Automotive Crankshaft Market Size, Share, Growth & Industry Analysis, By Type (Single Piece Crankshaft, Forged Crankshaft, Welded Crankshaft, Cast Crankshaft and Others), By Availability (Flat Plane Crankshaft and Cross Plane Crankshaft), By Vehicle Type, By Sales Channel, and Regional Analysis, 2024-2031

Automotive Crankshaft Market Size

The global Automotive Crankshaft Market size was valued at USD 3,750.0 million in 2023 and is projected to grow from USD 3,857.1 million in 2024 to USD 4,819.0 million by 2031, exhibiting a CAGR of 3.23% during the forecast period. The expansion of the market is primarily driven by increasing vehicle production, continual technological advancements in engine design, stringent emission regulations, and the growing demand for lightweight and fuel-efficient components.

In the scope of work, the report includes products offered by companies such as Bharat Forge, Crower Cams & Equipment Co., Inc., Farndon Racing Ltd, Kellogg Crankshaft Company, Maschinenfabrik ALFING Kessler GmbH, MS Motorservice International GmbH, NSI Crankshaft LLC, Sandvik Coromant, thyssenkrupp AG, Tianrun Industrial Technology Co., Ltd, and others.

The automotive crankshaft market is influenced by increasing vehicle production and sales globally, especially in emerging economies. Technological advancements in engine design and manufacturing processes enhance efficiency and performance, further boosting market growth. Stringent emission norms compel manufacturers to develop lightweight and fuel-efficient crankshafts, thereby fostering innovation.

Additionally, the rising trend of engine downsizing in passenger cars to improve fuel economy leads to increased demand for advanced crankshafts. Moroever, the aftermarket segment contributes significantly, largely attributable to the surging need for the replacement and maintenance of aging vehicles. 

• According to the Society of Indian Automobile Manufacturers (SIAM), the total passenger vehicle sales in India increased by 26.73% in the FY 2022-2023 compared to the previous fiscal year.

The global market is experiencing steady growth, mainly due to the rising production of internal combustion engines across various vehicle segments. Innovations in materials and manufacturing techniques, such as forged steel and machined crankshafts, significantly enhance durability and performance, thereby appealing to a broad customer base. Additionally, increased investment in research and development by key players aims to improve crankshaft efficiency and reduce weight, aligning with the industry's shift toward more environmentally friendly and fuel-efficient vehicles.

An automotive crankshaft is a critical engine component that converts linear piston motion into rotational motion to drive a vehicle's wheels. Typically made from forged steel or cast iron, crankshafts are designed to withstand significant stress and high-speed rotation. They play a vital role in the engine's operation, impacting performance, efficiency, and durability.

The market encompasses original equipment manufacturer (OEM) and aftermarket segments, catering to various vehicle types, including passenger cars, commercial vehicles, and motorcycles. The market's scope includes the production, distribution, and sales of crankshafts, as well as technological advancements and innovations designed to improve engine performance and fuel efficiency.

Analyst’s Review

Manufacturers are intensifying their efforts toward innovation and sustainability. Players are focusing on developing lightweight crankshafts using advanced materials such as forged steel and aluminum alloys to meet stringent emission standards and enhance fuel efficiency. There is growing emphasis on reducing manufacturing costs and improving operational efficiency.

To sustain growth, prioritization of investments by manufacturers in research and development will result in sustained growth in the market. Collaboration with material suppliers and the utilization of emerging technologies such as additive manufacturing are anticipated to play a crucial role. Additionally, adapting to evolving consumer preferences toward electric vehicles presents a strategic opportunity for market expansion and differentiation.

Automotive Crankshaft Market Growth Factors

There is an increasing focus on fuel efficiency and emission reduction. Governments worldwide are implementing stringent regulations to curb vehicular emissions, thereby prompting automakers to focus on innovative solutions. Lightweight crankshafts made from advanced materials such as forged steel and aluminum are gaining immense popularity as they enhance engine efficiency and reduce fuel consumption.

This shift toward lightweight and high-strength materials is helping manufacturers meet regulatory standards while addressing rising consumer demand for environmentally friendly vehicles. Additionally, the rise of hybrid and electric vehicles, which require efficient and durable crankshafts for their internal combustion engines, supports the automotive crankshaft market growth.

The high cost associated with advanced materials and manufacturing processes significantly increases the overall production expenses, making it difficult for manufacturers to maintain competitive pricing. To overcome this challenge, companies are investing heavily in research and development to streamline manufacturing techniques and find cost-effective solutions.

By adopting innovative production methods such as 3D printing and automated machining, manufacturers are reducing material wastage and labor costs, thus mitigating the financial burden and maintaining market competitiveness.

Automotive Crankshaft Market Trends

The automotive crankshaft market is witnessing a growing trend toward the use of lightweight materials. Manufacturers are increasingly adopting advanced alloys and composite materials to produce crankshafts that are both strong and lightweight. This trend is further fueled by the pressing need to improve fuel efficiency and reduce emissions, in line with stringent environmental regulations.

The use of lightweight materials helps reduce the overall weight of the engine, thereby enhancing vehicle performance and fuel economy. Furthermore, this shift is supported by technological advancements in material science and manufacturing processes, which enable the production of high-quality, lightweight crankshafts that meet the rigorous demands of modern engines.

The integration of advanced manufacturing technologies such as 3D printing, CNC machining, and automated forging are becoming increasingly prevalent. These technologies enable higher precision, reduced production times, and lower costs. The widespread adoption of these methods is helping manufacturers produce crankshafts with enhanced durability and performance characteristics.

