The automotive crankshaft market has been segmented by crankshaft material into cast iron, forged steel, carbon steel alloys and others. Among these segments, the forged steel segment dominated the overall automotive crankshaft market by accounting for major market shares in terms of revenue owing to their ability to resist additional pressure and wide-scale usage in high performance vehicles, diesel cars and heavy-duty commercial vehicles.
The global market of automotive crankshaft is expected to flourish at a compound annual growth rate of 2.2% over the period 2017-2024 and is anticipated to reach a market valuation of USD 3.2 Billion by the end of 2024 as compared to USD 2.7 Billion in 2016. The demand for automotive crankshaft in heavy commercial vehicles, light commercial vehicles, luxury vehicles, passenger vehicles, SUV’s (sport utility vehicles), MUV’s (multi utility vehicles) and others is anticipated to propel the growth of overall automotive crankshaft market with noteworthy revenue by the end of the forecast period.
In the regional segment, Europe accounted for the largest market share as compared to any other region in overall automotive crankshaft market. After Europe, North America accounted for the second highest position with significant shares in the automotive crankshaft market.
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Factors such as rising advancements in automotive engines coupled with high earning and growing purchasing power of consumers are anticipated to impact the sales of automotive crankshafts in these regions which will further benefit the expansion of the automotive crankshaft market in upcoming years.
High End Performing Engines to Fuel the Market Growth
The growth of the automotive crankshaft market is driven by soaring demand for high end performance vehicles which has led the key players to design & manufacture quality part products. Further, the large number of automobiles on road owing to the growth in tourism sector and change in lifestyle of the consumers promoting the demand for better products are believed to supplement the growth of the automotive crankshaft market around the globe.
However, inaccessibility of raw materials in certain regions and availability of low cost spare parts is likely to deter the growth of the automotive crankshaft market in the near future.
The report titled “Automotive Crankshaft Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the automotive crankshaft market in terms of market segmentation by vehicle type, by crankshaft type, by crankshaft material and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the automotive crankshaft market which includes company profiling of ThyssenKrupp Crankshaft Company LLC, NSI Crankshaft, Bryant Racing Inc., Arrow Precision, Maschinenfabrik ALFING KESSLER GmbH, Ciguenales Sanz SL, Tianrun Crankshaft Co. Ltd., Mahindra CIE Automotive and NSI Crankshaft.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the automotive crankshaft market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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