Automotive Crankshaft Market Size, Share & Trends Analysis Report By Vehicle Type (Heavy Commercial Vehicles (HCVs), Light Commercial Vehicles (LCVS), SUVs, MUVs, Passenger Vehicles, Others), By Crankshaft Type (Flat Plane, Cross Plane), By Material (Forged Iron/Steel, Cast Iron/Steel, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global automotive crankshaft market was valued at USD 3.10 billion in 2023. It is estimated to reach USD 3.78 billion by 2032, growing at a CAGR of 2.25% during the forecast period (2024–2032). In recent years, there has been a rise in the sales of commercial and passenger vehicles globally owing to a surge in people's disposable income, especially in emerging economies. This rise in vehicle sales is ultimately estimated to drive the global automotive crankshaft market. Moreover, the crankshaft is an essential part of an automobile engine, so there's a growing need for improved crankshafts that can meet the strict standards set by regulatory bodies around the world. This could lead to more business for those manufacturers.

An automotive crankshaft is a mechanical component employed in a piston engine to transform the reciprocating motion into rotational motion. The crankshaft is a dynamic shaft that revolves and contains one or more crankpins propelled by the pistons through the connecting rods. The crankpins, also known as rod-bearing journals, revolve within the "big end" of the connecting rods. The majority of contemporary crankshafts are situated within the engine block. They are fabricated from steel or cast iron, employing a forging, casting, or machining technique.

The crankshaft is positioned inside the engine block and is secured by main bearings, which enable the crankshaft to revolve within the block. The reciprocating motion of each piston is transmitted to the crankshaft through connecting rods. A flywheel is commonly affixed to one extremity of the crankshaft to enhance power transmission and mitigate vibration.

Market Dynamics

Global automotive crankshaft market drivers:

Increasing Sales of Passenger and Commercial Vehicles Globally

The demand for crankshafts is intricately linked to the manufacturing and marketing of automobiles. An upsurge in vehicle production leads to a corresponding surge in demand for crankshafts. The projected growth in global sales of commercial and passenger vehicles is anticipated to propel the automotive exhaust system market in the coming years. As per the Organisation Internationale des Constructeursd' Automobiles (OICA), a global association of car manufacturers, the sales/registration of new vehicles in the first quarter of 2021 reached 18.8 million units, marking a growth of more than 26% compared to the 14.9 million units sold/registered in the first quarter of 2020.

Moreover, the automotive sector in established economies in the European region, such as Italy, the Netherlands, and France, has experienced expansion due to increasing disposable incomes among different segments of society. The rising demand for passenger and commercial vehicles is anticipated to propel the automotive crankshaft market's growth in regions like South America, the Middle East and Africa, and Asia-Pacific.

Global automotive crankshaft market restraint:

Supply Chain Disruptions 

Disruptions in the worldwide supply chain, such as those resulting from natural calamities or trade disputes, can result in shortages of basic materials, parts, or final goods, affecting the manufacturing of automotive crankshafts. Events of earthquakes, cyclones, excessive rainfall, or large ocean waves have the potential to cause harm to industrial facilities, transportation networks, and distribution centers, resulting in setbacks or disruptions to the provision of raw materials, parts, or finished crankshafts.

Moreover, trade conflicts among nations might give rise to tariffs, export limitations, or alternative trade impediments, impacting the movement of resources and components across national boundaries. This, in turn, can escalate production expenses and give rise to scarcities in supply. Hence, these factors impede the expansion of the market.

Global automotive crankshaft market opportunities:

Stringent Government Standards Associated with Carbon Emissions

Due to increasingly stringent global emission rules, the automotive sector is compelled to embrace more efficient engine technologies. Emission performance standards establish a maximum limit for the quantity of pollutants allowed in vehicle exhaust emissions, which applies to car manufacturers and users. The regulations regarding pollution control limitations have progressively tightened between 1990 and 2015. They are expected to get even stricter between 2016 and 2024. Countries including China, Japan, Vietnam, and Indonesia have adopted diverse emission control measures that align with the Euro emission control criteria.

In 2016, the Indian Government declared its intention to bypass the Bharat Stage V emission regulations and instead implement the Bharat Stage VI emission standards by 2020. In 2020, the Supreme Court rendered a verdict prohibiting the sale and registration of automobiles adhering to BS-IV standards in the nation starting from April 1, 2020. Therefore, automotive manufacturers are progressively embracing innovative and efficient crankshafts to adhere to emission laws, generating market expansion opportunities.

Regional Analysis

Asia-pacific dominates the global market

Based on region, the global automotive crankshaft market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Asia-Pacific is the most significant global automotive crankshaft market shareholder and is expected to expand substantially during the forecast period. Infrastructure development and commercial vehicle sales primarily influence the automotive crankshaft market in the Asia-Pacific region in countries like India and China. Moreover, several automotive manufacturers have allocated resources to research and development initiatives in response to the advent of novel technology and regulations. For instance, in 2020, Tata Motors allocated USD 406.79 million, and Hyundai allocated USD 3.93 billion for R&D in the passenger vehicle industry. These research and development endeavors will allow these companies to introduce passenger vehicles that are more attractive to the market, therefore increasing the need for automotive crankshafts.

