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

Base Year	2022
Forecast Year	2023-2033
CAGR	3%
Base Year Market Size (2022)	USD 2 Billion
Forecast Year Market Size (2033)	USD 4 Billion

Frequently Asked Questions (FAQ)

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.

The market is anticipated to attain a CAGR of 3% over the forecast period, i.e., 2023-2033.

Significant investment in research and development activities while the manufacturing crankshaft are the challenges affecting the market growth.

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.

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.

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.

The market is segmented by vehicle type, type, crankshafts material and, by region.

The passenger vehicle segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Automotive Crankshaft Market Trends