Rapid Expansion of Automotive Industry Fuels Global Automotive Crankshaft Market to Reach US$3 bn by 2021

  • Posted by Pragati P
  • October 12, 2016 12:55 PM BST
Automotive Crankshaft Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021

​The global automotive crankshaft market has been covered under the scope of this report. The rising demand for automobiles globally and the demand for high end performance vehicles has propelled the growth of companies which manufacturer’s automotive crankshafts. Crankshaft is a core element of an engine; it converts the linear motion of the pistons to rotational motion to power the wheels. These components are highly used in automobiles, industrial applications, communication sector and printer & imaging devices among others.

The main function of a crankshaft is the conversion of linear motion of the piston to rotational motion, which would power the wheel. Crankshaft in automobile comprises of cast iron, forged steel and machined crankshaft. Crankshaft can be of two designs; flat plane and cross plane. Flat plane crankshafts are much lighter but are imperfectly balanced. On the other hand cross plane crankshaft are perfectly balanced but are heavier than flat plane crankshafts.

Transparency Market Research (TMR) has recently published a market study on the global automotive crankshaft market, estimating the market to expand at a CAGR of 2.10% during the period from 2015 to 2021 and reach a market value of US$3 bn by the end of the forecast period.The research report, titled “Automotive Crankshaft Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021”, states that worldwide automotive crankshaft market stood at US$2.5 bn in 2014.

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Various types of crankshafts are available depending upon the type of vehicle and its purpose. According to the manufacturing process, there are two types of crankshafts: flat plane, and cross plane. A flat plane crankshaft is simple in design, produces loud noises and generates vibration in the engine. A balancer shaft is required to balance a flat plane crankshaft. Cross plane crankshafts on the other hand, are perfectly balanced and are mostly used in V8 engines. Cross plane is a crankshaft design for piston engines with a 90 degree angle between the crank throws.

Global automotive crankshaft market is primarily driven by the growth in demand of automotive sector in emerging markets and increasing demand for performance engines. Automotive sectors are witnessing high demand for automotive crankshafts in developing countries such as China, India, and others. The market in these regions are mainly driven by large spending for heavy commercial vehicles and demand for high end luxury vehicles. Considering all these positive impacts, demand for automotive crankshaft is set to rise during the forecast period from 2015 to 2021.

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.

The global ​automotive crankshaft market, by vehicle types is bifurcated into six segments such as Heavy Commercial Vehicle, Light Commercial Vehicle, Passenger Vehicles, Sports Utility Vehicles, Multi Utility Vehicles and others. Heavy commercial vehicles generally include Trucks, buses and construction vehicles among others. This segment generally requires forged iron and steel crankshafts to handle the immense torque generated by the engines.

Some of the leading players in the market are, Bhatar Forge Ltd (India), Amtek Auto Ltd. (India), ThyssenKrupp Crankshaft Company LLC (U.S.A) and NSI Crankshaft (U.S.A) Bryant Racing Inc, (U.S.A), Arrow Precision (U.K), Maschinenfabrik ALFING KESSLER GmbH (Germany), Cigueñales Sanz SL (Spain), Tianrun Crankshaft Co., Ltd. (China), Mahindra CIE Automotive Ltd. (India) and NSI Crankshaft (U.S.A).