Automotive Crankshaft Market Size - By Crankshaft Type (Flat Plane, Cross Plane, Modular), Vehicle Type (Two-Wheelers, Passenger Cars, Commercial Vehicles) Material (Forged Steel, Cast Iron/Steel, Machined Billet), Sales Channel & Forecast, 2024 - 2032

Automotive Crankshaft Market Size

Automotive Crankshaft Market size was valued at USD 7.4 billion in 2023 and is estimated to register a CAGR of over 4% between 2024 and 2032, attributed to a notable rise in vehicle production and sales. According to SIAM, in November 2023, the total production of passenger cars, three-wheelers, two-wheelers, and four-wheelers reached 2,228,743 units. During the same month, sales of passenger vehicles were 334,130, total sales of three-wheelers were 59,738, and sales of two-wheelers were 1,623,399.
 

As global demand for passenger and commercial vehicles increases, so does the need for automotive crankshafts. This growth is driven by economic growth, urbanization, and rising disposable incomes, especially in emerging markets. The increase in automotive efficiency is directly related to the increased demand for crankshafts and other components required for internal combustion engines.
 

However, the escalating consumer shift toward electric mobility and fluctuations in raw material prices resulting in high production costs and low profit margins will impact industry growth over the coming years.
 

Automotive Crankshaft Market Trends

The automotive crankshaft industry could witness a trend toward integrating lightweight materials such as high-strength steel alloys, aluminum, and even carbon fiber composites in crankshaft production. These materials help reduce the overall engine weight, thus contributing to improved vehicle fuel efficiency and lower emissions. This trend aligns with the broader industry focus on sustainability and compliance with increasingly strict environmental regulations.
 

Against this backdrop, in September 2023, Garbaruk, an online store for custom-designed lightweight bike components, introduced a new XC Crankset, taking a unique approach by choosing aluminum over carbon fiber for lightweight crank arms. Specially designed for cross-country racing, Garbaruk claims the new crankset matches the weight of the carbon crankset while making the aluminum system stronger and more reliable.
 

Automotive Crankshaft Market Analysis

Based on crankshaft, the market is divided into flat plane, cross plane and modular. The cross plane crankshaft segment is projected to exceed USD 6 billion by 2032. Cross-plane crankshafts market will exhibit a commendable CAGR over 2024-2032 due to the excellent performance attributes in high-performance and sports vehicles. They improve power flow, reduce vibration, improve engine performance, and enhance driving comfort.
 

In addition, a special series of guns in the cross-plane crankshaft improves exhaust scavenging, resulting in better torque and overall engine performance. As automakers strive for vehicles that offer power and refinement, the acceptance of cross-plane crankshafts in the automotive industry is becoming more widespread and popular.
 

Based on sales channel, the automotive crankshaft market is categorized into OEMs and aftermarket. The OEM segment held a major market share of around 69% in 2023. OEMs benefit from established relationships with automakers, ensuring consistent and reliable demand for crankshafts. Their ability to deliver high-quality products manufactured to strict industry standards gives them a good reputation in the market. In addition, OEMs often enter into long-term contracts and cooperate with automakers to ensure consistent business. The OEMs’ emphasis on innovation and advanced manufacturing processes is in line with the evolving needs of modern automotive engines, driving their growth in the market.
 

Asia Pacific dominated the global automotive crankshaft market with a share of over 35% in 2023, owing to the growing regional automotive industry and high automotive production. Countries such as China, India, and Japan are major automobile manufacturing hubs with high crankshaft demand. In addition, access to low-cost labor and raw materials in the region lowers the cost of production, attracting global workers. Government incentives and investment in infrastructure boost the industry significantly. Rapid urbanization and increasing disposable income are increasing vehicle ownership, thereby increasing the demand for automotive components, including crankshafts, in Asia-Pacific.
 

European countries like Germany, Spain, Italy, and the UK are significant contributors to the market. These nations boast a robust automotive industry, housing major vehicle manufacturers that drive the demand for high-quality crankshafts. The presence of leading crankshaft suppliers, coupled with stringent emission regulations and a focus on innovation, position Europe as a key player in this market segment.
 

The U.S. supports the automotive crankshaft market through advancements in manufacturing technologies, Moreover, stringent quality standards and rising strong automotive manufacturing. Major crankshaft manufacturers have production facilities across the U.S., catering to the demands of domestic automakers. The market is driven by the consistent demand for new vehicles, engine replacements, and the need for durable, high-performance crankshafts that meet emission regulations.
 

Automotive Crankshaft Market Share

Thyssenkrupp AG and Rheinmetall AG hold a significant market share of over 15% in the automotive crankshaft industry. The major strategies implemented by players in the automotive crankshaft industry to strengthen their positions include investment in advanced manufacturing technologies and innovations. These companies adopt precision forging, CNC machining, and 3D printing in automotive is used for manufacturing high-quality, lightweight, high-performance, and long-lasting crankshafts. They provide long-term contracts to increase market growth. They also focus on strategic partnerships and collaborations with automotive manufacturers.
 

Expanding their product range to include crankshafts for electrification and hybrid vehicles is another important strategy, addressing the transition towards sustainable transport. Also, companies are developing their supply chains well, especially in regions such as Asia Pacific, to reduce costs and increase competitiveness. There is also a need to emphasize research and development to meet stringent emission standards and customer requirements specific to the use of cost-effective manufacturing methods.
 

Automotive Crankshaft Market Companies

Major companies operating in the automotive crankshaft industry are:

• Bharat Forge
• Crower Cams & Equipment
• Kellogg Crankshaft Company
• MGM Forgings
• Musashi Seimitsu
• NSI Crankshaft
• Precision Camshafts
• Rheinmetall AG
• thyssenkrupp AG
• Tianrun Industrial Technology Co., Ltd
   

Automotive Crankshaft Industry News

• During the July-September quarter of 2023, Bharat Forge, a Tier-1 supplier to automotive and other industries, acquired another business worth Rs 850 crore in the automotive and industrial services sector. The company disclosed this information to investors in a regulatory filing.
   

The automotive crankshaft market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Crankshaft Type

• Flat Plane
• Cross Plane
• Modular

Market, By Vehicle Type

• Two-wheeler
  • OEM
  • Aftermarket
• Passenger vehicles
  • OEM
  • Aftermarket
• Commercial vehicles
  • OEM
  • Aftermarket

Market, By Material

• Forged steel
• Cast iron/steel
• Machined billet

Market, By Sales Channel

• OEM
• Aftermarket

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA