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 USD 10,662.70 million. By 2034 end, the market size is forecasted to reach USD 11,056.49 million.
Attributes | Key Insights |
---|---|
Estimated Automotive Camshaft Market Size (2024E) | USD 10,662.70 million |
Projected Market Valuation (2034F) | USD 11,056.49 million |
Value-based CAGR (2024 to 2034) | 3.7% |
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Increasing sales of vehicles is positively impacting the demand for automotive camshafts. Additionally, there is a growing market for the replacement of older and outdated engines, which is contributing to the rising adoption of automotive camshafts.
Growing popularity of double overhead camshafts (DOHC) is projected to be profitable for automotive camshaft manufacturers. This is because automakers are increasingly utilizing DOHC as it increases engine performance and boosts fuel efficiency.
Another notable trend that is lucrative for automotive camshaft manufacturers is engine downsizing. Manufacturers are further capitalizing on the growing aftermarket for vehicle camshafts.
Manufacturers are optimizing camshaft designs to increase engine control for cleaner emissions. This is in line with the implementation of stricter emission regulations imposed by governments. Additionally, key players are investing in research and development activities to propel advancement in automotive camshafts for greater performance and results.
Leading Product Type | Cast Camshaft |
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Value Share (2024) | 78.90% |
Based on product type, the cast camshaft segment is projected to acquire a leading share of the global automotive camshaft market. As per the latest market estimates by FMI analysts, the cast camshaft segment is expected to acquire a 78.90% value share in 2024.
Increasing purchases of passenger, as well as commercial vehicles, have been directly impacting the demand for automotive camshafts. Additionally, rising infrastructural investments in emerging countries have been raising the sales of heavy trucks and trailers. This has created significant prospects for cast camshaft producers.
Cast camshafts provide a cost-effective solution for the casting process, which allows for their use in mass production and makes them appropriate for different vehicle applications. Moreover, manufacturers are consistently enhancing the properties of cast camshafts through lightweight designs and material advancements to promote fuel efficiency.
Increasing government norms for strict emission standards for vehicles is raising the use of cast camshafts as they help reduce emissions and optimize engine performance.
Leading Vehicle Type | Passenger Cars |
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Value Share (2024) | 61.20% |
Passenger cars are the highly preferred vehicle types. This segment is anticipated to account for 61.20% in 2024. Increasing purchasing power of the population in developing countries is raising the sales of passenger cars. Car ownership is also rising as banks and financial institutions are providing different financing options and loans.
Growing demand for personal transportation is promoting the demand for passenger cars as they offer more convenience and flexibility as opposed to public transport. This is especially relevant in areas where public infrastructure is poorly maintained.
Manufacturers are providing a vast range of passenger cars to serve the different needs and budgets of customers. Various options of passenger cars to meet the requirement of buyers are enhancing buyer’s experience.
Countries | CAGR (2024 to 2034) |
---|---|
Canada | 3.20% |
Germany | 3.30% |
France | 4.40% |
China | 4.40% |
India | 5.10% |
Sales frequency of automotive camshafts is increasing at a relatively higher pace in Canada, than in the United States. This market dynamic in North America can be ascribed to the increasing population in Canada and the consequent growing demand for automobiles. According to recent estimates, Canada is expected to record a 3.2% CAGR over the next ten years.
Demand for passenger and commercial vehicles is raising the demand for more engines. Thus, pushing the sales of automotive camshafts. Several developments in the automotive landscape in Canada are painting an optimistic picture of the automotive camshaft industry.
In December 2022, for instance, Delphi Technologies officially disclosed that it will be adding 21 parts to its specialty Sparta fuel pump line and 142 parts to its main line. In the 142 new parts line, engine camshaft position sensors are also included.
In October 2022, production of CR-V hybrid began in Canada, soon followed by Ohio and Indiana plants as it is going to represent around 50% of CR-V sales.
Germany is an influential contender in the Europe automotive industry, showcasing leading car manufacturers like Mercedes-Benz and Volkswagen. As the car market in Germany experiences a surge, so is the demand for components like automotive camshafts. Through 2034, demand for automotive camshafts in Germany is projected to register a 3.3% CAGR.
Manufacturers in the camshaft industry are advancing their materials and designs to develop lighter and optimally functioning camshafts. The use of such next-generation camshafts enhances fuel economy and reduces emissions.
France is yet another important player in the Europe automotive camshaft market. As per the latest market statistics, the market is set to expand at a steady CAGR of 4.40% from 2024 to 2034. Rising sales of passenger cars in France are acting as a market driver.
Constant advancements by the key players in France are contributing to increasing market size. For instance, in May 2020, a prototype component was developed in collaboration between Belgian plastics manufacturer SBHPP/Vyncolit, French plastics company The Georges Pernoud Group, automotive parts manufacturer the MAHLE Group, the Daimler automotive company, and Germany's Fraunhofer Institute for Chemical Technology.
The finished camshaft module is lighter than the aluminum product and its usage in automotives reduces gas consumption.
In Asia Pacific, India is an important market for the business of automotive camshafts. With an estimated growth rate of 5.10% CAGR, which is relatively higher than the other markets, key players and investors are viewing India as their new investment pocket.
Several advancements in automotive camshafts are expected to increase their demand in the market. For instance, in June 2023, Precision Camshafts, a Solapur-based company developed a retrofitting technology for the LCV segment and announced that the first product rollout will be in the next three months.
The company had invested funds and time to create solutions and technology ready for India. The potential market for retrofitting in India alone is about 2 million vehicles. For the company, even if a small portion of these vehicles convert to electric, it is going to translate to significant volumes.
Sales of automotive camshafts are increasing at a CAGR of 4.40% in China. The country contributes significantly to the regional market in terms of vehicle production.
This suggests a growing demand for car parts like camshafts. Additionally, in China, a shift towards double overhead camshafts (DOHC), which are known for their power and efficiency, has been observed. These engines need more camshafts owing to a high number of valves.
Stringent emission standards in China are pushing manufacturers to develop fuel-efficient, lightweight engines, achieved via DOHC technology. This, in turn, is raising the demand for camshafts.
Key players are employing different strategies to gain a competitive advantage over their peers. Industry participants are consistently researching and developing new casting techniques and alloys to develop stronger, lighter, and more wear-resistant automotive camshafts. This is aimed at enhancing fuel efficiency, promoting longer engine life, and lowering emissions.
Manufacturers are developing and integrating variable valve timing (VVT) systems in camshafts to allow for optimized engine performance during different operating conditions. This effectively serves the growing demand for powerful and fuel-efficient vehicles.
Market players are building strong relationships with automakers to allow suppliers to secure long-term contracts. Additionally, players are acquiring small players or merging with competitors to increase their profits.
Key Developments Shaping the Automotive Camshaft Market
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In 2024, the automotive camshaft market is estimated to be valued at USD 10,662.70 million.
The adoption rate of automotive camshafts is expected to be 3.7% over the forecast period.
The market revenue is expected to reach USD 11,056.49 million by 2034.
The cast camshaft segment grabs a massive share of the automotive camshaft industry.
India is expected to register a higher growth rate in the automotive camshaft industry.
Mahle GmbH, JD Norman Industries, Inc., and Thyssenkrupp AG are influential players in the automotive camshaft industry.
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