Furthermore, the market participants are engaged in strategic endeavors such as mergers and acquisitions, partnerships, expansions, and other similar actions to enhance their position in this thriving industry. For instance, in October 2021, MM Forgings Ltd (MMF), a manufacturer of automotive components, announced the acquisition of CAFOMA Autoparts for a total amount of Rs 33 crore. According to a regulatory filing, the acquisition of CAFOMA, a prominent provider of machined crankshafts for tractors and industrial sectors, involves a cash payment of Rs 28 crore and a debt of Rs 5 crore. The acquisition enabled the company to achieve a monthly production capacity of 60,000 machined crankshafts. MMF stated that the merged entity is anticipated to become a comprehensive supplier of machined crankshafts to multiple sectors, such as automotive, commercial vehicles, exports, farm equipment, industrial, and marine applications. As a result, these factors contribute to the regional market's growth.

The European market has a significant increase in the sales of high-performance cars, which drives growth in the crankshaft market. Manufacturers strive to balance performance and maintenance costs to meet the demands of discriminating European consumers. Moreover, the industry participants are introducing improved and more effective automotive crankshafts in their recently launched automobiles.

For instance, in March 2019, the Swedish automaker Koenigsegg unveiled its newest hypercar, the Jesko, at the 2019 Geneva Motor Show. The automobile is the most potent model in the Koenigsegg range, boasting a redesigned five-liter twin-turbo V8 engine. The Jesko's engine gained attention for being the lightest V8 crankshaft in the world. The car features a recently developed flat-plane 180-degree crankshaft, weighing a mere 12.5 kilos, enabling the vehicle to reach a redline of 8500 rpm. This is expected to enhance market growth.

Segmental Analysis

The global automotive crankshaft market is segmented by vehicle type, crankshaft type, and material.

Based on vehicle type, the global automotive crankshaft market is divided into heavy commercial vehicles (HCVS), light commercial vehicles (LCVS), SUVs, MUVs, passenger vehicles, and others. 

A light commercial vehicle (LCV) is specifically designed for business, primarily for transporting products or services. These vehicles are comparatively little and less weighty compared to substantial commercial vehicles like trucks and buses, rendering them more agile and cost-effective for deliveries, trades, and small-scale transportation requirements. Light commercial vehicles encompass several types of vehicles, such as vans, pickup trucks, and small utility vehicles. Moreover, light commercial vehicles frequently experience more rigorous operating circumstances than passenger cars. They can transport larger loads, cover greater distances, and function in diverse terrains. Hence, the crankshaft must possess sufficient durability to endure these circumstances without experiencing premature deterioration or breakdown.

Based on crankshaft type, the global automotive crankshaft market is divided into flat-plane and cross-plane crankshafts.

A cross-plane crankshaft is a specific configuration of a crankshaft commonly employed in internal combustion engines, namely V8 engines. A cross-plane crankshaft features crankpins positioned at 90-degree intervals, resulting in a cross-shaped pattern when observed from the end. This design is distinct from the flat-plane crankshaft, as it arranges the crankpins at intervals of 180 degrees. A primary benefit of utilizing a cross-plane crankshaft is attaining a more refined engine performance, mainly while the engine is operating at lower speeds. This is because, with a cross-plane V8 engine, the firing order alternates across the banks of cylinders. This leads to firing events that are more regularly spaced and have less vibration compared to a flat-plane V8 engine, where consecutive cylinders fire rapidly one after another. Nevertheless, cross-plane crankshafts exhibit greater weight and manufacturing intricacy than flat-plane crankshafts.

Based on material, the global automotive crankshaft market is bifurcated into forged iron/steel, cast iron/steel, and others.

Forged iron/steel crankshafts are integral parts of internal combustion engines, commonly seen in automobiles, trucks, motorcycles, and other machinery that rely on combustion for power. Forging is a manufacturing technique that involves shaping metal by applying compressive pressures, usually by hammering or pressing. The procedure for forged iron or steel crankshafts entails heating a metal billet to an elevated temperature and subsequently exerting pressure to mold it into the appropriate shape. The outcome of this approach yields a crankshaft that exhibits exceptional strength and endurance compared to crankshafts produced using alternative methods like casting or machining. Forging enables the production of intricate forms and characteristics, facilitating the customization of crankshafts to suit certain engine designs or performance criteria.

Recent Developments

November 2023- Honda issued a recall for specific models including the Acura MDX (2016-2022), Acura TLX (2015-2020), Honda Odyssey (2018-2019), Honda Pilot (2016 and 2018-2019), and Honda Ridgeline (2017 and 2019). Regarding the recall notice, the cars in question had an inaccurately produced crankshaft that was defective.

October 2023- Polini introduced a series of upgrades for the Yamaha Minarelli Engine, encompassing various crankshafts and new cylinder kits.