Automotive Crankshaft Market size is poised to cross USD 4 Billion by the end of 2033, growing at a CAGR of 3% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive crankshaft was over USD 2 Billion. 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.
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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
3% |
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Base Year Market Size (2022) |
USD 2 Billion |
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Forecast Year Market Size (2033) |
USD 4 Billion |
Vehicle Type (Commercial Vehicles, Luxury vehicles, Passenger vehicles, Multi Utility Vehicles)
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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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.
Material Services of ThyssenKrupp Crankshaft Company LLC has continued to expand in North America and plans to open a new facility in San Luis Potosí. Around USD 37 million is being invested in the central Mexican city by the company in order to support the future viability of the automotive supply sector.
Cigüeales Sanz AG started producing camshafts for models with more than 2 meters, started in 2020 with Cummins K50 compatible camshafts and others in our catalog.
Author Credits: Harshita Srivastava, Saima Khursheed
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