Automotive Crankshaft Market Segment Analysis – By Crankshaft material
The Machined billet segment of the market is anticipated to register the highest CAGR of 2.8% during the forecast period. In the recent times, there has been an increasing interest among people for sports and luxury automobiles. In these kinds of vehicles a machined billet crankshaft is used as they are balanced perfectly and can withstand more force. In addition, technologies such as machining of crankshaft have brought a transition in the recent trend of automotive crankshaft. Further billet crankshafts are CNC machined from a solid bar of steel such as EN30, 4330M or other high-grade alloy to make it strong. Furthermore, CNC machining billet crankshafts allows for designs that cannot be created by forging. Hence these benefits are analysed to drive the Automotive Crankshaft Market growth in the forecast period 2021-2026.
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Automotive Crankshaft Market Segment Analysis – By Vehicle Type
The Passenger cars segment is anticipated to have the significant CAGR of 2.7% in the forecast period. The factors can be attributed to the rapid rise in the demand for passenger vehicles across the globe. Particularly increasing demand across the developing nations such as China and India, has amplified the growth of passenger vehicle segment over the forecasted period. The domestic passenger vehicle sales increased by 119.31% to 0.21 million units in June 2021 from 0.1 million units compared to June 2020, according to data given by Society of Indian Automobile Manufacturers (SIAM). Similarly, In China, the sales volume of passenger car is 5.076 million with a 75.1% growth compared to 2020. In 2021, the trend for passenger car sales in the European Union, the United Kingdom, Iceland, Norway, and Switzerland continued to increase year-on-year. As crankshaft is used to serve higher strength and vibrations in passenger cars, hence the growth of passenger car segment is analyzed drive the demand for automotive crankshaft industry in the forecast period 2021-2026.
Automotive Crankshaft Market Segment Analysis – By Geography
Automotive Crankshaft market in Europe region held significant market share of 36.5% in 2020, owing to the advancements made by the regions robust automotive sector in engine technologies. These technologies have promoted innovation in ICE vehicles, which has favored the adoption of inventively designed crankshaft components. Further the adoption of new emission standards euro6 and others are notably supporting the automotive crankshaft market growth. Further continuous development in automobile sector, increasing sales of high performance cars and high end sports cars has propelled the market for automotive crankshaft in Europe.
Automotive Crankshaft Market Drivers
Growing demand for automotive vehicles across the globe
Industrialization, driven by the growing demand for automotive and other machinery, is expected to lead the growth of the global automotive crankshaft market during the forecast period. As per data given by World Bank, South Asia is a competitive leader in the automotive manufacturing sector. South Asian countries such as India, China, and others are growing exponentially in the automotive sector. According to IBEF, Indian automotive industry is expected to reach $251.4-282.8 billion by 2026. The Indian auto industry is expected to record strong growth in 2021-22, post recovering from effects of COVID-19 pandemic. Similarly, China is expected to witness 4% growth to more than 26 million in 2021. Further companies such as Toyota, Ford, General Motors and others are investing heavily for the production of passenger and other cars. Hence these factors are analyzed to drive the Automotive Crankshaft industry growth in the forecast period 2021-2026.
Growing innovations will aid the market growth.
Many of the leading automotive industry giants have been developing advanced crankshaft solutions using new-age technologies and materials. In March 2020, for instance, Honda created a 3D printed automotive crankshaft made from metal, designed to reduce the final weight of the vehicle as well as improve its fuel efficiency. The company aims at scaling up the production of its novel offering in the next few years. In February 2021, BMW introduced its fast-performance cars, the M3 and M4, equipped with its naturally-aspirated engines. The core of these engines is the crankshaft forged from chrome molybdenum heat-treated steel, with its crankpins attached spherically to allow the bearings to move more smoothly. These innovations are playing an instrumental role in brightening the prospects of this market in the forecast period 2021-2026.
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Automotive Crankshaft Market Challenges
Increase in demand/adoption of electric vehicles
Growing demand for electric vehicles with the ongoing developments in automotive sector and support in terms of subsidies and grants, tax rebates will hamper the market growth in the forecast period. Major manufacturers such as General Motors, Toyota, and BMW plan to release a potential of 400 models and estimated global sales of 25 million by 2025. In 2021, Ford Motor has committed to increase its investments in electric vehicles to $30 billion by 2025, up from a previous spend of $22 billion by 2023. Similarly, in 2020, Volkswagen, Chinese ventures has committed to invest $17.5 billion in electric vehicles by 2025. Hence the rising demand for electric vehicles globally hamper the automotive crankshaft market size in the forecast period 2021-2026.
Automotive Crankshaft Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Automotive Crankshaft market. Automotive Crankshaft top 10 companies include 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, Tianrun Crankshaft Co. Ltd. among others.
In 2020, Greenleaf Corporation has partnered with Ohio Crankshaft Co. to greatly enhance productivity in heavy milling and crankshaft machining. Their combined efforts resulted in solutions to improve throughput and reduce costs considerably.
In 2019, Wilhelmsen and thyssenkrupp step-up collaboration, establishing 3D printing joint venture targeting the maritime industry.
Industrialization, driven by the growing demand for automotive and other machinery, is expected to lead the growth of the global automotive crankshaft market during the forecast period.
Technological innovations are playing an instrumental role in brightening the prospects of this market in the forecast period 2021-2026.
Machined billet crankshafts are gaining popularity among high end sports cars, thus expected to drive the market.
Automotive Crankshaft companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers.
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