Automotive Crankshaft Market

Automotive Crankshaft Market Outlook (2023 to 2033)

Global demand for automotive crankshafts is expected to increase at a moderate CAGR of 3% from 2023 to 2033. Currently, the global market is valued at US$ 4 billion and is thus estimated to reach a market size of US$ 5.4 billion by 2033.

An automotive crankshaft is a mechanical component used in an automotive engine that assists in the transition of the piston's linear movement to the rotary movement for power transmission. The automotive crankshaft in an automotive engine system is the connection between the engine and drive shaft, hence playing an essential role in the vehicle's movement.

Automotive crankshafts are most commonly utilized in passenger cars and commercial vehicles in the automotive industry.

Expanding production and sales of vehicles is the main aspect driving the demand for automotive crankshafts. As the crankshaft is a vital part of vehicles, increasing demand for vehicles to fulfill the growing population's needs for improved transportation services is driving market expansion. Moreover, the rising global demand for high-performance vehicles is boosting the usage of automotive crankshafts.

South Asian countries such as China, India, and others are witnessing tremendous expansion in the automotive industry. People in emerging countries are increasing their spending on commercial and passenger vehicles, which is raising the sales of automotive crankshafts.

After rebounding from the ravages of the COVID-19 pandemic, the Indian auto sector is predicted to rise rapidly during the forecast period.

• According to IBEF, the Indian automotive industry is projected to reach US$ 251.4 billion by the end of 2026.

Likewise, the Chinese automotive industry is predicted to experience significant growth over the coming years. General Motors, Ford, Toyota, and others are also actively investing in manufacturing passenger and other vehicles. As a result, these aspects are estimated to spur the demand for automotive crankshafts over the next ten years.

Worldwide sales of luxury vehicles are also increasing, which is expected to boost the demand for automotive crankshafts.

• For example, from January to May 2022, the number of luxury vehicles sold in India climbed by 53%.

Luxury vehicles necessitate compact heavy-loading engines. The fatigue endurance and wear resistance of a crankshaft are extremely strong, guaranteeing a long lifespan. As a result, automotive crankshafts are increasingly used in passenger, commercial, and luxury vehicles.

Report Attributes	Details
Market Size in 2023	US$ 4 Billion
Projected Market Value (2033)	US$ 5.4 Billion
Global Market Growth Rate (2023 to 2033)	3% CAGR
Asia Pacific Market Share (2022)	36.5%
Machined Billets Segment Growth Rate (2023 to 2033)	2.1%
Key Companies Profiled	Arrow Precision Engineering Ltd Maschinenfabrik ALFING Kessler GmbH Bryant Racing Inc Ciguenales Sanz NSI Crankshaft Mahindra CIE Automotive Limited

Which Factor is Pushing the Global Market for Automotive Crankshafts?

“Increasing Product Innovations to Drive Market Growth”

Many of the world's major automakers have been working on advanced crankshaft solutions employing cutting-edge technologies and materials.

• For example, Honda developed a 3D-printed automotive crankshaft composed of a metal in March 2020, aiming to reduce the vehicle's overall weight and improve its fuel efficiency. In the coming years, the company intends to ramp up the production of its innovative offering.
• BMW released its high-performance M3 and M4 models with normally aspirated engines in February 2021. The crankshaft is formed from chrome molybdenum heat-treated steel, with crankpins joined spherically to enable the bearings to move more easily.

Such advancements are pushing the growth of the global market. Moreover, several countries' regulatory agencies have created new emission guidelines to decrease pollution. The mandated emission control is encouraging automotive crankshaft manufacturers to produce more optimized crankshafts to meet manufacturing demand, as it is a critical part of the internal combustion engine that is linked directly to emissions.

• According to the Hindu Business Line, a financial and business daily newspaper, the Indian government made it essential to follow BS-VI rules for automobiles in April 2020 to substantially cut pollution.

Automotive crankshaft manufacturers are heavily investing in research and development to develop lightweight crankshafts that have the potential to improve fuel efficiency and lower carbon emissions from vehicles.

Which Aspects Can Stymie Market Expansion to Some Extent?

“Increasing Popularity of Electric Vehicles”

Increasing demand for electric vehicles, along with ongoing improvements in the automotive sector and support in the form of grants, tax breaks, and subsidies, are expected to stymie market expansion during the projection period.

Leading automakers such as BMW, General Motors, Toyota, and others are focusing on electric vehicles to reduce carbon emissions.

• Ford Motor Company has pledged to expand its investment in electric vehicles to US$ 30 billion by 2025.
• Similarly, Volkswagen promised to invest US$ 17.5 billion in electric vehicles by 2025.

The growing popularity of electric vehicles presents a risk to the global market. Electric vehicles are propelled by an electric motor rather than an internal combustion engine. Since there is no combustion chamber in an electric motor, a crankshaft is not needed.

