The global automotive crankshaft market is marked by innovation, wherein a handful number of well-established companies are aggressively introducing new products in order to sustain their position in an otherwise highly competitive landscape. The automotive industry is thriving currently, owing to the extended demand from rapid urbanization in several emerging economies and the prominent players in the market notice this high awareness levels of new consumers. Concurrently, they are focusing not only to boost sales but also aggressively investing in research and development to increase product performance in order to gain consumer confidence. According to a new report by market intelligence company Transparency Market Research, the global automotive crankshaft market had an opportunity of US$ 2.5 bn in 2014. The report estimates the valuation to reach US$3.0 bn by the end of 2021, rising at a CAGR of 2.1% during the forecast period of 2015 to 2021.
The report segments the global market for automotive crankshaft on the basis of vehicle, type of crankshaft, material, and geography. By Vehicle, the market has been divided into heavy commercial vehicle, light commercial vehicle, passenger vehicle, SUV, MUV, and others. By the type of crankshaft, the market has been categorized into flat plane and cross plane. By material, the market is segmented into cast iron, forged steel, and others.
Asia Pacific Most Lucrative Region
Currently, the material segment of forged steel accounts for the most significant chunk of the global automotive crankshaft market, and the dominance is expected to continue through the forecast period for the reason that forged crankshafts are stronger and lighter, and hence achieve better shape through the machining processes. Forged crankshafts are mechanically stronger, which enable them sustain higher pressure. Forged crankshafts are particularly preferred in diesel engines and other high-performance vehicles. Owing to increasing demand for diesel engine across the globe, forged steel segment will sustain the demand over the course of next few years.
Geographically, the report studies the regional markets of North America, Europe, Asia Pacific, and rest of the world. The region of Asia Pacific, which resides nearly half of the world’s population and homes two of the world’s fastest growing economies of India and China, is currently the most lucrative geographical segment. Country-wide markets of Thailand, Indonesia, and South Korea are also significantly contributing towards the increased demand for automotive crankshaft in Asia Pacific. The developed economies in the region of North America and Europe, such as the U.S., the U.K, France, and Germany are also expected for a healthy growth rate.
Thriving Automotive Industry Escalating Demand
The number of vehicles in the World has swelled over a billion, it will continue to surge significantly during the forecast period owing to rising population and increased disposable income. This is the primary driver in the global market for automotive crankshaft. The rising demand for performance engine is another favorable factor for the market. The advancements in refining the manufacturing procedures, technologies, and materials for crankshafts has also undergone significant improvement in the past few years, which now enables manufacturers to increase production and meet the demand from untapped markets. Machining/computer numerical control (CNC) technologies now enables the manufacturing of crankshafts that are not only lighter, smaller, and yet durable, they also offer greater precision. Conversely, the heavy investments required for research and development of crankshaft, which in turn adds to the eventual cost of crankshaft, is expected to hinder the growth rate.
The information presented in this review is based on a Transparency Market Research report, titled, “Automotive Crankshaft Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
Key Segments of the Global Automotive Crankshaft Market
Automotive Crankshaft Market: By Vehicle
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Passenger Vehicle
Automotive Lighting System Market: By Crankshaft Type
- Flat Plane
- Cross Plane
Automotive Lighting System Market: By Crankshaft Material
- Cast Iron
- Forged Steel
Automotive Lighting System Market: By Geography
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest Of Asia Pacific
- Rest of the World
- South America
- Middle East
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