The global connecting rods market is projected to expand at a 4.7% CAGR during the forecast period, reaching USD 11.7 billion by 2032. The increasing production of vehicles, driven by the growing demand for electric vehicles, will bolster the demand for connecting rods in the coming years.
According to FMI, East Asia is expected to dominate the global connecting rod market, with total sales anticipated to reach USD 4.5 billion by 2022.
Connecting rods are crucial components in vehicle engines, as they transfer the power of the piston to the crankshaft, facilitating fluid movement between them. Both light and heavy commercial vehicles with internal combustion engines utilize various types of connecting rods. Manufacturers are investing in research and development for new product technologies, which is expected to drive market growth.
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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 USD 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.
“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.
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
More Insights into the global connecting rod market Report
In its latest report, FMI offers an unbiased analysis of the global connecting rod market, providing historical data for the period of 2017-2021 and forecast statistics for the period of 2022-2032. To understand the global market potential, its growth, and scope, the market is segmented based on material type (steel, aluminum and others), by vehicle type (passenger cars, LCV, HCV and two wheelers), sales channel (OEM and aftermarket) & by region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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