Press release
Automotive Crankshaft Market Report 2024 To 2033 Key Players Arrow Precision Ltd., Maschinenfabrik ALFING Kessler GMBH, Nippon Steel Integrated Crankshaft LLC
Automotive Crankshaft Market Share
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According to The Business Research Company's, The automotive crankshaft market size has grown steadily in recent years. It will grow from $4.61 billion in 2023 to $4.77 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to increasing demand for automobiles, industrialization and mass production, global economic growth, evolution of automotive design, growing demand for high-end performance vehicles .
The automotive crankshaft market size is expected to see steady growth in the next few years. It will grow to $5.57 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to transition to electric vehicles, emphasis on fuel efficiency, integration of smart and connected technologies, sustainable manufacturing practices , shift towards autonomous vehicles. Major trends in the forecast period include lightweight materials adoption, growing focus on circular economy, 3d printing in manufacturing, increased use of data analytics in design, emphasis on energy-efficient solutions.
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Market Drivers and Trends:
The adoption of new emission standards is significantly contributing to the growth of the automotive crankshaft market. The regulatory bodies of various countries are coming up with new emission guidelines to reduce pollution. The imposed mandatory emission control is directing automotive crankshaft manufacturers to manufacture more optimized crankshafts to fulfil production demand as it is a vital component of the internal combustion engine that is directly linked to emissions. For instance, according to the Hindu Business Line, a financial and business daily newspaper, the Indian government made it mandatory to follow BS-VI guidelines for vehicles from April 2020 to reduce pollution drastically. Hence, the adoption of new emission standards is expected to propel the growth of the automotive crankshaft market going forward.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Arrow Precision Ltd., Maschinenfabrik ALFING Kessler GMBH, Nippon Steel Integrated Crankshaft LLC, Tianrun Crankshaft Co. Ltd., ThyssenKrupp AG, Bharat Forge Ltd., Crower Cams & Equipment Co. Inc., Farndon Engineering Ltd., Chad Bryant Racing LLC, Ciguenales Sanz SL, Metalyst Forgings Ltd., CIE Automotive India Ltd., Kellogg Crankshaft Company, Amtek Group, Mahindra CIE Automotive Ltd., Rheinmetall AG, Sandvik AB, Mahle GmbH, Poole Construction Company Limited, Kalyani Group, TFO Tech Co Ltd., CTP Sinto America LLC, Cooper Corporation, BMV Precision Engineering, Balu Forge Industries Ltd., GKN plc, Kolbenschmidt Pierburg AG, Federal-Mogul LLC, Asahi Kasei Corporation, Daido Metal Company, Toyoda Koki Co Ltd., Miba AG, SNC Manufacturing Company Inc.
Automotive Crankshaft Market 2024 Key Insights:
• The automotive crankshaft market size is expected to see steady growth in the next few years. It will grow to $5.57 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%.
• New Emission Standards Driving Growth In The Automotive Crankshaft Market
• New Crankshafts To Fulfill The High Demand For This Aftermarket Product
• Europe was the largest region in the automotive crankshaft market in 2023
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