The global connecting rods market is expected to grow at a CAGR of 4.7% during the forecast period, reaching a value of USD 11.7 billion by 2032. The rising vehicle production, particularly driven by the increasing demand for electric vehicles, is set to boost the demand for connecting rods in the coming years.
According to FMI, East Asia is projected to lead the global connecting rod market, with total sales reaching USD 4.5 billion by 2022.
Connecting rods play a vital role in vehicle engines, as they transmit the piston’s power to the crankshaft, ensuring smooth operation between the two components. Both light and heavy commercial vehicles equipped with internal combustion engines use various types of connecting rods. Manufacturers are focusing on research and development to introduce new technologies, which is expected to further propel 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.
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).
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