Automotive Camshaft Market Expected to Surge to US$ 5.6 Billion by 2033 with a 4.7% CAGR | Mahle, Linamar Corporation, Thyssenkrupp AG

The automotive camshaft market is predicted to grow at a CAGR of 4.7% over the forecast period, according to FMI's analysis. The industry's estimated value is predicted to increase from US$ 3.5 Billion in 2023 to US$ 5.6 Billion by 2033.

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%.

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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.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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This release was published on openPR.