LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global automotive connecting rod market to grow at a CAGR of more than 3% during the forecast period, according to their latest report.
The report further segments the global automotive connecting rod market by vehicle type into the passenger car and commercial vehicle segment. The commercial vehicle segment accounted for more than 73% of the market share in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global automotive connecting rod market:
- Use of advanced material for manufacturing connecting rods
- Increasing vehicle demand
- Increasing demand for internal combustion engine in emerging countries
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Use of advanced material for manufacturing connecting rods
Using advanced materials has led to an increase in the lifespan of connecting rods. The continuous development to increase the efficiency and strength of connecting rods is driving innovation initiatives in the market. Use of advanced materials significantly reduces the replacement costs. The connecting rod is a key engine component that affects the weight of the rest of the crank train. The connecting rod, piston, piston pins, and piston rings are the key contributors to the friction of engine. Lightweighting these components helps to improve the mechanical efficiency of the engine.
According to Ganesh Subramanian, a lead analyst at Technavio for powertrain research, “The use of fracture-split forged steel reduces the connecting rod's weight and increases its durability. It is also feasible for volume production. Reduction in the mass of the connecting rod because of reduced material use decreases the overall manufacturing cost too. The improved connecting rod manufacturing technology also results in reduced stiffness of bearings. Since connecting rods do not require frequent replacement, the overall maintenance cost of the vehicle is reduced.”
Increasing vehicle demand
The automotive industry is witnessing favorable conditions in APAC owing to high demand for vehicles in emerging economies. India and China are the emerging markets, which are witnessing tremendous demand and growth in automotive sales. The recession in the Americas and EMEA has affected demand in these regions and has resulted in a decline in automotive sales.
Automotive connecting rod manufacturers are dependent on vehicle production. As Asia is experiencing increased automotive production, the demand for connecting rods is high. The drastic increase in the middle-class population and rapid urbanization are driving the demand for vehicles in Asia. Rise in the disposable income of customers has resulted in increased willingness to spend more on advanced technological features.
Increasing demand for internal combustion engine in emerging countries
The emerging countries are witnessing a steady demand for internal combustion engine (ICE). Increasing adoption of ICE in APAC and Latin America is driving the global automotive connecting rod market. Factors such as excellent drivability and stability of engine are driving the demand. ICEs are installed with a hybrid powertrain to improve fuel efficiency. ICE is the most reliable and fuel-efficient engine that is used in many of the vehicles. There have been several advancements in engine technology such as hybrids and electric alternatives, but OEMs are still relying on the ICE due to improvements made to it through advanced technologies.
“Introduction of eco-friendly locomotives will drive the demand for ICE during the forecast period. Development of eco-friendly locomotive is primarily due to growing concern for reducing CO2 emissions. The major manufacturers of ICE are Cummins, Doosan Infracore, and Hyundai Machinery. The growing demand for ICE will result in the growth of the global automotive connecting rod market during the forecast period,” says Ganesh.
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