Introduction
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$ 2,861.2 Mn by the end of 2018 and is expected to reach US$ 4,462.2 Mn by the end of 2028 while expanding with a CAGR of 4.5% over the forecast period.
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 global Automotive Camshaft Market is estimated to reach 256,119 ‘000 units by 2028 while exhibiting a CAGR of 4.1% over the forecast period.
Cast Camshaft Segment to Register Significant Value and Volume CAGR amongst All Product Type Segments
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.
Availability of Capital for Expansion of Manufacturing Capabilities in Matured 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.
By Sales Channel, OEM Segment Is Expected to Register High Value Growth in the Automotive Camshaft Market
The 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 Dominates the Automotive Camshaft Market, India and MEA Slated to Be High Growth Markets by the End of the Forecast Period
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.
The Automotive Camshaft Market is segmented as given below:
Segmentation of the Automotive Camshaft Market by Product Type:
- Cast Camshaft
- Forged Camshaft
- Assembled Camshaft
Segmentation of the Automotive Camshaft Market by Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Segmentation of the Automotive Camshaft Market by Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
Segmentation of the Automotive Camshaft Market by Region
- Americas
- Western Europe
- Eastern Europe
- South East Asia and Pacific
- China
- India
- Japan
- Middle East and Africa
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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