investment In Research And Development Activities While The Manufacturing Crankshaft
  • High Cost Of Raw Materials
  • Stringent Government Regulations Regarding Product Approval

The global automotive crankshaft market is segmented and analyzed for demand and supply by vehicle type into commercial vehicles, luxury vehicles, passenger vehicles, multi utility vehicles, and others. Among these segments, the passenger vehicles segment is anticipated to capture the largest market size in the global automotive crankshaft market owing to the increasing exports of passenger vehicles worldwide. It was observed that passenger vehicle exports increased from 403,390 to 570,870 between April 2021 and March 2022. Furthermore, the increasing demand for passenger cars across developing nations such as China and India, and the increasing purchasing power of middle-class families are anticipated to augment segment growth over the forecast period.

Base Year

2024

Forecast Year

2025-2037

CAGR

3.2%

Base Year Market Size (2024)

USD 2.14 billion

Forecast Year Market Size (2037)

USD 3.22 billion

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Browse Key Market Insights with Data Illustration:


Author Credits:  Saima Khursheed


  • Report ID: 349
  • Published Date: Nov 08, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of automotive crankshaft is assessed at USD 2.19 billion.

The automotive crankshaft market size was over USD 2.14 billion in 2024 and is anticipated to cross USD 3.22 billion by 2037, growing at more than 3.2% CAGR during the forecast period i.e., between 2025-2037. Increasing production of passenger and luxury cars, rapid growth in automobile industry along with surge in exports of crankshaft worldwide will drive the market growth.

Asia Pacific industry is expected to dominate majority revenue share of 40% by 2037, backed by rise of disposable income that is enhancing the purchasing power of Asian consumers.

The major players in the market include Thyssenkrupp Crankshaft Company LLC, NSI Crankshaft, Bryant Racing Inc., Arrow Precision, Maschinenfabrik ALFING KESSLER GmBH, Ciguenales Sanz SL, Tianrun Crankshaft co. ltd., Mahindra CIE Automotive, NSI Crankshaft
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