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The fact that market share positioning strategies are a fundamental element in determining the success and longevity of companies operating within the Automotive Connecting Rod Market further emphasizes the dynamism of the industry. Amongst strategic approaches employed by players within this sector to gain competitive advantage and improve their market share, differentiation remains dominant. In differentiation, firms tend to focus on creating distinct and innovative connecting rods or even unique materials, thus giving them an edge over their rivals. This can be achieved through cost leadership, where manufacturers seek to be the lowest-cost producer in the market. They should, therefore, optimize production processes, use economies of scale, and ensure utilization of resources is efficient so as to offer cheap connecting rods as compared to others. To appeal to price-sensitive customers without compromising quality, firms need to provide cost-effective solutions, which means that they will end up capturing a large chunk of market share. This strategy works best in a price-sensitive market environment where customers are more concerned about affordability rather than other add-ons.
Market segmentation has also been widely employed with several businesses focusing on specific customer segments or geographical areas. In essence, understanding distinctive needs among different automotive applications enables companies to customize their products in order to meet particular requirements for connecting rod products. Collaboration & partnerships are another way suppliers can gain market share in this business segment; these relationships can lead to mutually advantageous outcomes (Barringer & Ireland 2010). To increase their market share, many companies opt for global expansion strategies; as a matter of fact, such a move would enable these businesses to reach more consumers worldwide who often seek low-cost but quality products/services (Cummings et al. 2005). Worldwide, automotive markets continue developing as companies look for opportunities in emerging markets like Brazil, Russia, India, and China (BRICS) while establishing a presence in new geographical regions.
More so than ever before, customer-centric approaches are increasingly important within the automotive connecting rod market today. Developing strong connectivity with buyers by providing outstanding services, warranties, and after-sales support, such as spare parts, can lead to the creation of a loyal consumer base. It is also profitable to actively engage clients in developing new products, which are meeting market demands more accurately. Therefore, it can be concluded that the Automotive Connecting Rod Market is characterized by fierce competition, and this necessitates companies using differentiation, cost leadership, market segmentation, collaboration, and partnership strategies, as well as global expansion efforts towards securing and maintaining an even bigger portion of this marketplace. To exist in this dynamic sector, the automotive industry will need to change its focus on technological advancement, regulatory framework, and customers' habits.
Automotive Connecting Rod Market Highlights:
Automotive Connecting Rod Market Overview:
The Automotive Connecting Rod Market size was valued at USD 44.2 Billion in 2023. The Automotive Connecting Rod industry is projected to grow from USD 45.96 Billion in 2024 to USD 60.49 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.49% during the forecast period (2024 - 2032).Growing demand for internal combustion engine-powered vehicles, the rise in demand for racing cars and the increase in the use of carbon fiber connecting rods in these cars are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Connecting Rod Market Trends
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Growing demand for high-performance vehicles in emerging economies is driving the market growth
Market CAGR for automotive connecting rods is driven by the rising number of high-performance vehicles with more connecting rods than average-performance vehicles. Growing demand for high-performance vehicles in developing countries such as India and China will likely boost the demand for automotive pistons. Also, owing to expanding urbanization, changing demographics, enhancing the standard of living, and growing spending capacity of people are leading to the growth of vehicle sales across the globe. The surge in demand for high-performance vehicles in developed economies is also driving the market revenue. Growing inclination towards comfort, safety, and convenience propels the demand for high-performance vehicles and more connecting rods.
Moreover, prominent automotive manufacturing firms are investing heavily in research to innovate and develop advanced techniques in automobiles to serve their consumers with the latest technologically equipped automobiles and maintain a good position in the market. Moreover, governments are also taking various initiatives and providing subsidies to promote the utilization of automobiles in their economies. Governments are also investing in research to fuel the automotive sector. The transition from BS-IV to BS-VI emission norms is anticipated to boost the production and sale of automotive vehicles in the coming years.
Furthermore, rising technological advancements in piston system, such as installing the cooling channel in the automotive connecting rod, is expected to support the Automotive Connecting Rod Market revenue growth. The use of advanced materials such as fracture-split forged steel increases the life of connecting rods. The developments for increasing the efficiency and strength of connecting rods show significant opportunities for new product development. The connecting rod is a key engine component that affects the weight of the crank train. Therefore measures must be taken to reduce their weight and improve the engine's mechanical efficiency. As the connecting rods do not require regular replacements, they help reduce the automobile's overall maintenance cost. The other factors contributing to the growth of the market are the boom in the automotive industry, the increased use of advanced coating, the use of carbon fiber connecting rods in racing cars, and the increase in demand for internal combustion engines.
The increasing urbanization and industrialization are anticipated to augment the growth of the automotive piston equipment market. This is attributable to the rapid enhancement of technology by the automotive industry. Most manufacturing companies are now implementing automation to increase their productivity and profitability. Moreover, the improving economy of several countries worldwide due to industrialization has resulted in a rise in the disposable income of consumers. This has increased the sales of luxurious passenger cars, which is expected further to support the growth of the automotive connecting rod market.
