The global Connecting Rods Market was valued at USD 7 Billion in 2021. Sales of connecting rods will increase at a 4.8% CAGR, with the total connecting rod market size reaching USD 11.7 Billion by 2032.
Growth can be attributed to the increasing demand for lightweight and fuel-efficient vehicles, supplemented by consistent production of automobiles worldwide.
The connecting rods market is projected to register year-on-year growth of 4.5% in 2022. Minimal replacement rate and extended service life will spur demand for connecting rods in the market. Considering this, FMI has projected the market to reach 660.4 Million Units in terms of volume by 2032.
| Attribute | Details |
|---|---|
| Connecting Rods Market Base Year Value (2021A) | USD 7 Billion |
| Estimated Size (2022E) | USD 7.3 Billion |
| Projected Year Value (2032F) | USD 11.7 Billion |
| Value-based CAGR (2022 to 2032) | 4.7% |
| Collective Value Share: Top 3 Countries (2022E) | 41.8% |
In 2021, sales in the global connecting rods market accounted for 1.5-2% of the overall engine and engine parts market.
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Demand for connecting rods grew at a 1.5% CAGR between 2017 and 2021. While sales of other automotive parts have increased to an extent, connecting rods sales have remained stagnant. This is primarily due to the low aftermarket potential for connecting rods and high degree of dependence on automotive production trends. Suppliers are optimistic that this will change in the coming years as the market for electric and autonomous vehicles grows.
Manufacturers of connecting rods have been focusing on new product developments to meet the growing demand for innovative products from automotive OEMs, which is expected to push sales of connecting rods at a 4.5% CAGR over the assessment period.
In recent years, there have been significant developments in connecting rod design, primarily in terms of noise reduction and lightweight construction. One such development is the use of silicon-carbide (SiC) materials, which are comparatively lighter and stronger than traditional materials such as steel.
This has led to the development of ultra-lightweight rods that are less likely to cause noise and vibration. In addition to this, new coatings and surface treatments have been developed that improve durability and resistance to wear and corrosion. These advances are making connecting rods an increasingly important part of engine design, and they are likely to play a key role in the development of more efficient and environmental-friendly engines in the forthcoming years.
Several OEMs are focusing on research and development for creating new technologies and products to cater to the growing demand. Rising sales of passenger vehicles as well as light commercial vehicles in various countries is boosting the demand for connecting rods. These factors are expected to accelerate the growth in the connecting rods market over the forecast period.
Principal Consultant
Connecting rods function under extreme pressure and have to withstand high power loads from the the piston. They are generally made from steel and are designed to withstand high stress from piston movement in the engine. Various factors are considered while manufacturing connecting rods that are responsible for the enhancement of the performance of the engine.
Increasing number of on-road vehicles and growing production of automobiles in various countries are propelling demand for connecting rods. Connecting rods are crucial and highly stressed parts of the vehicle engine which makes them very important to the vehicle. These factors are contributing to the growth of the connecting rod market.
Increasing Sales of Electric Vehicles in the USA Will Boost Sales of Connecting Rods
Connecting rods are mostly used in automobile engines and the USA is one of the largest manufacturers of connecting rods. Different manufacturing processes and metals that have high tensile strength are preferred by automakers for developing connecting rods in the country.
These rods are now being made from aluminum as they absorb high strength impact and are lightweight as compared to steel or other metals. Manufacturers in the USA are focusing on product innovation and aiming to find ways to manufacture lighter and stringer rods to improve vehicle efficiency. Driven by this, sales in the USA will grow at a 4.3% CAGR over the assessment period.
Expansion in the Automotive Sector Will Spur Demand for Connecting Rods
China is projected to account for more than 70% of the East Asia connecting rods market share in 2022. Rising automobile production as well as growing on-road vehicles in China is a crucial factor accelerating sales of connecting rods in the country.
Ongoing technological innovation in connecting rods is one of the key driving factors in China. Companies are aiming to provide high-quality components that are lightweight, highly efficient, and affordable, which, in turn, is boosting sales of connecting rods in the market.
