Global Automotive Crankshaft Market Poised for Steady Growth Amid Technological Advancements

The global automotive crankshaft market is on a trajectory of steady growth, driven by increasing vehicle production, technological innovations, and stringent emission regulations. Valued at USD 3.89 billion in 2023, the market is projected to reach nearly USD 4.94 billion by 2030, expanding at a compound annual growth rate (CAGR) of 3.46% from 2024 to 2030. ​

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Market Dynamics and Growth Drivers

The surge in demand for lightweight and high-strength crankshafts is a significant trend, aiming to enhance fuel efficiency and reduce emissions. Additionally, the rising adoption of electric vehicles (EVs) necessitates specialized crankshaft designs to accommodate unique motor configurations and optimize energy transfer. Furthermore, the emphasis on engine downsizing and turbocharging to meet fuel economy regulations propels the need for advanced crankshaft technologies capable of withstanding higher engine loads and temperatures. ​

Competitive Landscape

The automotive crankshaft market is characterized by the presence of key players focusing on innovation and strategic partnerships. Notable companies include Bharat Forge Ltd., ThyssenKrupp AG, NSI Crankshaft, Arrow Precision Ltd., and Tianrun Crankshaft Co. Ltd. These industry leaders are investing in research and development to introduce advanced materials and manufacturing processes, ensuring high-quality products that meet evolving market demands. ​

Regional Insights

North America: Growth and Consolidation

North America, particularly the United States, holds a significant share of the automotive crankshaft market. The region's robust automotive industry and stringent emissions regulations drive the demand for fuel-efficient and low-emission vehicles, necessitating advanced crankshaft technologies. The presence of major crankshaft manufacturers and ongoing technological advancements contribute to market consolidation and growth in this region.

Asia Pacific: Opportunities and Trends

Asia Pacific dominates the global automotive crankshaft market, accounting for over 35% share in 2023. Countries such as China, India, and Japan serve as major automobile manufacturing hubs, with high demand for crankshafts. Access to cost-effective labor and raw materials, coupled with government incentives and infrastructure investments, fosters industry growth. Rapid urbanization and increasing disposable incomes further boost vehicle ownership, driving the demand for automotive components, including crankshafts.

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Europe: Trends and Updation

European countries like Germany, Spain, Italy, and the UK significantly contribute to the automotive crankshaft market. The region's strong automotive industry, housing major vehicle manufacturers, drives the demand for high-quality crankshafts. The presence of leading crankshaft suppliers, stringent emission regulations, and a focus on innovation position Europe as a key player in this market segment. ​

Middle East and Africa: Emerging Opportunities

The Middle East and Africa region is witnessing emerging opportunities in the automotive crankshaft market. Increasing vehicle demand, coupled with infrastructural developments and economic growth, contributes to market expansion. However, the market is still in a nascent stage compared to other regions, presenting potential for future growth as automotive industries develop further.​

Recent Developments and Mergers & Acquisitions

In September 2023, Monedero, a Spain-based automotive components provider, launched the OM471LA crankshaft, addressing significant aftermarket demand, particularly for applications in Mercedes Benz and other relevant models. ​

During the July-September quarter of 2023, Bharat Forge, a Tier-1 supplier to automotive and other industries, acquired a business worth Rs 850 crore in the automotive and industrial services sector, enhancing their market presence and production capabilities.

In a significant move, MM Forgings Ltd. acquired Cafoma Auto Parts to boost their monthly production of machined crankshafts, thereby enhancing their market footprint across various industries.

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♦ Market Segmentation: In-Depth Analysis:

by Crankshaft

Flat Plane
Cross Plane

Due to their extensive use in the majority of internal combustion engines, cross-plane crankshafts are the market leader in the automotive crankshaft industry. Cross-plane crankshafts are the favored option for mainstream automobiles because they provide smoother engine running and greater NVH (Noise, Vibration, and Harshness) regulation than flat-plane versions. Flat-plane crankshafts are becoming more and more popular, especially in high-performance and sports vehicle applications where their improved high-end power delivery and lightweight design are prized.

by Material Type

Cast Iron
Forged Steel
Others

by Vehicle

Commercial Vehicles
Passenger Vehicles

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♦ Market Key Players : In-Depth Analysis:

1. NSI Crankshaft (Headquarters: Illinois, USA)
2. Crower Cams & Equipment (Headquarters: California, USA)
3. Bryant Racing Inc (Headquarters: California, USA)
Key Players in Europe:
4. Arrow Precision (Headquarters: Northamptonshire, United Kingdom)
5. Maschinenfabrik ALFING Kessler GmbH (Headquarters: Germany)
6. ThyssenKrupp Crankshaft Company LLC (Headquarters: Stuttgart, Germany)
7. Rheinmetall (Headquarters: Düsseldorf, Germany)
8. Sandvik(Headquarters: Stockholm, Sweden)
9. Cigueñales Sanz SL (Headquarters: Spain)

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