Automotive Camshaft Market Snapshot
As per Future Market Insights (FMI) analysis, the automotive camshaft market will generate revenue, totaling US$ 2.7 Bn in 2021. FMI projects the market to register compound annual growth rate (CAGR) of 4% between 2021 and 2031.
Despite restrictions posed by unprecedented COVID-19 outbreak, the market recorded exhibited impressive 6.2% year-on-year growth between 2020 and 2021. FMI projects the top players, including Thyssenkrupp AG, Mahle GmbH, Precision Camshaft Limited, KAUTEX TEXTRON GmbH & Co. KG, and Linamar Corporation to account for over 43% of the market in 2021.
Key Points Covered In Automotive Camshaft Market Research
- Market Estimates And Forecast 2021 – 2031
- Key drivers and restraints impacting the market growth
- Segment wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Automotive Camshaft Market And How to Navigate
- Recommendations on Key Winning Strategies
Automotive Camshaft Market Future Outlook for 2021-2031 Brighter in Comparison to Historic Sales
The global automotive camshaft market is projected to grow at 4% CAGR between 2021 and 2031 as against a period of tepid growth registered during 2016-2020.
Growing focus of automakers towards inclusion of sideshaft systems for electric and hybrid vehicles, striking advancements in valve-technologies, emerging trend of engine downsizing and rising adoption of software tools to enhance the design of camshafts will positively influence the demand outlook over the forecast period.
As competition consistently rise, market players are expected to focus on strategic collaborations to gain edge over their peers.
For instance, in 2018, Precision Camshafts Ltd, a leading manufacturer of auto-components, announced the acquisition of 76% stake in Germany-based firm Motorean and Fahrzeugtechnik GmbH (MFT). The acquisition of MFT will create synergetic opportunities for Precision through new product offerings and will also aid in enhancing Precision’s customer base across the globe.
Also, in 2018, Tenneco, a leading manufacturer and supplier of products for original equipment and aftermarket consumers, announced the acquisition of Federal-Mogul, a global supplier and manufacturer of automotive, commercial, marine, aerospace and others. The acquisition of Frederal-Mogul aligns with the growth strategy of Tenneco concentrated on developing strong brands, products and capabilities devised for the end consumers across the world.
The global sales of automotive camshaft was pegged at 166,673 ‘000 units in 2017. The global & Americas automotive camshaft market is estimated to be valued at US$ 4,462.2 Mn by the end of 2028 while expanding with a CAGR of 4% between 2021 and 2031.
The global & Americas automotive camshaft market is anticipated to represent incremental opportunity of US$ 1601.1 Mn between 2018 and 2028. In terms of volume, the market is estimated to reach 256,119 ‘000 units by 2028 while exhibiting a CAGR of 4.1% over the forecast period.
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Cast Camshaft to Emerge as Top-selling Product
The automotive camshaft market is mainly driven by increasing demand for passenger cars and commercial vehicles in the emerging economies of the world. Owing to advantages such as smooth surface finish, dimensional accuracy and others, demand for casted automotive components has shown a considerable increase.
This trend is expected to continue and demand for cast camshaft is expected to show a significant uptake in the market. Growth in the sales of passenger cars and commercial vehicles will directly impact the Automotive Camshafts market.
Furthermore, growth being witnessed in the sales of cast camshaft segment will help drive the Automotive Camshaft Market over the forecast period. Moreover, due to increasing investments for the development of infrastructure, especially in Asia Pacific countries, such as India and ASEAN, the production of heavy trucks and trailers has also increased.
Thus, increasing vehicle fleet size will drive the Automotive Camshaft Market over the forecast period. Apart from this, the OEM Automotive Camshaft Market is a consolidated market and tier-1 players hold significant share in the market.
Expansion of Manufacturing Capabilities Presenting Growth Prospects in Mature Markets
Lucrative growth of the automotive industry will fuel the demand for automotive camshafts in the market, which in turn, will encourage manufacturers to expand their production facilities for automotive camshafts.
Moreover, laidback availability of capital for expansion of existing manufacturing facilities as well as for the development of new manufacturing facilities for automotive camshafts in the developing regions to meet the demand for automotive camshafts from the automobile industry is expected to fuel the growth of production volumes of automotive camshafts in these regions.
In 2016, the expected demand for passenger vehicles camshafts was around 121.1 Mn Units. This demand for automotive camshafts is projected to grow alongside growth in demand for light commercial vehicles.
OEM Segment to Remain Preferred Sales Channel
The original equipment manufacturer (OEM) segment is expected to drive the growth of the Automotive Camshaft Market. Owing to their durability and high strength, the replacement rate of automotive camshafts is low. Currently, camshaft manufacturers are focusing on producing light weight and more durable products, which will increase the life span of automotive camshafts as well as automobile.
This will increase the OEM segment share in the Automotive Camshaft Market. OEM segment is expected to grow at a CAGR of 4.6% in terms of value. Moreover, this segment accounted for approximately 88.7% market share in 2017, in terms of volume, and is estimated to grow at a significant CAGR.
China Emerges Dominant
The China automotive camshaft market accounted for a value share of 25.3% in 2017 and is forecast to maintain its dominance in the global Automotive Camshaft Market owing to increase in production of passenger cars, heavy trucks and trailers in the region.
The India and MEA Automotive Camshafts market are projected to represent US$ 101.1 Mn & 103.8 Mn incremental $ opportunity respectively between 2018 and 2028, while the Americas Automotive Camshaft Market is estimated to expand at 3.9% CAGR, in terms of value, and create 319.5 Mn incremental $ opportunity in the Automotive Camshaft Market during the forecast period.
Key Questions Answered in the Report
How much is the Automotive Camshaft Market Worth?
The global automotive camshaft market will reach a valuation of US$ US$ 2.7 Bn in 2021, rising at a CAGR of 4% between 2021 and 2031.
At What Rate did the Automotive Camshaft Market Grow in the Last Five Years?
The automotive camshaft market exhibited growth at -0.9% CAGR between 2016 and 2020.
What is the Market Share of Top 5 Players in Automotive Camshaft Market?
The combined market share of top 5 players comprising, Thyssenkrupp AG, Mahle GmbH, Precision Camshaft Limited, KAUTEX TEXTRON GmbH & Co. KG, Linamar Corporation will reach 43% of the overall market in 2021.
What is the North America Automotive Camshaft Outlook?
The demand for automotive camshaft is anticipated to rise at 3.2% CAGR in North America between 2021 and 2031.
At What Percentage will the Automotive Camshaft Market Grow in Europe?
The Europe market is forecast to grow at an average annual rate of 3.0% CAGR in the forecast period.
What is driving demand for Automotive Camshaft Market?
Growing demand for passenger cars and commercial vehicles, coupled with inclination for superior dimensional accuracy and smooth surface and finish will drive sales of the automotive camshafts.
What are the Key Trends of Automotive Camshaft Market?
Rising preference of assembled camshafts over cast and forged camshafts and growing usage of machined camshafts are key trends observed in the market.
What are the Key Statistics for Automotive Camshaft Market in Japan and South Korea?
Global share cumulatively for Japan and South Korea in the automotive camshaft markets is 12%.
The Automotive Camshaft Market is segmented as given below
- Cast Camshaft
- Forged Camshaft
- Assembled Camshaft
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Original Equipment Manufacturer (OEM)
- Western Europe
- Eastern Europe
- South East Asia and Pacific
- Middle East and Africa