Automotive Crankshaft Market Size Growing at 3.46% CAGR, Led by Europe | Maximize Market Research

Automotive Crankshaft Market Overview

The global Automotive Crankshaft Market Size reached a value of USD 3.89 Billion in 2023. Looking forward, the market is projected to reach a value of USD 4.94 Billion by 2028, registering a CAGR of 3.46% during the forecast period (2024-2030). The region's growth can be attributed to technology and strict emission regulations.

Market Drivers, Influences & Opportunities

Growing demand for passenger and commercial vehicles across the globe is majorly driving the growth of the automotive crankshaft market. Emerging markets like India and China are ramping up their industrialization and urbanization efforts, resulting in a booming automotive market. As an example, consider that in India the automotive crankshaft market was USD 0.20 billion in 2022 and is projected to grow to USD 0.25 billion by 2030, at a CAGR of 3.1%

The scientists are using advanced technology to create crankshafts that are considerably low weight and high quantum strength, helping make them fuel effective and in turn, reducing outflow craftsmanship. Crankshaft manufacturers now have the possibility to work better with smart technologies and sustainable practices; with the improvement of autonomous driving, crankshaft makers can take new directions. Moreover, the growing use of electric vehicles (EVs) is leading to specific requirements for crankshafts due to different motor designs, making it critical to have crankshafts that minimize energy loss during transfer.

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Segmentation Analysis

Automotive Crankshaft Market Report Segmentation by Crankshaft Type, Material Type, Vehicle Type, and Region.

By Crankshaft Type: The market detects flat plane and cross plane crankshaft. The flat plane crankshaft is typically found in high-performance sports cars, due to the characteristic of being lighter and revving higher, whereas the cross plane crankshaft is what you normally see in the traditional V8 engine, with superior operation smoothness.

Crankshafts are typically made of forged steel, cast iron/steel, and machined billet. Forged steel crankshafts are the strongest — Forged steel crankshafts are the strongest and more durable crankshafts, ideal for high performance and heavy-duty applications. Cast iron or steel crankshafts are cheap and sufficient for basic performance, while machined billet crankshafts will accommodate customer and custom performance needs.

By Vehicle Type: Market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Passenger vehicle segment dominates the market owing to increasing demand for personal transportation and growing middle-class population in the emerging economies. Light and heavy commercial vehicles have a significant share in this segment due to the expanding logistics and transportation sectors.

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Country-Level Analysis

United States: The automotive crankshaft market in the United States is supported by the strong automotive sector and advancements in technology. But recent trade policies, particularly those that are protectionist in nature like proposed tariffs on imports, have introduced uncertainty to manufacturers that could affect production costs and market dynamics.

Germany: The automotive crankshaft market in Germany was valued at USD 0.19 Billion in 2022 and is expected to reach USD 0.24 Billion by 2030, growing at a CAGR of 3%. Given the country's focus on technological innovation and strict emissions standards, there is a growing need for advanced crankshaft designs. Yet, weak demand in Europe and sluggish EV adoption are weighing on the auto industry.

China: The automotive crankshaft market in China accounted for USD 0.26 billion in 2022, while the automotive crankshaft market in China is projected to rise with a CAGR of 3.2% from 2023 to 2030, reaching USD 0.33 billion by 2030. Growth of this nature is driven by the rapid rate of industrialization and rising demand for automobiles. However, tight competition and the emergence of domestic EV makers presents issues to conventional crankshaft suppliers.

INDIA: The rapid pace of industrialization and urbanization in India has made the Asia Pacific region the dominant player in the global automobile crankshaft market. This can be mainly attributed to increasing government initiatives fueling manufacturing, like the 'Make in India' campaign that has pulled in foreign direct investments into the manufacturing sector, further contributing to the growth of the automobile crankshaft market.

Brazil: The automotive crankshaft market in Brazil is expected to grow with the expansion of automotive industry and demand for vehicles. The growing emphasis on improving manufacturing capabilities and adoption of new technologies also drive positive outlook for this market.

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Competitor Analysis

There are many players operating in this market including the market leaders, who are consistently working on improving their market position by leveraging their technological advancements, entering into strategic partnerships and M&As. Notable companies include:

Maschinenfabrik ALFING Kessler GmbH: German forged crankshafts specializing in both passenger and commercial vehicles.

Rheinmetall AG: Also supporting Germany, Rheinmetall provides varied automotive parts, including crankshafts, with a focus on innovation and sustainability.

TIANRUN CRANKSHAFT Co. Ltd. A Chinese manufacturer focusing on the production of crankshafts for all types of vehicles, with a strong emphasis on research and development.

ThyssenKrupp AG — ThyssenKrupp is a leading German conglomerate that delivers advanced crankshaft solutions, applying its significant materials and manufacturing expertise.

Bharat Forge Ltd.: An Indian multinational company, Bharat Forge is one of the leading players in the crankshaft market due to its technology prowess and global footprint.

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