Pune India, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Automotive Crankshaft Market Size By Product Type (Flat Plane and Cross Plane), By Material Type (Forged Steel, Cast Iron/Steel, and Machined Billet), By Vehicle Type (Passenger Vehicles, and Commercial Vehicle), Regions, Segmentation, and forecast till 2030.
The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the automotive crankshaft market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the automotive crankshaft market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product type, material type, vehicle type, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global automotive crankshaft market are Maschinenfabrik ALFING Kessler, Rheinmetall, Sandvik, TIANRUN CRANKSHAFT, Thyssenkrupp, NSI Crankshaft, Kellogg Crankshaft Company, Farndon Engineering, Bharat Forge, Crower Cams & Equipment among others. To achieve a substantial market share in the worldwide automotive crankshaft market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Latest Development:
In December 2022, Thyssenkrupp AG went under collaboration with Wilhelmsen. This collaboration will help to develop jointly additive manufacturing-enabled commercial solutions for maritime products and industry.
A crankshaft is a mechanical element found in automobile engines that aids in the conversion of the piston's linear motion to circular motion for power transmission. A crankshaft is a vital link between the input and output power in any vehicle. While crankshafts have a variety of applications, including machinery and printing devices, they are most commonly seen in the automotive industry, including trucks, passenger cars, trains, and other autos. During the forecast period, industrialization, driven by rising demand for automotive and other machinery, is likely to fuel the growth of the worldwide automotive crankshaft market. South Asia, according to the World Bank, is a competitive leader in the automotive manufacturing sector. South Asian countries such as India, China, and others are experiencing rapid growth in the automotive industry. According to IBEF, India's automobile sector is the fourth largest in the world, with 4.02 million vehicles sold in 2017. According to the World Bank, the world's young population accounts for approximately 42% of the entire population, which further emphasises the automotive sector's growth prospects.
Scope of Automotive Crankshaft Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product Type, Material Type, Vehicle Type, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Maschinenfabrik ALFING Kessler, Rheinmetall, Sandvik, TIANRUN CRANKSHAFT, Thyssenkrupp, NSI Crankshaft, Kellogg Crankshaft Company, Farndon Engineering, Bharat Forge, Crower Cams & Equipment among others. |
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Segmentation Analysis
The flat plane segment is expected to be the fastest-growing segment in 2022.
The product type segment is the flat plane and cross plane. The flat plane segment is expected to witness the highest growth rate during the forecast period. Among the two segments, the flat-plane crankshaft segment observes high demand. Flat plane crankshafts are basic in construction, noisy, and cause engine vibrations.
The forged steel segment is expected to be the fastest-growing segment in 2022.
The material type segment is forged steel, cast iron/steel, and machined billet. The forged steel segment is expected to witness the highest growth rate during the forecast period. Given the exceptional qualities of this material, the forged steel segment is expected to increase significantly during the forecast period; forged steel crankshafts are stronger but more expensive. Forged steel crankshafts with high fatigue strength are utilised in diesel engines.
The passenger vehicles segment is expected to be the fastest-growing segment in 2022.
The vehicle type segment is passenger vehicles, and commercial vehicle. The passenger vehicles segment is expected to witness the highest growth rate during the forecast period. The segment's growth is being driven by the significant increase in demand for passenger automobiles around the world.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the automotive crankshaft include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. There is a high demand for high-end luxury automobiles and large commercial vehicles in this region, which stimulates market expansion. In addition, the region is home to significant industry players, which aids in the growth of the Asia Pacific automotive crankshaft market.
Country Analysis
- Germany
Germany's automotive crankshaft market size was valued at USD 0.19 billion in 2022 and is expected to reach USD 0.24 billion by 2030, at a CAGR of 3% from 2023 to 2030. Germany is regarded as an early technology adopter, with significant growth expected over the next seven years. The automobile crankshaft industry has benefited from increased fuel efficiency standards and a general awareness of resource sustainability in European countries.
- China
China’s automotive crankshaft market size was valued at USD 0.26 billion in 2022 and is expected to reach USD 0.33 billion by 2030, at a CAGR of 3.2% from 2023 to 2030. During the forecast period, industrialization, spurred by increased demand for vehicles and other machines, is expected to drive growth in the global automotive crankshaft market. According to the World Bank, South Asia is a competitive leader in the car manufacturing sector. South Asian countries like China are quickly growing their car industries.
- India
India's automotive crankshaft market size was valued at USD 0.20 billion in 2022 and is expected to reach USD 0.25 billion by 2030, at a CAGR of 3.1% from 2023 to 2030. India is rapidly industrialising and urbanising, establishing Asia Pacific as the global automobile crankshaft market leader. As a result of government initiatives to stimulate production, the vehicle crankshaft industry is rising. The 'Make in India' programme, for example, is one of the key drivers of industrial activity in India. Convenient FDI standards and intellectual property protection for firms, combined with business-friendly government policies, have fostered strong competition among Indian states to attract FDI in the manufacturing sector.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the automotive crankshaft market is mainly driven by the rising demand for high-end performance vehicles.
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