Automotive Connecting Rod Market Segment Insights:
Automotive Connecting Rod Process Type Insights
The Automotive Connecting Rod Market segmentation, based on process type, includes forged cast rods and powder metals. The forged cast rods segment dominated the market, accounting for 35% of market revenue (15.47 Billion). In developing economies, category growth is driven by the increasing popularity of powder-forged connecting rods in the gasoline market because of their durability and high strength. However, powder metals are the fastest-growing category owing to the rising demand for efficient and lighter automotive pistons among end users.
Automotive Connecting Rod Vehicle Type Insights
The Automotive Connecting Rod Market segmentation, based on vehicle type, includes passenger cars and commercial vehicles. The commercial vehicle category generated the most income (70.4%). This is due to commercial vehicles used for mining, construction, logistics, and transportation. However, passenger car is the fastest-growing category owing to various initiatives taken by governments to promote the sale of automotive vehicles.
Figure 1: Automotive Connecting Rod Market by Vehicle Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Connecting Rod Material Insights
The Automotive Connecting Rod Market segmentation, based on material, includes steel and aluminum. The aluminum category generated the most income owing to the higher rate of heat conductivity help in preventing the formation of carbon, and higher efficiency can be secured utilizing higher compression, enhancing the demand for this segment. However, steel is the fastest-growing category owing to the growth in demand for racing cars and the increase in the use of steel connecting rods in these cars.
Automotive Connecting Rod Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia Pacific automotive connecting rod market will dominate owing to enhanced production and sales of automobiles in this region. Countries such as India, China, and Japan are adopting advanced techniques to develop fuel-efficient and lightweight vehicles, leading to the expansion of this market in this region. Moreover, China’s automotive connecting rod market held the largest market share, and the Indian automotive connecting rod market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Automotive Connecting Rod Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's automotive connecting rod market accounts for the second-largest market share due to the existence of prominent automotive manufacturing companies contributing to their market expansion in the region. Further, the German automotive connecting rod market held the most considerable market share, and the UK automotive connecting rod market was the fastest-growing market in the European region.
The North American automotive connecting rod market is expected to grow at the fastest CAGR from 2023 to 2032 as OEMs in this region invest in research and development of new products to curb air pollution caused by vehicle emissions. Moreover, US automotive connecting rod market held the largest market share, and the Canadian automotive connecting rod market was the fastest-growing market in the North American region.
Automotive Connecting Rod Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the automotive connecting rod market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the automotive connecting rod industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global automotive connecting rod industry to benefit clients and increase the market sector. Major players in the automotive connecting rod market, including Tianrun Crankshaft Co., Ltd., Arrow Precision Ltd., Albon Engineering & Manufacturing plc, JD Norman Industries, CP Carrillo., Wossner Pistons, Wiseco Piston Company Inc., and others, are attempting to improve market demand by investing in research and development operations.
CP-Carrillo, LLC is a leading global manufacturer of high-performance engine components. The company serves many customers, including professional racing teams, engine builders, performance enthusiasts, and OEM manufacturers. CP-Carrillo's products are used in various motorsports disciplines, such as drag racing, road racing, off-road racing, and more. In April 2020, CP Carrillo introduced a new line of titanium connecting rods for motorbikes. These connecting rods are built to last longer as titanium has high-temperature resistance.
Mahle GmbH is an engine systems and components manufacturing company. The company supplies piston systems, cylinder components, and other components. Mahle offers engine systems, filtration, thermal management, and electrics/mechatronics products. Mahle's product pipeline includes connecting piston rings, rods, cylinder liners, bearings, piston pins, and bushings for combustion engines and other products for automotive applications. The company also provides engineering, module testing, engine testing and cooling wind tunnel, among others. It offers products for passenger cars, commercial vehicles, motorsport and high-performance engines and other industrial applications. In February 2019, MAHLE, a pioneer in future mobility, started its new production process to develop steel pistons for passenger cars with powerful engines.
Key Companies in the Automotive Connecting Rod market include
- Linamar Corporation
- MGP Connecting rods
- Pauter Machine Co.
- CP Carrillo Inc.
- Mahle GmbH
- Wiseco Piston Co. Ltd.
- Albon Engineering & Manufacturing
- Arrow Precision Ltd.
- Gohsyu Corporation
- Yasunaga Corporation
- Sanjo Machine Works Ltd.
- Metalart Corp
- Bharat Forge Ltd.
- IT Forging Co. Ltd
Automotive Connecting Rod Industry Developments
July 2020: MAHLE has developed high-performance aluminum pistons utilizing 3D printing technology for the first time. The pistons existed successfully tested on the engine trial bench for Porsche's 911 GT2 RS sports car. Whereas normally forged pistons have attained the limits of their performance potential, 30 HP could boost the power of the 700 HP Porsche machine with associated growth in efficiency.
Automotive Connecting Rod Market Segmentation:
Automotive Connecting Rod Process Type Outlook
- Forged
- Cast Rods
- Powder Metals
Automotive Connecting Rod Vehicle Type Outlook
- Passenger Car
- Commercial Vehicle
Automotive Connecting Rod Material Outlook
- Steel
- Aluminum
Automotive Connecting Rod Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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