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According to the report, the global automotive crankshaft market is projected to surpass US$ 4.33 Bn by 2031, expanding at a CAGR of 2.23% during the forecast period. Rise in demand for vehicles across the globe is likely to increase the demand for automotive crankshafts. Vehicle manufacturers are more concerned about fuel-efficiency and carbon emission across the globe. On the other hand, manufacturers are using durable and lightweight material for automobile components in order to make vehicles more fuel-efficient. This is anticipated to boost the automotive crankshaft market.
Increase in consumer trend toward high performance vehicles is driving the automotive crankshaft market. The crankshaft plays a crucial role in any vehicle to transfer the linear motion of piston to rotational motion in order to move the wheels. Demand for lightweight crankshafts is increasing globally.
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Durable and Lightweight Materials for Automotive Crankshafts Aimed at Increasing Fuel Efficiency
The rise in demand for vehicles across the globe is likely to boost the need for automotive crankshafts. Vehicle manufacturers are gaining cognizance about fuel-efficiency and carbon emission across the globe. On the other hand, manufacturers are using lightweight and durable materials for automobile components in order to make vehicles more fuel-efficient. This is anticipated to boost the growth of the automotive crankshaft market.
Moreover, growing consumer trend toward high performance vehicles is driving the automotive crankshaft market. The crankshaft plays a crucial role in any vehicle to transfer the linear motion of piston to rotational motion in order to move the wheels. Thus, the demand for lightweight crankshafts is increasing globally.
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Regional Analysis of Automotive Crankshaft Market
In terms of region, the global automotive crankshaft market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific is a notable market for automotive crankshafts due to its high number of on-road vehicles in countries such as China, India, Japan, and South Korea, as well as favorable government norms regarding FDI. Moreover, the automotive crankshaft market in North America is expected to expand significantly due to technological improvements and industrialization. The expansion of steel and automobile sectors in North America has boosted the demand for crankshafts in the region.
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Prominent players operating in the global automotive crankshaft market include Bharat Forge Ltd, Amtek Auto Ltd., ThyssenKrupp Crankshaft Company LLC, NSI Crankshaft, Bryant Racing Inc., Arrow Precision, Maschinenfabrik ALFING KESSLER GmbH, Cigueñales Sanz SL, Tianrun Crankshaft Co., Ltd., Mahindra CIE Automotive Ltd., Rheinmetall AG, and Sandvik AB.
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