According to the report, the global automotive camshaft market size is projected to surpass US$ 27 Bn by 2027, expanding at a CAGR of 3.1% during the forecast period 2020 to 2027.
Some of the leading factors that are likely to propel the growth of the market for automotive camshaft include growing interest in electric/hybrid vehicles, significant advancements in valve-technologies, and soaring adoption of software tools to refine the designs of automotive camshafts. Additionally, as automotive manufacturers continue to focus on reducing the weight of their vehicles, the demand for automotive camshaft is set to gain momentum in the upcoming years.
Asia Pacific and Latin America are anticipated to witness high growth in vehicle production and subsequently, estimated to boost the camshaft market during the forecast period.
Efforts to Reduce Vehicular Pollution and Improve Engine Efficiency to Propel Market Growth
Over the past few decades, the automotive sector has evolved at a rapid pace due to advancements in technology, innovations, and evolving industry requirements and standards. Internal combustion engines have experienced waves of modifications and innovations over a span of several decades. The camshaft is one of the integral components of an engine and is primarily deployed in engines to open or close the valve, which allows the entry of fuel and also releases gases efficiently. The shape of the camshaft largely controls the action of the valve. The camshaft plays an important role in enhancing the fundamental functioning of an engine. Camshafts are extensively used in both modern-day overhead-cam (OCH) engines as well as older engines.
Technologies revolving around internal combustion engines have consistently evolved over the past few years and are largely inclined toward improving performance and efficiency. As the automotive sector continues to emphasize on launching lightweight vehicles, improve fuel efficiency, and reduce carbon emission, camshaft manufacturers are increasingly developing new products in tune with these requirements. The significant rise in the number of commercial vehicles particularly in the Asia Pacific region is expected to augment the demand for automotive camshafts during the forecast period. Moreover, government bodies across the world are imposing regulations to curb environmental degradation.
Advent of Hybrid Vehicles Presents Lucrative Opportunities for Market Participants
Full-electric and hybrid vehicles have gained considerable popularity in the past 10 years. Automotive manufacturers, researchers, and consumers have expressed noteworthy interest in electric and hybrid vehicles, particularly in the past few years as a measure to curb pollution and save fuel. In hybrid cars, the main source of energy supply is the heat engine due to which combustion is streamlined and fuel-efficient. However, in their efforts to further improve the overall efficiency of heat engine, companies operating in the current automotive camshaft market landscape are increasingly focused on the design aspects of the automotive camshaft.
Within an internal combustion engine, the camshaft plays a key role in the cleaning and refilling of the engine. The valve timing of the engine determines the level of fuel consumed and thus, to manufacture an accurate automotive camshaft, the design aspect of it is highly critical. At present, due to advancements in technology, software tools are increasingly being used to design automotive camshafts. Within the automotive camshaft market, inline engines are set to remain the most popular engine type that will make use of camshafts followed by V-engines. As inline engines are relatively easier to manufacture, cost-effective, and adopted by a large amount of established automakers, the inline engine segment is expected to assert its dominance during the forecast period. However, in recent times, the soaring sales of premium vehicles, growing consumer demand for high performance and comfort are some of the major factors due to which the uptake of automotive camshaft in V-engine is on the rise.
Automotive Manufacturers Aim to Enhance Engine Efficiency; Camshafts under Review
Within the automotive sector, companies are expected to put their best foot forward and launch energy-efficient, sustainable, and technologically sound vehicles. Investments in new technologies, component design techniques, innovations, and other facets of the automotive sector are likely to present lucrative opportunities for participants involved in the current automotive camshaft market. Automotive companies are increasingly focusing on valve-timing technologies to gain an edge in the current market landscape. For instance, in July 2019, Hyundai revealed that the company has developed a continuous variable valve duration (CVVD) engine technology. The company further stated that the new technology is expected to enhance engine performance by 4% and efficiency by 5%. Innovations and development of similar technologies are expected to fuel the growth of the automotive camshaft market during the assessment period. Based on the manufacturing technology, the forged automotive camshaft is expected to have the highest market share followed by cast camshaft and assembled camshaft.
Key players operating in global camshaft market include
This TMR report on the automotive camshaft market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive camshaft market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive camshaft market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the automotive camshaft market, with both a bottom-up and top-down approach.
This detailed assessment of the automotive camshaft market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive camshaft market is estimated to expand are based on carefully vetted primary and secondary sources.
Key Questions Answered in This Report on Automotive Camshaft Market
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