The global automotive crankshaft market is expected to develop at a moderate CAGR of 2.1% from 2015 to 2021 to reach a value of US$ 2,920.0 million by 2021. In present times, growth of the automobile sector has been rapid, and this factor has reinforced the automotive crankshaft market worldwide. The global automotive crankshaft market is fueled by the intensified demand in emerging countries, since increased spending on vehicles of various categories has been observed in these regions in the recent past. Increased production of vehicles in several regions across the world has propelled the global automotive crankshaft market.
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Flat Plane Crankshafts Lead Global Automotive Crankshafts Market
A crankshaft’s main purpose in vehicles is to convert linear motion of the engine’s pistons into rotational motion, which powers the wheels. Crankshafts are the fundamental element of any drivetrain and these components have applications in all types of terrestrial vehicles. In automobiles, crankshafts can be forged steel, cast iron, or machined. Machine-billed crankshafts are used in sports and luxury automobiles, as they can withstand high amounts of force and are balanced perfectly. Forged steel crankshafts are used mostly in diesel cars, since they can bear the high amounts of torque generated by diesel engines. Flat plane crankshafts are much lighter but imbalanced, and cross plane crankshafts are better balanced but heavier than flat planed crankshafts. In the global automotive crankshaft market, flat plane crankshafts had the largest market share in 2014.
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Demand for Diesel-powered Vehicles Boosts Market
The global automotive crankshaft market has been bolstered by the augmented demand for diesel cars and heavy commercial vehicles in several countries. The demand for automotive crankshafts is growing in developing countries such as China, India, and others. In these regions, the accelerating demand for high-end luxury vehicles and heavy commercial vehicles is boosting the automotive crankshaft market.Recently, technologies in the machining of crankshafts have progressed and iron and steel materials are now being increasingly used in the manufacture of crankshafts; these materials are capable of withstanding the torque produced by engines.
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Asia Pacific Market Bolstered By Demand for High-End Luxury and Commercial Vehicles
Segmentation of the global automotive crankshaft market by geography consists of North America, Europe, Asia Pacific, and Rest of the World (RoW). The largest share of the automotive crankshafts market was held by Europe, followed by North America due to upsurge in purchasing power among consumers. Asia Pacific is anticipated to witness high growth due to increased production of vehicles. Stable growth is expected in North America and Europe over the coming years due to advancements in automotive crankshaft technology. By vehicle type, the automotive crankshaft market is segregated into light commercial vehicles, heavy commercial vehicles, sports utility vehicles, passenger vehicles, and multi-utility vehicles.
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The leading players in the global automotive crankshafts market are Amtek Auto Ltd. (India), ThyssenKrupp Crankshaft Company LLC (U.S.A.), Bryant Racing Inc, (U.S.A.), Cigueñales Sanz SL (Spain), Bharat Forge Ltd (India), Tianrun Crankshaft Co., Ltd. (China), Maschinenfabrik ALFING KESSLER GmbH (Germany), Arrow Precision (U.K.), Mahindra CIE Automotive Ltd. (India) and NSI Crankshaft (U.S.A.).
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