The global connecting rods market is projected to expand at a 4.7% CAGR during the forecast period, reaching US$ 11.7 Billion by 2032. Increasing vehicle production over the years due to the growing demand for electric vehicles will augment demand for connecting rods in the forthcoming years.
As per FMI, the global connecting rod market is expected to be dominated by East Asia, with total sales reaching US$ 4.6 Billion by 2032.
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Connecting rods are an essential component in the vehicle engine as they transmit the power of the piston to the crankshaft and enable fluid movement between them. Light, as well as heavy commercial vehicles with an internal combustion engine use different types of connecting rods. Manufacturers of connecting rods are investing in research and development for new product technologies which is expected to drive growth in the market.
“Increasing sales of autonomous vehicles, along with growing preference for fuel efficient vehicles to curb carbon emission are some factors that are expected to fuel the growth in the market over the forecast period,” says an FMI analyst.
Key Takeaways:
- By material type, the steel segment is projected to hold approximately 51.8% of the total market share in 2022.
- In terms of sales channel, demand in the OEM segment is anticipated to grow at a 5.0% CAGR through 2032.
- Based on vehicle type, the passenger vehicle segment is expected to reach about US$ 6.9 Billion by 2032.
- The U.S. is expected to dominate the North America connecting rods market over the assessment period, with sales growing at a 4.3% CAGR.
- China is expected to account for 70% of the East Asia connecting rods market in 2022.
Competitive Landscape
Key market participants of the connecting rods market elaborated in the report include Linamar Corporation, Mahle GmbH, CP Carrillo Inc., MGP Connecting Rods, Wiseco Piston Company Ltd., Arrow Precision Ltd., Gohsyu Corporation, Yasunaga Corporation, and others.
Key players are focusing on research and development for new product innovation for connecting rods. Leading players are also focusing on expanding their geographic presence across the globe to improve sales. Manufacturers are also aiming to increase the production capacity to cate to the growing demand. For instance:
- In July 2020, Mahle GmbH produced high performance aluminum pistons using 3D printing technology.
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Connecting Rods Market by Category
By Material Type:
- Steel
- Aluminium
- Other
By Vehicle Type:
- Passenger Vehicles
- LCV
- HCV
- Two Wheeler
By Sales Channel:
- OEM
- Aftermarket
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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