The movements in the global market for automotive crankshafts is heavily influenced by the dynamics of the automotive industry across the world. Currently, the worldwide automotive industry is undergoing a phase of extensive expansion. The significant increase in the disposable income of consumers has fueled the demand for automobiles remarkably, leading to a consequent rise in the application of automotive crankshafts, worldwide.
According to Transparency Market Research (TMR), the global market for automotive crankshafts held an opportunity worth US$2.5 bn in 2014. Expanding at a CAGR of 2.10% between 2015 and 2021, it is likely to cross US$3.0 bn by the end of 2021.
In this blog post, researchers answer some of the important questions about the global automotive crankshaft market:
Q. What are the latest trends in the global market for automotive crankshafts?
Passenger vehicles are the leading en-use application area of automotive crankshafts. The recent rise in the purchasing power of the middle-class consumers has been leading to a heightened demand for passenger vehicles, resulting in an increased application of automotive crankshaft, globally.
Apart from this, the rising preference for heavy commercial vehicles and diesel cars among consumers is also fueling the usage of automotive crankshafts significantly. All these factors are expected to reflect positively on the global market for automotive crankshafts.
Currently, flat plane crankshafts are the most valued products among various types of automotive crankshafts. Cast iron and forged steel have surfaced as the most widely utilized materials in the production of these crankshafts.
Q. How will be the performance of key geographical segments of the global automotive crankshaft market in the near future?
Geographically, Asia Pacific, North America, Europe, and the Rest of the World are identified as the main segments of the global automotive crankshaft market. Europe, which is the dominant geographical segment of this market, will continue to lead over the forthcoming years and will be trailed by North America and Asia Pacific.
The high disposable income of consumers in Europe and North America has increased their purchasing power, shifting their interest towards high-end automobiles, which is influencing the demand for automotive crankshafts. As a result, the markets for automotive crankshafts in these regions are anticipated to witness a substantial surge in its valuation over the next few years.
Asia Pacific, on the other hand, is likely to demonstrate a steady rise in the near future, thanks to the robust expansion in the Asia Pacific automotive industry.
Q. What are the main strategies automotive crankshafts manufacturers adopt for business development?
Automotive crankshaft manufacturers mostly rely on innovation and advancement of products for business development. However, nowadays, mergers, acquisitions, and alliances with regional players to improve visibility has emerged as the most favored strategy of the key players in this market.
Read Full Press Release @ http://www.transparencymarketresearch.com/pressrelease/automotive-crankshaft-market.htm
Recently, Amtek Auto has entered into a collaboration with Japan-based Asahi Tec Corp. to gain access to advanced casting and forging technologies in order to produce world-class crankshafts, cylinder blocks, front axle beams and other products. The company expects to strengthen its position as one of the most technologically-advanced manufacturers of automotive components across the world.