The recent market research analysis of “Automotive Crankshaft Market: Global Demand Analysis & Opportunity Outlook 2033” by Research Nester delivers an in-depth competitors analysis and a detailed overview of the global automotive crankshaft market in terms of market segmentation by vehicle type, type, crankshaft material, and by region over the forecast period, i.e., 2023-2033.
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Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the global automotive crankshaft market. These analyses help organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future. Additionally, the growth opportunities exposed by the market is poised to gain significant momentum in the next few years.
Automotive crankshaft market to find numerous growth opportunities on the back of upsurge in exports of crankshaft around the world, finds Research Nester
The global automotive crankshaft market is estimated to grow majorly on account of the rising exports of auto components globally. The export of auto components from India is estimated to reach USD 29 billion by 2026. A USD 190 billion revenue is expected from the automotive components industry by 2026. Furthermore, the increasing demand for high performance vehicles with high performance engines, consumer lifestyle changes that led to a demand for better products, and an increase in disposable income is anticipated to fuel market growth in coming years.
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The global automotive crankshaft market is segmented on the basis of vehicle type into commercial vehicles, luxury vehicles, passenger vehicles, multi utility vehicles, and others. The passenger vehicles segment is to garner the highest revenue by the end of 2033 by growing at a significant CAGR over the forecast period backed by the rising number of passenger vehicle exports. The number of passenger vehicles exported from April 2021 to March 2022 increased from 403,390 to 570,870. In addition, urbanization and the growing purchasing power of middle-class families are predicted to boost segment growth.
By region, the Asia Pacific automotive crankshaft market is to generate the highest revenue by the end of 2033. This growth is anticipated by Asian consumers' increasing disposable incomes, which is increasing their purchasing power. Chinese citizens' disposable income peaked at USD 5,200 in 2021, an increase of 9% from 2020. Additionally, the rapid urbanization of developing countries as well as government initiatives for industrialization are expected to drive the regional market over the forecast period.
