Crankshafts are used in vehicles for smooth operation by balancing the input and output forces as well as withstanding them. The fascination towards luxurious and sports automobiles impels the growth of the automotive crankshaft market. As reported by India Brand Equity Foundation (IBEF), the luxury car segment in India grew by 37% in 2016, recording a sale of 33,279 units. Additionally, prominent players in the automotive industry, such as Mercedez Benz-India and BMW group recorded the highest volumes of annual sales worth 15,330 units and 9,800 units, respectively in 2017.
To withstand the force and torque produced by the engine of a vehicle, advanced steel and iron are used to manufacture crankshafts.
For a better understanding of the global automotive crankshaft market, we have classified the market into four key regions, namely North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
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With developing countries such as India, South Korea, China, and others spearheading growth, Asia Pacific is expected to lead the global automotive crankshaft market. Rapid urbanization and industrialization and rising consumerism are the primary factors contributing to market growth in the region. Technological advancements alongside population growth and the subsequent rise in demand are also imparting the regional market’s growth momentum.
The North America automotive crankshaft market is projected to witness significant market growth, backed by increasing demand from various industries such as steel, cement, automobile, and others. Globalization, digitalization, and cut-throat competition are propelling market growth in the region. The presence of companies such as NSI Crankshaft, Bryant Racing Inc., and others stimulates innovation and developments to gain a competitive edge.
Europe is expected to witness sound growth in the automotive crankshaft market. European countries, being advanced and industrialized, are key drivers for market demand and growth. For instance, industrially-advanced countries such as France are creating plentiful opportunities in the crankshaft market. The manufacturing segment in France produces electronics, machinery and equipment goods, transport products, and others, establishing demand in the use of crankshafts in industrial processes, which further accelerates market growth. In the LAMEA region, industrial development with the concurrent presence of developing economies such as Africa is paving way for market growth.
Automotive Crankshaft Market: Segmentation
The automotive crankshaft market can be segmented by vehicle type, crankshaft type, and material.
Heavy commercial vehicles (HCVs), light commercial vehicles (LCVs), SUVs, MUVs, passenger vehicles, and others are the key segments based on vehicle type. Industrialization and globalization are fostering demand for efficient products; to address this demand, the use of commercial vehicles has increased exponentially. Countries such as India have heightened the market for automotive crankshafts as transportation is largely based on roadways. According to the India Brand Equity Foundation (IBFF), India runs on one of the largest road networks globally, spanning approximately 5.5 million km. This network carries 64.5% of goods all over the country, which constitutes 90% of India’s transport.
Based on crankshaft type, the market can be segmented into flat plane and cross plane. The extensive application of cross-plane crankshafts is expected to reinforce the growth of the segment during the forecast period, 2019–2026. Cross-plane crankshafts are embedded in most of the engines (V8), given their distinctive feature of each crank pin to move 90-degrees. The counterweights are included to prevent imbalance – minimizing vibration and maintaining balance – and maintain the engine’s smoothness. Engines with cross-plane crankshafts have a higher capacity of force, which is similar to that of flat plane.
The automotive crankshaft market can be segmented into forged iron/steel, cast iron/steel, and others by material. Forged steel can bear the tremendous force generated by the engine in diesel cars. Recent technological advancements such as crankshaft machining have created an array of opportunities in the market. Automotive manufacturers want to incorporate smooth-running engines to upgrade the performance of their vehicles, which is amplifying the growth of the forged iron/steel segment.
Automotive Crankshaft Market: Segmentation
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