Rockville, March 17, 2023 (GLOBE NEWSWIRE) -- The global automotive crankshaft market is expected to garner US$ 5.4 billion by 2033, growing at 3% CAGR from 2023 to 2033, as per this latest industry analysis by Fact.MR, a market research and competitive intelligence provider.
An automotive crankshaft converts the force produced by combustion into the circular motion in an engine needed to move a vehicle. It is composed of several gears and bearings that enable it to revolve at high speeds. Furthermore, the crankshaft is in charge of delivering power from the engine's pistons to the wheels.
Growing production and sales of vehicles are the primary aspects driving the growth of the global automotive crankshaft market. In addition, demand for automotive crankshafts is increasing in developing countries as a result of increased spending on passenger and commercial vehicles. Furthermore, technological improvements in the automotive industry are promoting market expansion.
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Worldwide demand for high-performance vehicles is boosting the sales of automotive crankshafts. Moreover, numerous R&D operations to increase the quality and performance of crankshafts in automobiles are projected to drive market expansion over the forecast period. However, high repairing and replacement cost of crankshafts is an issue for the global market since it raises the cost of automobiles.
Demand for machined billets is growing considerably. A machined billet is a crankcase material manufactured from a single piece of metal. Since it is tougher and more durable compared to other crankcase materials, this type of crankcase material is frequently employed in automotive applications. Machined billet crankshafts are becoming increasingly popular in high-end sports cars.
Key Takeaways from Market Study
- The global automotive crankshaft market is valued at US$ 4 billion in 2023.
- Global demand for automotive crankshafts is forecasted to evolve at a CAGR of 3% from 2023 to 2033 (forecast period).
- Worldwide sales of automotive crankshafts are estimated to hit US$ 5.4 billion by 2033.
- Demand for machined billets is predicted to increase at a CAGR of 2.1% during the forecast period.
- Asia Pacific accounted for 36.5% of the global market in 2022.
Regional Analysis
Asia Pacific is leading the automotive crankshaft market. The increasing demand for high-performance vehicles in this region, particularly in Japan and South Korea, is propelling market expansion. The European market is growing steadily due to increasing advancements in automobile engines. Moreover, North America is experiencing considerable growth due to the rapidly growing automotive industry in the United States.
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Competitive Landscape
Key players in the automotive crankshaft market are actively pursuing strategies such as alliances, investments, new developments, acquisitions, and R&D activities to strengthen and broaden their worldwide presence. Moreover, many start-ups are emerging in the worldwide market.
- MM Forging stated in February 2023 that its board of directors had authorized a plan for a merger of Cafoma Autoparts Private Limited, its entirely owned subsidiary, with MM Forgings Limited. Cafoma Autoparts Private Limited is involved in the manufacturing and machining of crankshafts. The merger plan will lead to the integration of company operations and the unification of activities, resulting in operational synergies and the removal of redundant efforts across various companies.
- Guangxi Yuchai Machinery Group Co., Ltd. (Yuchai) stated in February 2023 that Guangxi Yuchai CrankShaft Co., Ltd., its wholly-owned subsidiary, has begun manufacture of a high-end crankshaft requested by a German automaker. The product is a 107kg forged crankshaft for 6-cylinder engines and will be placed in a premium German engine model.
Key Companies Profiled
- Arrow Precision Engineering Ltd
- Maschinenfabrik ALFING Kessler GmbH
- Bryant Racing Inc
- Ciguenales Sanz
- NSI Crankshaft
- Mahindra CIE Automotive Limited
Key Segments of Automotive Crankshaft Industry Research
- By Product Type:
- Cross Plane Crankshafts
- Flat Plane Crankshafts
- By Material:
- Forged Steel
- Cast Iron
- Machined Billets
- By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive crankshaft market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product type (cross plane crankshafts, flat plane crankshafts), material (forged steel, cast iron, machined billets), and vehicle type (passenger cars, commercial vehicles), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Automotive Crankshafts Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Automotive Crankshaft sales grow until 2033?
- Which are the factors hampering the Automotive Crankshaft demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Automotive Crankshaft Market during the forecast period?
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