Automotive Crankshaft Market Size & Application For Forecast by Fact MR
The Automotive Crankshaft Market is expected to increase steadily, with worldwide demand growing at a moderate CAGR of 3% between 2023 and 2033. The market is currently valued at US$ 4 billion, but it is expected to grow rapidly, reaching an estimated market size of US$ 5.4 billion by 2033.
The automotive industry has witnessed remarkable advancements in engine technology over the years, and the crankshaft plays a vital role in this evolution. The automotive crankshaft is a crucial component responsible for converting the reciprocating motion of the pistons into rotational motion, ultimately propelling the vehicle. Understanding the key aspects of the automotive crankshaft market, including its dynamics, opportunities, demand and supply trends, and value chain, is essential in grasping its significance within the broader automotive landscape.
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Automotive Crankshaft Market Dynamics
The dynamics of the automotive crankshaft market are multifaceted, influenced by various factors that collectively shape its trajectory. One of the prominent drivers of this market is the constant quest for enhanced engine performance and efficiency. Automakers are continually pushing the boundaries of engine design to meet stringent emission regulations and customer demands for more power and fuel efficiency. The crankshaft, as a critical engine component, plays a pivotal role in achieving these objectives.
Another dynamic factor is the evolution of materials and manufacturing processes. Advancements in metallurgy and production techniques have led to the development of lightweight yet durable crankshafts. For instance, the adoption of forged steel and even lightweight materials like carbon fiber-reinforced composites has allowed for improved engine performance while reducing overall weight.
Moreover, the global shift towards electric and hybrid vehicles is influencing the automotive crankshaft market. Electric vehicles (EVs) have different propulsion systems that do not require traditional crankshafts. However, the demand for crankshafts remains steady, driven by the ongoing production of internal combustion engine (ICE) vehicles and hybrid powertrains.
Key Companies Profiled In This Report
- Arrow Precision Engineering Ltd
- Maschinenfabrik ALFING Kessler GmbH
- Bryant Racing Inc
- Ciguenales Sanz
- NSI Crankshaft
- Mahindra CIE Automotive Limited
Automotive Crankshaft Market Demand & Supply Trends
The demand for automotive crankshafts is closely tied to the overall automotive industry's health. While there is a growing trend toward electric and hybrid vehicles, traditional ICE vehicles continue to dominate the market. As a result, the demand for crankshafts remains steady, especially in regions with a high concentration of ICE vehicles.
The supply trends in the automotive crankshaft market reflect the industry's globalization. Crankshaft manufacturing is spread across various regions worldwide, with key manufacturing hubs in Asia, Europe, and North America. This geographic diversification ensures a stable supply chain for automakers, reducing the risk of disruptions.
Competitive Landscape
The automotive crankshaft market's competitive landscape is marked by key players implementing a range of strategic initiatives to reinforce their global presence. These strategies encompass alliances, investments, new developments, acquisitions, and intensive research and development activities. Additionally, the market is witnessing the emergence of several start-ups vying for a foothold in the global landscape.
In a significant development, MM Forging, in February 2023, announced its board of directors' approval of a merger plan involving its wholly-owned subsidiary, Cafoma Autoparts Private Limited, and MM Forgings Limited. Cafoma Autoparts Private Limited specializes in the manufacturing and machining of crankshafts. This merger plan aims to streamline company operations and consolidate activities, resulting in operational synergies and the elimination of redundant efforts across different entities.
Guangxi Yuchai Machinery Group Co., Ltd. (Yuchai) made an announcement in February 2023 regarding its wholly-owned subsidiary, Guangxi Yuchai CrankShaft Co., Ltd., commencing the production of a high-end crankshaft as per the request of a prominent German automaker. This product, a 107kg forged crankshaft designed for 6-cylinder engines, will be incorporated into a premium German engine model, showcasing the company's commitment to meeting the demands of prestigious automotive manufacturers.
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