Additionally, these advanced manufacturing processes facilitate greater customization and flexibility, allowing for the development of crankshafts tailored to specific engine requirements. This trend is contributing to the overall efficiency and competitiveness of the automotive crankshaft market.

Segmentation Analysis

The global market is segmented based on type, availability, vehicle type, sales channel, and geography.

By Type

Based on type, the market is categorized into single piece crankshaft, forged crankshaft, welded crankshaft, cast crankshaft, machined billet crankshaft, and others. The forged crankshaft segment led the automotive crankshaft market in 2023, reaching a valuation of USD 1,221.0 million. This growth is mainly propelled by its superior strength and durability compared to other types.

Forged crankshafts are manufactured using a process that compresses steel under high pressure, resulting in a denser and more robust structure. This makes them ideal for high-performance and heavy-duty applications where reliability is crucial. Additionally, the increasing demand for vehicles with better fuel efficiency and reduced emissions leads to the widespread adoption of forged crankshafts, as they support enhanced engine performance.

By Availability

Based on availability, the market is classified into flat plane crankshaft and cross plane crankshaft. The cross plane crankshaft segment is likely to experience significant growth at a CAGR of 3.39% through the forecast period (2024-2031). Cross plane crankshafts are known for their ability to provide smoother engine operation and better torque delivery, which are highly valued in high-performance and luxury vehicles.

This design reduces vibrations and enhances the driving experience, thereby appealing to a broader range of consumers. Additionally, advancements in manufacturing technologies are making cross plane crankshafts more cost-effective, resulting in their increasing adoption. The growing emphasis on vehicle comfort and performance is further propelling the expansion of this segment.

By Vehicle Type

Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger cars segment secured the largest automotive crankshaft market share of 62.34% in 2023. Rapid urbanization and rising disposable incomes, especially in emerging markets, are boosting sales of passenger cars.

Additionally, consumer preferences for advanced features, better fuel efficiency, and lower emissions align with the use of high-quality crankshafts, which enhance both engine performance and reliability. Technological advancements in engine design and a shift toward more environmentally friendly vehicles further contribute to the growth of the segment. The dominance of passenger cars segment underscores the continuous demand for improved automotive components.

• According to the International Organization of Motor Vehicle Manufacturers (OICA), the global production of motor vehicles increased by 10.27% in 2023 compared to 2022.

Automotive Crankshaft Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

The Asia-Pacific automotive crankshaft market share stood around 36.76% in 2023 in the global market, with a valuation of USD 1,378.5 million. The region's dominance is fostered by the high concentration of automotive manufacturers in countries such as China, Japan, and India. These countries possess robust automobile production capacities and exhibit strong domestic demand.

Additionally, the availability of cost-effective labor and raw materials in the region supports large-scale manufacturing. Furthermore, government initiatives that promote the automotive industry, along with increased investments in infrastructure development play significant roles. The region's burgeoning middle-class population, with rising disposable incomes, further fuels the demand for passenger and commercial vehicles, thereby fostering Asia-Pacific market development.

• According to the International Organization of Motor Vehicle Manufacturers (OICA), the Asia-Pacific region accounted for roughly 58.92% of motor vehicles manufactured in 2023. China dominates the production in the Asia-Pacific region with roughly 54.72% of total vehicles produced in the region.

North America is poised to experience substantial growth, depicting a CAGR of 3.95% over the forecast period. This rapid growth is attributed to several factors, including the region's focus on technological innovation and advancements in manufacturing processes. The presence of major automotive manufacturers and extensive research and development activities further foster regional market expansion.

Additionally, increasing consumer demand for high-performance and fuel-efficient vehicles stimulates the adoption of advanced crankshaft technologies. Government regulations aimed at reducing emissions and improving fuel efficiency are increasing the use of lightweight and durable crankshafts, thereby contributing to the North America market growth.

Competitive Landscape

The global automotive crankshaft market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions.

Expansion & investments are the major strategic initiatives adopted by companies in this sector. Industry players are investing extensively in R&D activities, building new manufacturing facilities, and supply chain optimization.

List of Key Companies in Automotive Crankshaft Market

• Bharat Forge
• Crower Cams & Equipment Co., Inc.
• Farndon Racing Ltd
• Kellogg Crankshaft Company
• Maschinenfabrik ALFING Kessler GmbH
• MS Motorservice International GmbH
• NSI Crankshaft LLC
• Sandvik Coromant
• thyssenkrupp AG
• Tianrun Industrial Technology Co., Ltd

Key Industry Development

• April 2024 (Expansion): MS Motorservice International GmbH, a subsidiary of Rheinmetall Technology Company, completed the construction of a new high-bay storage facility at its Neuenstadt plant. The facility, equipped with automated conveyor technology, is linked to existing warehouses and a pick-and-test station. This investment aimed to optimize material flow, with plans to operate the high-bay storage in three shifts and store 300 to 400 pallets daily. This expansion in the industry is anticipated to enable the company’s warehousing capabilities and improve their global supply chain.

The global automotive crankshaft market is segmented as:

By Type

• Single Piece Crankshaft
• Forged Crankshaft
• Welded Crankshaft
• Cast Crankshaft
• Machined billet Crankshaft
• Others

By Availability

• Flat Plane Crankshaft
• Cross Plane Crankshaft

By Vehicle Type

• Passenger Cars
• Commercial Vehicles

By Sales Channel

• OEM
• Aftermarket

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • U.K.
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America