Automotive Crankshaft Market: - Global Industry Analysis, Size, Share, Growth | Forecast 2021

A crankshaft is the core component of an engine given its crucial task of converting pistons’ liner motion into rotational motion that runs a vehicle’s wheels. However, the use of a crankshaft is not limited merely to the automotive industry. It is used in virtually any application where linear motion needs to be converted into rotational motion, such as in industrial machinery and imaging and printing devices.

The soaring demand for automobiles the world over will put the global automotive crankshaft market firmly on course to reaching a valuation of US$2.92 bn by 2021. The market will register a 2.1% CAGR between 2015 and 2021, say TMR’s projections.

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The report notes that by type, crankshafts were most widely used in passenger vehicles in 2014 because of the mounting demand for such vehicles from rapidly emerging economies in regions such as Asia Pacific and Latin America. Sales of passenger vehicles have also conventionally remained high, attributable partly to their lower prices.

In terms of type, the demand for flat plane automotive crankshafts was the highest in 2014. Likewise, the demand for crankshafts made using forged steel will remain highest in the near future.

Europe stood as the largest market for automotive crankshaft as of 2014. Massive activity has been reported from the Asia Pacific automotive crankshaft market in recent years, creating bright prospects for the market in this region. In countries such as India, vehicle production continues to rise year on year, laying a firm foundation for the growth of the automotive crankshaft market in APAC.

Companies Mentioned in the Automotive Crankshaft Market

Companies that have a toehold in the global automotive crankshaft market are: Bhatat Forge Ltd, ThyssenKrupp Crankshaft Company LLC, Amtek Auto Ltd., and NSI Crankshaft.

The global automotive crankshaft market has been broadly segmented into four regions, North America, Europe, Asia Pacific and RoW (Rest of the World). In terms of revenue, Europe held the largest share of the market in 2014 followed by North America. Increasing purchasing power of the consumers is also driving the market for automotive crankshaft. The increasing advancements in automotive engines have positively impacted the demand for crankshafts in the region. Automotive crankshafts are considered to be the heart of automobiles. Therefore, the demand for automotive crankshafts is set to grow in the region with the change in lifestyles and increasing purchasing power of the consumers. In addition, the increasing vehicle production in all regions of the world is also influencing the demand for the automotive crankshaft market. Machined crankshaft is becoming largely popular in the automotive crankshaft market because they are perfectly balanced, thus they are used in high end sports cars. The major concern of the industry is the huge capital that is required for research and development of crankshaft, which increases the price of the automotive crankshaft considerably.

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This release was published on openPR.