Automotive Crankshaft Market Size, Share Report, Analysis, Trends, Growth 2032

Automotive Crankshaft Market

Automotive Crankshaft Market By Type (Cross Plane and Flat Plane), By Material (Cast Iron/Steel, Forged Steel and Machined Billet), By Vehicle Type (Commercial Vehicle and Passenger Car) and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024-2032

Category: Automotive Report Format : PDF Pages: 224 Report Code: ZMR-8227 Published Date: Apr-2024 Status : Published
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 3,210 million USD 4,115 million 2.8% 2023

 

Automotive Crankshaft Industry Prospective:

The global automotive crankshaft market size was worth around USD 3,210 million in 2023 and is predicted to grow to around USD 4,115 million by 2032 with a compound annual growth rate (CAGR) of roughly 2.8% between 2024 and 2032.       

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Automotive Crankshaft Market: Overview

In internal combustion engines, the mechanical part known as the crankshaft is responsible for converting the pistons' reciprocating action into a rotating motion. It usually has multiple "crank throws" positioned at different points along its length and is constructed of steel. A connecting rod joins the piston and each crank throw. The connecting rod and crank throw enable the piston's up-and-down motion inside the cylinder to be transferred linearly to the crankshaft. The vehicle's drivetrain receives this rotational motion and eventually uses it to move forward.

For an engine to run smoothly and effectively, the crankshaft's design must balance various aspects, including weight, strength, and vibration. Automotive crankshaft demand is being driven by several factors, such as increased car demand, advancements in technology, stricter pollution regulations, an increase in electric and hybrid vehicles, and a growing focus on fuel efficiency and lightweight, among many others.

Key Insights

  • As per the analysis shared by our research analyst, the global Automotive Crankshaft market is estimated to grow annually at a CAGR of around 2.8% over the forecast period (2024-2032).
  • In terms of revenue, the global Automotive Crankshaft market size was valued at around USD 3,210 million in 2023 and is projected to reach USD 4,115 million by 2032.
  • The growing automotive sector is expected to propel the market growth during the forecast period.
  • Based on the type, the Cross Plane segment is expected to hold a prominent market share over the forecast period.
  • Based on the material, the forged steel segment is expected to hold a significant market share over the projected period.
  • Based on the vehicle type, the passenger vehicle segment is expected to dominate the market over the projected period.
  • Based on region, the Asia Pacific is expected to lead the market during the forecast period.

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Automotive Crankshaft Market: Growth Drivers

Increasing sales of passenger and commercial vehicles drive market growth

The production and sale of automobiles are closely related to the demand for crankshafts. An increase in car manufacturing is accompanied by a rise in crankshaft demand. The global sales of passenger and commercial cars are expected to expand, which is expected to drive the automotive crankshaft market over the next decades. According to the Society of Indian Automobile Manufacturers, the total number of passenger vehicles sold rose from 30,69,523 to 38,90,114. In comparison to the prior year, sales of passenger cars grew from 14,67,039 to 17,47,376, utility vehicles from 14,89,219 to 20,03,718, and vans from 1,13,265 to 1,39,020 units in FY-2022–2023.

Furthermore, sales of commercial vehicles as a whole rose from 7,16,566 to 9,62,468 units. In comparison to the prior year, sales of Light Commercial Vehicles climbed from 4,75,989 to 6,03,465 units, while Sales of Medium and Heavy Commercial Vehicles increased from 2,40,577 to 3,59,003 units in FY-2022–2023. Thus, the aforementioned statistics support the automotive crankshaft market during the forecast period.

Automotive Crankshaft Market: Restraints

Inaccuracy in crankshaft design hinders market growth

Any combustion engine, including those seen in vehicles, trucks, and motorbikes, needs a crankshaft. It is among the hardest and most challenging parts of any car. As crankshafts have high tolerance requirements and challenging materials to machine, including cast iron or forged steel, their design requires specialized tools and machining techniques. Additionally, there are many different types of crankshafts: from the tiny ones found in garden lawnmowers' 2-stroke engines to the bigger ones found in ships' diesel engines.

Crankshaft types vary depending on the type of engine, even in vehicle engines. One of the common problems that manufacturers encounter is crankshaft design. The cycle times and consistency of quality are affected by the component volatility. Crankshaft replacement or blown crankshaft repair is an expensive procedure since it requires disassembling the engine and repairing replacement parts. Thus, the inaccuracy in crankshaft design might be a major restraining factor for the market revenue growth over the projected timeframe.

Automotive Crankshaft Market: Opportunities

Growing emission by road transport provides a lucrative opportunity for market growth

The growing emission by road transport is expected to offer a lucrative opportunity for the automotive crankshaft market over the projected period. An engine's efficiency can be increased by optimizing its operation using a well-designed crankshaft. More complete fuel burning results in lower emissions of pollutants such as carbon monoxide (CO), hydrocarbons (HC), and nitrogen oxides (NOx) when the engine runs more effectively.

For instance, according to the International Energy Agency, transportation, comprising air, sea, rail, and road travel, accounts for around 24% of worldwide CO2 emissions. The main perpetrator is motor vehicles. Transportation accounts for 30% of the EU's CO2 emissions, with road transportation accounting for 72% of this total. Reducing the weight of automotive parts is a highly effective way to improve fuel efficiency and lower carbon emissions from automobiles.

Automotive Crankshaft Market: Challenges

High capital requirement poses a major challenge to market expansion

To improve the automotive crankshaft's quality and performance, ongoing research and development are needed. However, the enormous capital needed for research and development to improve crankshafts within the automobile sector is an obstacle to market expansion because it also somewhat raises the ultimate cost of vehicle crankshafts.

