Global Statistics Representing Automotive Crankshaft Market Scenario
A crankshaft is a mechanical device used in an automotive engine; it helps in converting the piston’s linear motion to a rotary motion for motion power transmission. For any vehicle to move, a crankshaft serves as a critical link between the input and output power. While crankshafts find several applications such as in machinery and printing devices, they are most extensively used in the automotive industry such as in trucks, passenger cars, trains, and other automobiles.
Industrialization, driven by the growing demand for automotive and other machinery, is expected to lead the growth of the global automotive crankshaft market during the forecast period. As reported by the World Bank, South Asia is a competitive leader in the automotive manufacturing sector. South Asian countries such as India, China, and others are growing exponentially in the automotive sector. According to IBEF, the Indian automobile industry is the fourth largest globally, with sales worth 4.02 million units in 2017. According to the World Bank, the world’s young population amounts to about 42% of the total population, which further outlines the growth outlook of the automotive sector.
The global automotive crankshaft market accounted for USD 2.78 billion in 2018 and is expected to reach a value of USD 3.32 billion by 2026 with an anticipated CAGR of 2.25% during the forecast period, 2019–2026.
To study the automotive crankshaft market more comprehensively, we have classified it by vehicle type, crankshaft type, and material.
Based on vehicle type, the market for automotive crankshafts can be segmented into heavy commercial vehicles (HCVs), light commercial vehicles (LCVs), SUVs, MUVs, passenger vehicles, and others. The light commercial vehicles (LCVs) segment is expected to witness significant market growth due to infrastructure development projects, availability of vehicle financing schemes, and growth of e-commerce and logistics sectors. The implementation of emission standards alongside the increasing demand for CNG and electric vehicles is expected to drive market growth during the forecast period.
Flat pane and cross plane are the two segments by crankshaft type. Among the two segments, the flat plane crankshaft segment observes high demand. Flat plane crankshafts are simple in design, loud, and generate vibrations in the engine.
Forged iron/steel, cast iron/steel, and others are the materials used in automotive crankshafts. The forged steel segment is foreseen to witness substantial growth during the forecast period, given the remarkable properties of this material; forget steel crankshafts are stronger but more expensive. Forged steel crankshafts are used in diesel engines and exhibit high fatigue-strength.
To better study the market, we have considered four key geographic regions, namely North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa.
India and China are observing rapid industrialization and urbanization, marking Asia Pacific as a leader in the global automotive crankshaft market. Government initiatives promoting industrialization are fostering the growth of the automotive crankshaft market. For instance, the ‘Make in India’ program is one of the key drivers favoring industrial activity in India. Lenient FDI policies and secure intellectual property for companies along with industry-friendly government policies, have stimulated cut-throat competition between the states of India to attract foreign direct investments in the manufacturing sector. India’s rise in the World Bank’s Ease of Doing Business rankings has ensured the country’s promising growth.
The automotive crankshaft market in North America is foreseen to witness prominent growth, owing to technological advancements and industrialization. The growth of steel and automobile industries in this region has been a key factor surging the demand of crankshafts. Additionally, efficiency and performance requirements and variations in consumer demands in the automobile industry have led to innovation in the automotive crankshaft market while creating demand.
Automation and digitization of the European industrial ecosystem are providing impetus to the growth of the crankshaft market in Europe
In LAMEA, the Middle East is expected to register healthy growth in the automotive crankshaft market, owing to the increasing number of commercial and automated vehicles, industrial development, and infrastructure development. The development of quarrying industries in Africa and construction companies in the Middle East is paving way for market growth in the region.
Some of the major players in the market are Bharat Forge Ltd (India), Bryant Racing Inc. (U.S.), Tianrun Crankshaft Co., Ltd (China), NSI Crankshaft (U.S.), ThyssenKrupp Crankshaft Company LLC (U.S.), Arrow Precision (U.K.), Maschinenfabrik ALFING KESSLER GmbH (Germany), Ciguenales Sanz SL (Spain), and Mahindra CIE Automotive Ltd. (India).
Automotive Crankshaft Market Segmentation