Analysis by Vehicle Type (Commercial Vehicles, Luxury vehicles, Passenger vehicles, Multi Utility Vehicles and Others); by Type (Flat Plane And Cross Plane); by Crankshaft Material (Cast Iron, Forged Steel, Carbon Steel Alloys and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033
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Regionally, the global automotive crankshaft market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 backed by the rise of disposable income that is enhancing the purchasing power of Asian consumers. In 2021, the per capita disposable income of Chinese citizens peaked at USD 5,200, an increase of 9% over 2020. Moreover, the growing car market in developing countries, rapid urbanization, and government initiatives encouraging industrialization are projected to drive the regional market over the forecast period. It was observed that India's passenger car market was valued at USD 32 billion in 2021, and it is projected to reach USD 54 billion by 2027, growing at more than 8.8% between 2022 and 2027.
The global automotive crankshaft market is further classified on the basis of region as follows:
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.
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.
Our in-depth analysis of the global automotive crankshaft market includes the following segments:
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By Vehicle Type |
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By Type |
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By Crankshaft Material |
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Thyssenkrupp Crankshaft Company LLC
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing production of passenger and luxury cars, rapid growth in automobile industry along with surge in exports of crankshaft worldwide are the major factors driving the growth of the automotive crankshaft market.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2023 – 2033.
Ans: Significant investment in research and development activities while the manufacturing crankshaft are the challenges affecting the market growth.
Ans: The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are Thyssenkrupp Crankshaft Company LLC, NSI Crankshaft, Bryant Racing Inc., Arrow Precision, Maschinenfabrik ALFING KESSLER GmBH, Ciguenales Sanz SL, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by vehicle type, type, crankshafts material and, by region.
Ans: The passenger vehicle segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
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