“Challenges Associated with Crankshaft Design & Repair”

A crankshaft is a fundamental component of any combustion engine, including those found in cars, motorcycles, and trucks. It is one of the most difficult and complex components of any automobile. Due to the high tolerance requirements and challenging processability of materials such as cast iron or forged steel, designing crankshafts necessitates the use of specialized tools and machining procedures.

There are also several types of crankshafts, spanning from small ones featured in 2-stroke engines in lawnmowers to large crankshafts used in diesel engines in ships.

Even in automobile engines, the crankshafts differ based on the engine type. The design of the crankshaft is a common problem for manufacturers. The instability of the components affects cycle times as well as quality consistency. Moreover, repairing crankshafts or blown crankshafts is expensive since the repair method includes removing the engine and working on the new parts.

Country-wise Insights

How are Japan and South Korea Assisting Asia Pacific's Supremacy?

“Increasing Vehicle Production in These Countries”

As per Fact.MR, a market research and competitive intelligence provider, Asia Pacific stood for 36.5% of the worldwide market for automotive crankshafts in 2022. The region is home to major market players, which is contributing to the regional market expansion.

Japan and South Korea are strongly assisting the regional market growth due to increasing vehicle production and rising demand for high-performance and heavy commercial vehicles.

Why is Germany a Leading Market in Europe?

“Improvements in Engine Technologies and Growing Sales of high-end Sports Cars”

The European market is experiencing steady growth. Germany is a market leader in Europe due to improvements made by the country's robust automotive industry in engine technologies. These improvements have encouraged ICE vehicle innovation, which has promoted the use of innovatively built crankshaft components. Moreover, the German market is benefitting from the continued development in the automobile sector and growing sales of high-end sports cars.

Which Factors are Fueling Demand for Automotive Crankshafts in the United States?

“Thriving Automotive Industry and Increasing Demand for Luxury Vehicles”

The United States is dominating the North American market. The demand for automotive crankshafts is surging in the United States due to the booming automotive industry and rising demand for luxury vehicles.

Category-wise Insights

Why is Demand for Machined Billets Escalating?

“Rising Public Interest in Sports and Luxury Cars”

Demand for machined billets is anticipated to swell at a CAGR of 2.1% during the forecast period. People have become increasingly interested in sports and luxury cars in recent years. A machined billet crankshaft is employed in these vehicles since it is precisely balanced and can bear increased pressure.

To increase strength, billet crankshafts are CNC machined from a solid steel bar like 4330M, EN30, or another high-grade alloy. Additionally, CNC machining billet crankshafts enable designs that would be impossible to achieve through forging. These factors are increasing the demand for machined billets.

Why Do Passenger Cars Account for High Deployment of Automotive Crankshafts?

“Increasing Sales of Passenger Cars across Regions”

Expanding demand for passenger cars in emerging economies like India and China is raising the sales of automotive crankshafts.

• As per data provided by the Society of Indian Automobile Manufacturers (SIAM), domestic sales of passenger cars rose by 118.31% to 0.21 million units in June 2021 from 0.1 million units in June 2020.

Passenger car sales in the European Union, the United Kingdom, Switzerland, Norway, and Iceland are increasing year after year. Since crankshafts are used to provide greater strength and vibration in passenger cars, the rise in demand for passenger cars is expected to fuel the sales of automotive crankshafts.

Competitive Landscape

Key players in the automotive crankshaft market are actively pursuing strategies such as alliances, investments, new developments, acquisitions, and R&D activities to strengthen and broaden their worldwide presence. Moreover, many start-ups are emerging in the worldwide market.

• MM Forging stated in February 2023 that its board of directors had authorized a plan for a merger of Cafoma Autoparts Private Limited, its entirely owned subsidiary, with MM Forgings Limited. Cafoma Autoparts Private Limited is involved in the manufacturing and machining of crankshafts. The merger plan will lead to the integration of company operations and the unification of activities, resulting in operational synergies and the removal of redundant efforts across various companies.
• Guangxi Yuchai Machinery Group Co., Ltd. (Yuchai) stated in February 2023 that Guangxi Yuchai CrankShaft Co., Ltd., its wholly-owned subsidiary, has begun manufacture of a high-end crankshaft requested by a German automaker. The product is a 107kg forged crankshaft for 6-cylinder engines and will be placed in a premium German engine model.

Key Segments of Automotive Crankshaft Industry Research

• By Product Type :

  • Cross Plane Crankshafts
  • Flat Plane Crankshafts

• By Material :

  • Forged Steel
  • Cast Iron
  • Machined Billets

• By Vehicle Type :

  • Passenger Cars
  • Commercial Vehicles

• By Region :

  • North America
  • Latin America
  • Europe
  • Asia Pacific & China
  • Middle East & Africa