Market Analysis
The global automotive connecting rod market is predicted to develop at a 4% CAGR forecast period, states the recent Market Research Future (MRFR) analysis. A connecting rod or conrod is a component of a piston engine that connects the piston with the crankshaft. This frames a straight part along with the wrench that converts the reciprocating motion into the rotating motion. Automotive connecting rods are used in commercial vehicles and passenger cars and are made of aluminum, steel, and others. Powder metals, cast rods, and forged are its different process types.
Various factors are propelling the global automotive connecting rod market share. According to the recent MRFR report, such factors include the growing demand for sports cars, rising concerns to lower carbon dioxide emission results, increasing use of connecting rods made of titanium in the automobile industry, and the use of the advanced coating. Additional factors adding market growth include the increasing use of carbon-fiber connecting rods in race cars, the use of high-strength steel rods, growing production & sales of cars, incessant rise in demand for engines, and people’s increasing purchasing power.
On the contrary, the high price of titanium connecting rods and shortage of supply due to the COVID-19 impact may limit the global automotive connecting rod market growth over the forecast period.
Key Players
The industry giants in the automotive connecting rod market include Pauter Machine (U.S.), Wossner Pistons (U.S.), JD Norman Industries, Inc. (U.S.), Wiseco Piston Company Inc. (U.S.), CP-Carrillo (U.S.), Nangong Jingqiang Connecting Rod Co., Ltd (China), Albon Engineering & Manufacturing Plc (U.K.), and Tianrun Crankshaft Co., Ltd. (China), Power Industries (India), Magal Engineering Ltd. (U.K.), Arrow Precision Engineering, Ltd. (U.K.), Cummins, Inc. (U.S.), Robson Engineering (U.K.), Yasunaga Corporation (Japan), Mahle GmbH (Germany), and Linamar Corporation (Canada) are among others.
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Market Dynamics
The use of advanced materials like fracture-split forged steel leads to an increase in the life of the connecting rods. Developments to increase the efficiency and strength of connecting rods show significant opportunities for new product development. The connecting rod is a crucial component of the engine that affects the weight of the crank train. Measures must, therefore, be taken to reduce their weight and improve the mechanical efficiency of the engine. As connecting rods do not require regular replacements, they help reduce the overall maintenance costs of the automotive.
Other factors propelling the market's growth are the boom in the automotive industry, the increased use of advanced coatings, the use of carbon fiber connecting rods in racing cars, and the increase in demand for internal combustion engines.
The global market for automotive connecting rods is projected to experience vital growth opportunities with the assembly of carbon fiber connecting rods in racing cars. The increase in demand for sports cars is increasing the use of carbon fiber connecting rods to make cars lighter and more robust.
The market is experiencing challenges with the need for engine downsizing that reduces the engine's size and simultaneously delivers power equivalent to the larger engine by adding devices such as a turbocharger, a supercharger, or by integrating direct fuel injection technology. Engine downsizing helps enhance the fuel efficiency of the vehicle and reduce overall carbon emissions.
Market Segmentation
The global market for automotive connecting rod has been segmented into material, process type, and vehicle type.
Based on material, the global automotive connecting rod market has been segmented into steel, aluminum, and others.
Based on process type, the global automotive connecting rod market has been segmented into forged, cast rod, and power metal.
Based on vehicle type, the global automotive connecting rod market has been segmented into passenger cars and commercial vehicles. Among these, the passenger car segment leads the global automotive connecting rod market. Passenger cars include four, six, or eight cylinders. Cars equipped with four-cylinder engines mainly deploy the automotive passenger car connecting rod. Manufacturers focus on improving connecting rods related to surface finishing, weight, and the ability to withstand extreme temperatures.
Regional Analysis
Region-wise, the global automotive connecting rod market has been divided into four major regions: North America, Europe, Asia Pacific, and the Rest of the World.
The Asia Pacific will lead the market for automotive connecting rod throughout the forecast period. The economic growth of developing countries, such as China and India, is driving the market growth. Increasing investment in industrialization and infrastructure contributes to higher demand for vehicles, which is fueling the development of the connecting rod material market.
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