Additionally, the expansion of the country's automotive sector is expected to fuel connecting rods sales. These factors are expected to augment the growth in the China connecting rods market over the forecast period.
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Sales of Steel Connecting Rods Will Remain High
Materials like steel, aluminum, cast steel, fabricated steel, titanium, and aluminum alloy are used to make connecting rods. Among these, steel is highly preferred by manufacturers for performance vehicles due to its high stability, durability, and high tensile strength.
The material used for making connecting rods should be strong and robust as they undergo tremendous pressure in the vehicle engine. Lightweight material produces lesser noise and vibrations are essential which makes material selection an important factor while manufacturing connecting rods.
The material used in connecting rods affect the weight, cost, and performance of the engine. Manufacturers are also preferring aluminum due to its light weight and high tensile strength which is expected to boost sales at a 4.4% CAGR in this segment over the forecast period.
Demand for Connecting Rods in Passenger Vehicles to Gain Traction
Connecting rods are used in all types of vehicles from passenger cars to construction equipment. They are used in diesel as well as gasoline engine vehicles. Rising demand for connecting rods for internal combustion engine vehicles will continue pushing sales in this segment.
Automobile manufacturers are focusing on high strength and durability of connecting rods which is driving the demand in the market. As a result, total sales in the passenger vehicles segment are forecast to reach USD 6.9 Billion by 2032.
The global connecting rods market is gaining momentum with the presence of several big and medium manufacturers and suppliers. Key players are focusing on research & development for new product innovations for connecting rods. They are focusing on expanding their geographic presence across the globe to acquire high market share. For instance:
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value and Units for Volume |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, Italy, France, the UK, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, ANZ, Turkey, Northern Africa, South Africa |
| Key Segments Covered | Material Type, Vehicle Type, Sales Channel & Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global connecting rod market is anticipated to reach a valuation of USD 7.3 Billion in 2022.
The global connecting rod market is anticipated to witness a growth at 4.8% over the forecast period.
The global connecting rod market expanded at a 1.5% CAGR between 2017 and 2021.
Linamar Corporation, Mahle GmbH, Gohsyu Corporation, Yasunaga Corporation, Sanjo Machine Works Ltd., and others are the key players in the global connecting rod market.
Key players in the global connecting rod market are expected to hold around 60-65% of the total market share.
The top countries driving demand in the global connecting rod market are China, the USA and Germany.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Connecting Rods Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 6. Global Connecting Rods Market - Pricing Analysis 7. Global Connecting Rods Market Demand (in Value or Size in USD Billion) Analysis 2017 to 2021 and Forecast, 2022 to 2032 8. Market Background 9. Global Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Material Type 9.1. Steel 9.2. Aluminium 9.3. Others 10. Global Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Vehicle Type 10.1. Passenger Cars 10.2. LCV 10.3. HCV 10.4. Two Wheeler 11. Global Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Sales Channel 11.1. OEM 11.2. Aftermarket 12. Global Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. East Asia 12.5. South Asia & Pacific 12.6. MEA 13. North America Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Latin America Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. Europe Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. East Asia Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. South Asia & Pacific Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Middle East & Africa Connecting Rods Market Analysis 2017 to 2021 and Forecast 2022 to 2032 19. Key and Emerging Countries for Connecting Rods Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. Linamar Corporation 21.2. MGP Connecting Rods 21.3. Pauter Machine Co. 21.4. CP Carrillo Inc. 21.5. Mahle GmbH 21.6. Wiseco Piston Co. Ltd. 21.7. Albon Engineering & Manufacturing Plc 21.8. Arrow Precision Ltd. 21.9. Gohsyu Corporation 21.10. Yasunaga Corporation 21.11. Sanjo Machine Works Ltd. 21.12. Metalart Corporation 21.13. Bharat Forge Limited 21.14. IT Forging (Thailand) Co. Ltd 22. Assumptions and Acronyms Used 23. Research Methodology
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Connecting Rods Market