Customers are burdened more by the higher price, which lowers demand for automobiles. Thus, the high capital requirement might be a major challenge to the market growth over the projected period.

Automotive Crankshaft Market: Segmentation

The global Automotive Crankshaft industry is segmented based on Type, Material, Vehicle Type and region.

Based on type, the global Automotive Crankshaft market is bifurcated into Cross Plane and Flat Plane. The Cross Plane segment is expected to hold a prominent market share over the forecast period. When compared to flat-plane designs, the cross-plane crankshaft layout offers superior primary balance by default. As a result, cross-plane crankshafts produce smoother engine operation, decreased vibration, and enhanced refinement, which makes them ideal for applications where smoothness is crucial, like trucks and luxury cars. Thus, this application drives segment growth.

Based on the material, the global Automotive Crankshaft industry is segmented into Cast Iron/Steel, Forged Steel and Machined Billet. The forged steel segment is expected to hold a significant market share over the projected period. Crankshafts made of forged steel have higher fatigue resistance than those made of cast or machined steel because of the forging process. This prolongs the crankshaft's service life and lowers the possibility of catastrophic engine failure by ensuring that it can sustain numerous stress cycles without cracking or failing. Thus, these properties solidify the position of the segment.

Based on the vehicle type, the global Automotive Crankshaft market is segmented into Commercial Vehicle and Passenger Car. The passenger vehicle segment is expected to dominate the market over the projected period. The segment expansion is attributed to the growing sales of passenger cars.

Automotive Crankshaft Market: Report Scope

Report Attributes Report Details
Report Name Automotive Crankshaft Market
Market Size in 2023 USD 3,210 Million
Market Forecast in 2032 USD 4,115 Million
Growth Rate CAGR of 2.8%
Number of Pages 224
Key Companies Covered Cooper Corp, NIPPON STEEL CORPORATION, ThyssenKrupp AG, BALU FORGE INDUSTRIES LIMITED, Garuda Impex, AECO Engineering LLP, Unique Forgings, Goodada, Ganga forging Limited, Kellogg Crankshaft, Crankshaft Machine Group, Balance Power Crankshaft Pvt. Ltd., NSI Crankshaft LLC, Sandvik Coromant UK, International Crankshaft, Inc, Tianrun Industrial Technology Co. Ltd , and others.
Segments Covered By Type, By Material, By Vehicle Type, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Regional Analysis

The Asia Pacific is expected to lead the market during the forecast period

The Asia Pacific is expected to lead the market over the forecast period. The area is becoming more urbanized and industrialized quickly, which is driving up demand for automobiles such as passenger cars, trucks, and two-wheelers. In countries like China and India, the growing middle class and rising levels of disposable income are driving demand for automobiles and therefore the automotive crankshaft industry.

In addition, the presence of major automakers and reasonably priced production options in the region are increasing crankshaft output, establishing Asia Pacific as a major hub for the global vehicle crankshaft sector. On the other hand, Europe is expected to hold a significant market share over the forecast period. The regional market growth is attributed to the growing emphasis of the public and private entities to cut down emissions of vehicles and the rising popularity of electric vehicles.

Automotive Crankshaft Market: Competitive Analysis

The global Automotive Crankshaft market is dominated by players like:

  • Cooper Corp
  • NIPPON STEEL CORPORATION
  • ThyssenKrupp AG
  • BALU FORGE INDUSTRIES LIMITED
  • Garuda Impex
  • AECO Engineering LLP
  • Unique Forgings
  • Goodada
  • Ganga forging Limited
  • Kellogg Crankshaft
  • Crankshaft Machine Group
  • Balance Power Crankshaft Pvt. Ltd.
  • NSI Crankshaft LLC
  • Sandvik Coromant UK
  • International Crankshaft Inc
  • Tianrun Industrial Technology Co. Ltd 

The global automotive crankshaft market is segmented as follows:

By Type

  • Cross Plane
  • Flat Plane

By Material

  • Cast Iron/Steel
  • Forged Steel
  • Machined Billet

By Vehicle Type

  • Commercial Vehicle
  • Passenger Car

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

FrequentlyAsked Questions

In internal combustion engines, the mechanical part known as the crankshaft is responsible for converting the pistons' reciprocating action into a rotating motion. It usually has multiple "crank throws" positioned at different points along its length and is constructed of steel.

Automotive crankshaft demand is being driven by several factors, such as increased car demand, advancements in technology, stricter pollution regulations, an increase in electric and hybrid vehicles, and a growing focus on fuel efficiency and lightweight, among many others.

According to the report, the global market size was worth around USD 3,210 million in 2023 and is predicted to grow to around USD 4,115 million by 2032.

The global Automotive Crankshaft market is expected to grow at a CAGR of 2.8% during the forecast period.

The global Automotive Crankshaft market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market due to the growing automotive industry.

The global Automotive Crankshaft market is dominated by players like Cooper Corp, NIPPON STEEL CORPORATION, ThyssenKrupp AG, BALU FORGE INDUSTRIES LIMITED, Garuda Impex, AECO Engineering LLP, Unique Forgings, Goodada, Ganga forging Limited, Kellogg Crankshaft, Crankshaft Machine Group, Balance Power Crankshaft Pvt. Ltd., NSI Crankshaft LLC, Sandvik Coromant UK, International Crankshaft, Inc and Tianrun Industrial Technology Co., Ltd among others.

- The Automotive Crankshaft Market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTLE analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five forces analysis, and value chain analysis.

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