Enjoy complimentary customisation on priority with our Enterprise License!
The automotive crankshaft market share is expected to increase by 11.27 million units from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 2.94%.
This automotive crankshaft market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers automotive crankshaft market segmentations by material (forged steel, cast iron/steel, and machined billet) and geography (APAC, Europe, North America, South America, and MEA). The automotive crankshaft market report also offers information on several market vendors, including Arrow Precision Ltd., CIE Automotive SA, Crower Cams & Equipment Co. Inc., Farndon Engineering Ltd., Kalyani Group, Maschinenfabrik ALFING Kessler GmbH, Metalyst Forgings Ltd., Nippon Steel Corp., thyssenkrupp AG, and Tianrun Crankshaft Co. Ltd. among others.
Download the Free Report Sample to Unlock the Automotive Crankshaft Market Size for the Forecast Period and Other Important Statistics
The use of economic alloys such as vanadium microalloyed steel is notably driving the automotive crankshaft market growth, although factors such as inaccuracy in crankshaft design affects both cycle times and quality consistency may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive crankshaft industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Crankshaft Market Driver
One of the key factors driving the automotive crankshaft market growth is the use of economic alloys such as vanadium microalloyed steel. Vanadium microalloyed steel is used in manufacturing many critical automotive components such as the drivetrain and chassis of new vehicles. The forgings made of vanadium microalloyed steel are lightweight and cost-effective and provide high performance. They are used in regions with developed automotive industries, such as Japan, North America, and Europe. This lightweight steel helps manufacturers meet stringent weight and emission regulations. As automotive production expands and the best engineering solutions are used, even the developing regions and countries will start adopting vanadium microalloyed steel. Vanadium microalloyed steel is air-cooled after it reaches high strengths, without further heat treatment. Air-cooled vanadium microalloyed forging steels are widely used in automotive applications such as crankshafts, connecting rods, steering knuckles, axle beams, and tension rods. In Europe, it is considered the first choice while selecting any material for any new automotive component. Vanadium microalloyed forging steel is cost-effective as compared with quenched and tempered steels, mainly due to the elimination of heat treatment, improved machinability, and increased productivity.
Key Automotive Crankshaft Market Trend
Increasing popularity of additive manufacturing in the automotive industry is the major trend influencing automotive crankshaft market growth. 3D printing or additive manufacturing technology is one of the fast-developing technologies used in various industries. The automotive industry is one of the significant contributors to the additive manufacturing industry. According to estimates, the automotive industry accounts for approximately one-eighth of the revenue generated by additive manufacturing. Increasing manufacturing cost, especially of products that have complex designs and are manufactured in low volumes, offers immense potential for additive manufacturing. The automotive manufacturers have started adopting the latest manufacturing technologies like additive manufacturing to reduce their manufacturing costs. For instance, in 2017, Audi had partnered with SLM Solutions Group to launch a 3D printing center at Ingolstadt, Germany. Also, ultra-luxury car manufacturers like Rolls Royce are adopting additive manufacturing to increase their production rate. For instance, in 2016, BMW had 3D printed 10,000 components for the Rolls Royce Phantom model. Thus, the growing popularity of additive manufacturing in the automotive industry is expected to have a positive impact on the global auto parts and equipment market.
Key Automotive Crankshaft Market Challenge
Inaccuracy in crankshaft design affects both cycle times and quality consistency is one of the key challenges hindering the automotive crankshaft market growth. A crankshaft is an essential part of any combustion engine, including motorcycles, cars, and trucks. It is one of the toughest and challenging components of any automotive. Designing crankshafts requires optimized tools and machining methods because of their high tolerance demand and difficult machinability of materials, such as forged steel or cast iron. Also, there are various kinds of crankshafts, ranging from small ones in 2-stroke engines in garden lawnmowers to the larger crankshafts found in diesel engines in ships. Even in automotive engines, the crankshafts are of various types, depending on the engine type. A usual challenge faced by the manufacturers is the design of the crankshaft. The volatility of the components impacts the cycle times as well as quality consistency. The replacement of crankshafts or blown crankshafts involves high costs because the repair processes include the removal of the engine and working on the replacement parts.
This automotive crankshaft market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global automotive crankshaft market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive crankshaft market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive crankshaft market encompasses successful business strategies deployed by the key vendors. The automotive crankshaft market is concentrated and the vendors are deploying growth strategies such as mergers, acquisitions and strategic partnerships to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive crankshaft market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive crankshaft market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
For more insights on the market share of various regions Request for a FREE sample now!
59% of the market's growth will originate from APAC during the forecast period. China, Japan, and South Korea (Republic of Korea) are the key markets for automotive crankshaft market in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America regions.
The governments of some countries in APAC are investing in strengthening their public transport and introducing regulations to reduce the sales of vehicles due to the growing population and pollution in these countries. This will facilitate the automotive crankshaft market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, industrial activities in this region were affected as the COVID-19 pandemic mounted concerns of all governments. Stringent lockdowns and social distancing regulations pushed many business owners to shut down their facilities temporarily. Production of vehicles also suffered throughout the year. This negatively affected the demand for automotive crankshafts in the region. However, as the pandemic recedes, recovery of these industrial sectors will pick up pace. Capital spending is expected to grow and will drive the demand for commercial vehicles. This will positively impact the regional market in focus during the forecast period.
To gain further insights on the market contribution of various segments Request for a FREE sample
The automotive crankshaft market share growth by the forged steel will be significant during the forecast period. An increase in demand for diesel engines and high-performance engines and the advantages of using forged steel crankshafts in these engines may increase the market for forged steel crankshafts.
Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive crankshaft market size and actionable market insights on post COVID-19 impact on each segment.
Automotive Crankshaft Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of 2.94% |
Market growth 2021-2025 |
11.27 mn units |
Market structure |
Concentrated |
YoY growth (%) |
2.34 |
Regional analysis |
APAC, Europe, North America, South America, and MEA |
Performing market contribution |
APAC at 59% |
Key consumer countries |
China, US, Germany, Japan, and South Korea (Republic of Korea) |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Arrow Precision Ltd., CIE Automotive SA, Crower Cams & Equipment Co. Inc., Farndon Engineering Ltd., Kalyani Group, Maschinenfabrik ALFING Kessler GmbH, Metalyst Forgings Ltd., Nippon Steel Corp., thyssenkrupp AG, and Tianrun Crankshaft Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.