According to The Business Research Company’s Automotive Crankshaft , The automotive crankshaft market size has grown steadily in recent years. It will grow from <b>$4.61 billion in 2023 to $4.77 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. </b> The growth in the historic period can be attributed to increasing demand for automobiles, industrialization and mass production, global economic growth, evolution of automotive design, growing demand for high-end performance vehicles .
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The automotive crankshaft market size is expected to see steady growth in the next few years. It will grow to <b>$5.57 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. </b> The growth in the forecast period can be attributed to transition to electric vehicles, emphasis on fuel efficiency, integration of smart and connected technologies, sustainable manufacturing practices , shift towards autonomous vehicles. Major trends in the forecast period include lightweight materials adoption, growing focus on circular economy, 3d printing in manufacturing, increased use of data analytics in design, emphasis on energy-efficient solutions.The adoption of new emission standards is significantly contributing to the growth of the automotive crankshaft market. The regulatory bodies of various countries are coming up with new emission guidelines to reduce pollution. The imposed mandatory emission control is directing automotive crankshaft manufacturers to manufacture more optimized crankshafts to fulfil production demand as it is a vital component of the internal combustion engine that is directly linked to emissions. For instance, according to the Hindu Business Line, a financial and business daily newspaper, the Indian government made it mandatory to follow BS-VI guidelines for vehicles from April 2020 to reduce pollution drastically. Hence, the adoption of new emission standards is expected to propel the growth of the automotive crankshaft market going forward.
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The automotive crankshaft market covered in this report is segmented –
1) By Type: Flat Plane, Cross Plane
2) By Material: Forged Iron Or Steel, Cast Iron Or Steel, Other Materials
3) By Vehicle Type: Heavy Commercial Vehicles, Light Commercial Vehicles, Luxury Vehicles, Passenger Vehicles, Sport Utility Vehicles, Multi Utility Vehicles, Other Vehicle TypesMajor companies operating in the automotive crankshaft market are launching new crankshafts to fulfill the high demand for this aftermarket product. Crankshaft is a specific product designed for use in a piston engine to convert the reciprocating motion of the piston into rotational motion. For instance, in September 2023, Monedero, a Spain-based provider of components and accessories for the automotive, launched the first version of the OM471LA crankshaft, fulfilling a significant demand in the aftermarket. Prior to this, no aftermarket company could provide an alternative to the original references that met customer requirements. The reference for the OM471LA crankshaft is 10011000051, which is equivalent to the original Mercedes Benz references: A4710300101, A47110300201, and A4710300401. Notably, the OM471LA crankshaft designed for Mercedes Benz and other relevant model applications.
The automotive crankshaft market report table of contents includes:
- Executive Summary
- Automotive Crankshaft Market Characteristics
- Automotive Crankshaft Market Trends And Strategies
- Automotive Crankshaft Market – Macro Economic Scenario
- Global Automotive Crankshaft Market Size and Growth
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- Global Automotive Crankshaft Market Competitive Benchmarking
- Global Automotive Crankshaft Market Competitive Dashboard
- Key Mergers And Acquisitions In The Automotive Crankshaft Market
- Automotive Crankshaft Market Future Outlook and Potential Analysis
- Appendix
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