Automotive Crankshaft Market Size & Share, by Vehicle Type (Commercial Vehicles, Luxury vehicles, Passenger vehicles, Multi Utility Vehicles); Type (Flat Plane, Cross Plane); Crankshaft Material (Cast Iron, Forged Steel, Carbon Steel Alloys) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Global Automotive Crankshaft Market Highlights Over 2023 - 2033

The global automotive crankshaft market is estimated to garner a revenue of USD 4 Billion by the end of 2033 by growing at a CAGR of ~3% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 2 Billion in the year 2022. The growth of the market can be primarily attributed to the growth and development in the automobile industry around the globe. It was observed that the automobile industry produced approximately 22,930,200 vehicles between April 2021 and March 2022, a slight increase from 22,600,600 vehicles produced in April 2020 to March 2021.

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Crankshaft is a mechanical device and heart of an automotive engine. It has the ability to convert linear reciprocating motion of piston to a rotary motion for engine power transmission. These are widely used in automotive field, such as in cars, trucks, trains and in other automobiles. Without crankshaft it would not be possible for a vehicle to move even inch, since it is the main link between input powers to the output powers. Further, automotive crankshaft has multiple applications in different sectors such as automobile sector, industrial machinery sector and in printing devices. Moreover, the soaring demand for high end performance vehicles with high end performing engines, change in lifestyle of the consumers guided them to demand for better products along with rising disposable income are also expected to propel the growth of the automotive crankshaft market in a very positive way. According to the Bureau of Economic Analysis, personal income rose by USD 47.0 billion (0.2%) and disposable personal income by USD 37.6 billion (0.2%) in July 2022.

Global Automotive Crankshaft Market: Growth Drivers and Challenges

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.

Global Automotive Crankshaft Market Regional Synopsis

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:

• North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive crankshaft market includes the following segments:

Top Featured Companies Dominating the Global Automotive Crankshaft Market

• Thyssenkrupp Crankshaft Company LLC

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• NSI Crankshaft
• Bryant Racing Inc.
• Arrow Precision
• Maschinenfabrik ALFING KESSLER GmBH
• Ciguenales Sanz SL
• Tianrun Crankshaft co. ltd.
• Mahindra CIE Automotive
• NSI Crankshaft