The automotive camshaft market value is estimated to expand at a CAGR of 3.7% over the assessment period. In 2024, the market is expected to generate a revenue worth US$ 10,662.70 million. By 2034 end, the market size is forecasted to reach US$ 11,056.49 million.
- The drastic increase in the number of commercial vehicles, especially in countries of Asia Pacific, is projected to bolster the demand for automotive camshafts over the forecast period. In addition to this, the government and authoritative bodies world-over are imposing regulations to curb environmental deterioration. Going forward, consumers across the world have expressed keen interest in purchasing new-age vehicles, such as fully-electric and hybrid automotive. This is in line with the growing measures taken to curb environmental pollution and reduce fuel consumption.
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In hybrid vehicles, the heat engine is the key source of energy supply. With the help of a heat engine, combustion gets streamlined and fuel-optimized. In a bid to further enhance the total efficiency of heat engines, key players operating in the marketplace are exceedingly concentrating on the design elements of the automotive camshaft.
Additionally, companies operating in the automotive sector are predicted to launch sustainable, energy-efficient, and technologically sound automobiles. Outlay on novel technologies, innovations, component design techniques, and other features of the automotive sector is opening up lucrative opportunities for the growth of key players involved in automotive camshaft industry. Automotive firms are leveraging valve-timing technologies to get a step ahead of their counterparts.
Key Takeaways from the Automotive Camshaft Industry:
- China is projected to rank topmost in the automotive camshaft market over the forthcoming years, attaining a market value of US$ 1.6 Bn by 2033. Several factors working in the favor of market include rise in discretionary income, change in lifestyle choices, and economic growth of the country.
- The U.S. automotive camshaft industry bagged second position, in respect to market value. The U.S. market is expected to be worth US$ 651.8 Mn by 2033 end. The market is positively influenced by the availability of major players in the country and new launches in the market.
- Over the coming years, India is forecast to leap forward at a CAGR of 6.3%. Due to plenty of opportunities available in Indian marketplace, numerous industry players are keen on getting hold of Indian consumers. Additionally, increasing Indian population and inflating disposable income are also catalyzing market growth.
- Automotive camshafts are expected to find their application mostly in passenger cars. Due to the rapidly selling Passenger Vehicles (PV) on account of enhanced consumer purchase parity, the segment is projected to witness fastest-growth of 8% CAGR in the next 10 years.
- Considerable increase in demand for casted automotive components owing to their dimensional accuracy and smooth surface finishing is anticipated to significantly contribute towards market expansion. The casted automotive components are projected to grow at a CAGR of 4.6%.
New Developments Shaping up the Market:
- In March 2022, Honda Motorcycle & Scooter India (HMSI) unveiled its brand-new Africa Twin Adventure Sports motorcycle in India, available only at Big Wing Topline showroom of Honda. This new bike is powered by Overhead Camshaft (OHC) Type valve system, Parallel Twin engine, and torque. Additionally, the 270-degree offset crankshaft featured in these motorcycles provide responsive acceleration and superior traction for excellent engine performance.
- In June 2022, Suzuki introduced a new teaser of liter-class bike Katana, implying a soon-to-be launch. This bike would give a good fight to the leading current segment- Kawasaki Ninja 1000SX. The motorcycle sports new valve springs and camshaft profiles. The engine is teamed up with a 6-speed gearbox having a slipper clutch, an assist, and a bi-directional quickshifter.
- In 2019, NGK SPARK PLUGS, a global manufacturer of ignition and sensors, launched crankshaft and camshaft sensors in Europe. This is further expected to open up opportunities for the replacement of Original Equipment (OE) for aftermarket clients.
List encompassing key players of automotive camshaft:
- Mahle GmbH
- JD Norman Industries, Inc.
- Thyssenkrupp AG
- Linamar Corporation
- ESTAS CAMSHAFT & CHILLED CAST
- Crance Cams Inc.
- Aichi Forge USA Inc.
- Engine Power Components Inc.
- Hirschvogel Holding GmbH
- KAUTEX TEXTRON GmbH & Co. KG
- Shadbolt Cams
- Comp Performance Group
- Precision Camshafts Ltd.
- Varroc Group
- Camshaft Machine Company
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Given Below are the Automotive Camshaft Market Segments
Product Type:
- Cast Camshaft
- Forged Camshaft
- Assembled Camshaft
Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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