Automotive Camshaft Market 2024 - By Industry Analysis, Future Prediction, Business Overview And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Automotive Camshaft Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The automotive camshaft market size has grown steadily in recent years. It will grow from $3.22 billion in 2023 to $3.36 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to advancements in materials and manufacturing processes, stringent emissions regulations, consumer demand for fuel efficiency and performance, a global increase in vehicle production, economic factors fueling vehicle sales, and aftermarket demand.

The automotive camshaft market size is expected to see steady growth in the next few years. It will grow to $3.98 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to the electrification of vehicles, integration of advanced engine technologies, adoption of Industry 4.0 and automation, growth in automotive markets, and rising aftermarket demand due to vehicle aging and maintenance needs. Major trends in the forecast period include a shift towards electric vehicles (EVs), advancements in material technology, the integration of variable valve timing (VVT), a focus on performance and efficiency, and the rise of autonomous and connected vehicles.

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Market Drivers and Trends:

The increasing vehicle production is expected to propel the growth of the automotive camshaft market going forward. Innovations in automotive technology, such as electric vehicles (EVs), autonomous driving, and improved fuel efficiency, are driving growth. These advancements make vehicles more attractive to consumers and encourage production to meet new demand. Automotive camshafts are critical for controlling the timing and operation of engine valves, thereby ensuring efficient combustion and power generation in vehicles produced in higher volumes. For instance, in February 2023, according to CEIC Data, a China-based data and analytics provider company, motor vehicle production in the United States reached 10.61 million units, marking an increase from 10.05 million units in December 2022, reflecting a growth of approximately 5.56% year-over-year in vehicle production. Therefore, increasing vehicle production is driving the growth of the automotive camshaft market.

Major companies operating in the automotive camshaft market are focusing on the integration of advanced technologies, such as camshaft position sensors, to stay competitive in the market while improving vehicle performance, efficiency, and reliability. Camshaft position sensors are advanced devices that enhance the monitoring of the camshaft's position and rotational speed, crucial for optimal engine performance, timing, and fuel efficiency. For instance, in May 2024, Standard Motor Products, Inc., a U.S.-based automotive parts manufacturer, expanded its range of camshaft and crankshaft position sensors to cover both import and domestic vehicles. These sensors are crucial as they measure the exact position and rotational speed of the camshaft and crankshaft, as well as whether they are accelerating or decelerating. They operate in real-time, and even slight delays or inaccuracies can disrupt timing, impacting engine performance, fuel efficiency, and emissions.

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Major Key Players of the Market:

ThyssenKrupp AG, Mahle GmbH, Sandvik AB, Linamar Corporation, Nemak S.A.B. de C.V., Kautex Textron GmbH & Co KG, Hirschvogel Holding GmbH, Standard Motor Products Inc., Piper RS Ltd, Riken Corporation, Melling Engine Parts, Varroc Group, Musashi Seimitsu Industry Co. Ltd., Schrick, Aichi Forge USA Inc, Engine Power Components Inc, Crower Cams & Equipment Co., Inc., LACO Camshafts, Camshaft Machine Company, Cloyes Gear & Products Inc., Howards Cams, Seojin Cam Co.Ltd., Newman Cams, ESTAS Camshaft & Chilled Cast, Shadbolt Cams, Nilax Overseas, Comp Performance Group

Automotive Camshaft Market 2024 Key Insights:

• The automotive camshaft market size is expected to see steady growth in the next few years. It will grow to $3.98 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Rising Vehicle Production Fuels Growth In Automotive Camshaft Market
• Driving Precision With Camshaft Sensors For Optimal Engine Performance
• North America was the largest region in the automotive camshaft market in 2023

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