Press release
Automotive Crankshaft Market is Growing at 3% CAGR by 2033 | Arrow Precision Engineering Ltd; Maschinenfabrik ALFING Kessler GmbH
Browse for Full Report: https://www.factmr.com/report/automotive-crankshaft-market
Why Is the Market Growing?
The global automotive industry's growth, with 85 million vehicles produced in 2024, drives demand for crankshafts as a core engine component. The shift toward fuel-efficient and high-performance vehicles, with 25% of new cars featuring turbocharged engines in 2024, boosts the need for durable, lightweight crankshafts.
Innovations like Bharat Forge's 2024 forged alloy crankshafts reduce weight by 10%, improving fuel efficiency. Government policies, such as the EU's CAFE standards targeting 95 g/km CO2 emissions, encourage lightweight designs, though high manufacturing costs, averaging US$ 200 per unit, are mitigated by automation and material advancements.
What Are the Key Market Projections?
The market is set to create a US$ 1.4 billion opportunity by 2033, growing from US$ 4 billion in 2023 to US$ 5.4 billion at a 3% CAGR. The forged crankshaft segment, holding a 50% share in 2023, is projected to grow at a 3.2% CAGR, creating a US$ 700 million opportunity due to its strength in heavy-duty vehicles. Asia-Pacific, with a 45% share in 2023, leads due to China and India's vehicle production, while North America grows at a 2.8% CAGR.
Historical growth from 2018 to 2022 was at a 2.7% CAGR, reflecting steady momentum. Short-term growth (2023-2026) focuses on passenger vehicles, while long-term trends (2027-2033) emphasize electric vehicle (EV) integration and heavy-duty applications.
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How Can Stakeholders Leverage Opportunities?
Stakeholders in automotive manufacturing, aftermarket, and materials can capitalize by investing in lightweight and high-strength crankshafts, like Thyssenkrupp's 2024 carbon-fiber-reinforced models. Partnerships, such as Nippon Steel's 2023 collaboration with OEMs, enhance supply chains. Targeting Asia-Pacific, with a projected US$ 2.5 billion market by 2030, and North America offers significant potential. OEM and aftermarket sales, accounting for 60% of revenue in 2023, ensure scalability. Compliance with ISO/TS 16949 and ASTM standards boosts market trust and competitiveness.
What Does the Report Cover?
Fact.MR's report combines primary research across 30+ countries and secondary analysis, covering segments by material (forged steel, cast iron, others), vehicle type (passenger vehicles, commercial vehicles, two-wheelers), crankshaft type (flat-plane, cross-plane), and region (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa). It highlights trends like lightweight materials, EV integration, and automated manufacturing, providing actionable insights for stakeholders.
Who Are the Market Leaders?
Key players include Bharat Forge Ltd., Thyssenkrupp AG, Nippon Steel Corporation, Mahindra CIE Automotive, and Amtek Auto Ltd. Bharat Forge's 2024 lightweight crankshafts gained traction in passenger vehicles, while Thyssenkrupp's 2023 forged steel innovations improved durability. These companies, holding over 40% of the market, drive innovation through R&D and partnerships with automotive OEMs.
What Are the Latest Market Developments?
In 2024, global vehicle production rose by 3%, boosting crankshaft demand. Lightweight materials, adopted by 20% of manufacturers, enhanced fuel efficiency by 10%. Asia-Pacific's 45% share reflects China's 26 million vehicle output, while North America's growth is driven by U.S. pickup truck sales. Regulatory advancements, like the EU's 2024 emission standards, increased adoption of efficient crankshafts by 8%. Developments such as Mahindra CIE's 2024 high-precision machining improved performance, supporting market expansion.
What Challenges and Solutions Exist?
High manufacturing costs, averaging US$ 200 per unit, and raw material price volatility, with steel prices fluctuating by 15% in 2024, pose challenges. Competition from EV powertrains, reducing crankshaft demand in 5% of new vehicles, is a concern. Solutions include automated forging, reducing costs by 10%, and hybrid-compatible crankshafts, like Amtek's 2024 designs for mild hybrids. Localized production in Asia-Pacific, adopted by 20% of manufacturers, mitigates supply chain risks. Compliance with global automotive standards ensures market resilience and industry confidence.
Conclusion:
The Global Automotive Crankshaft Market is set to reach US$ 5.4 billion by 2033, driven by a 3% CAGR. With applications in passenger and commercial vehicles, and supported by lightweight and high-performance innovations, the market offers significant opportunities. Stakeholders can leverage Fact.MR's insights to target high-growth regions like Asia-Pacific, invest in advanced materials, and address cost and EV-related challenges to thrive in this critical automotive industry.
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Synthetic Automotive Engine Oil Industry Analysis in India: https://www.factmr.com/report/synthetic-automotive-engine-oil-industry-analysis-in-india
Forged Automotive Component Market: https://www.factmr.com/report/forged-automotive-component-market
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