Vehicle Camshaft Market Forecasts to 2030 - Global Analysis By Vehicle Type(Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Vehicles and Other Vehicle Types), Manufacturing Technology and By Geography

According to Stratistics MRC, the Global Vehicle Camshaft Market is accounted for $3,098.8 million in 2023 and is expected to reach $8,394.5 million by 2030 growing at a CAGR of 15.3% during the forecast period. The valvetrain system of an automobile's engine is crucially dependent on its camshaft, which regulates when the engine's intake and exhaust valves open and close. An engine's overall performance and efficiency are greatly influenced by the camshafts. The timing and length of valve openings and closings are optimized by camshaft design. By enabling more air and fuel to enter the combustion chamber during the intake stroke and by effectively releasing exhaust gases during the exhaust stroke, a well-tuned camshaft can increase an engine's power output.

According to the International Organization of Motor Vehicle Manufacturers (OICA), over 91 million new passenger and commercial vehicles were registered or sold globally in 2019. Of this, over 44 million motor vehicles, or nearly 48% of the global total, were sold in Asia. This has led to a significant rise in product demand in the region.

Market Dynamics:

Driver:

Increasing demand for internal combustion engines (ICEs)

The demand for camshafts is significantly influenced by the automotive sector. Government mandates for increased fuel economy and decreased emissions can spur engine design innovation. As technology advances, it might be able to produce camshafts that perform better while requiring less maintenance, increasing demand for upgrades and replacements. The need for ICEs could rise as more people in emerging markets buy cars, which would then raise the need for camshafts.

Restraint:

Maintenance and Replacement

It can be labour and money-intensive to replace a worn-out or defective camshaft or the parts that go with it, especially in older engines with fewer contemporary maintenance features. There may be a need for additional soundproofing and vibration dampening measures due to the camshaft's potential for noise and vibration, particularly in engines with mechanical lifters. The market growth is being controlled by this constraint.

Opportunity:

Increase in sale of automotive vehicles

Large diesel engines typically have a camshaft pushrod system fitted to deliver lubricating oil to the cylinder head. An essential part of the engine is the camshaft. Vehicle production may rise as a result of the automotive industry's expansion, particularly in emerging regions. Camshafts are in greater demand as more vehicles are produced. As a result, it is anticipated that increasing auto sales will fuel market expansion.

Threat:

High cost

Internal combustion engines camshafts, which regulate the valves opening and shutting, are essential to the engine's operation. These components need sophisticated machining and material selection because they are precision-engineered. The high cost of production procedures like CNC machining, heat treating, and quality control can have a substantial impact on the entire price of camshafts. Vehicle camshafts come with high expenses, which can be problematic for both producers and customers in the automobile sector.

COVID-19 Impact:

The COVID-19 pandemic has had a severe impact on the industry's total production. The variety of limitations announced by governments around the world to stop the disease's spread caused supply chain delays and the shutdown of some production sites. The pandemic also had a detrimental influence on the sales of passenger and commercial vehicles, which in turn affected the market for automotive camshafts. However, the industry is expected to experience significant expansion over the projected period due to the recovery of economies and the progressive easing of limitations.

The passenger vehicle segment is expected to be the largest during the forecast period

The passenger vehicle segment is expected to be the largest during the forecast period, owing to the surging production and sales of passenger cars. More people are residing in surrounding towns and utilizing passenger vehicles for commuting as a result of a growing population and overpopulation in big cities, which raises the demand for passenger vehicles. Camshafts are crucial for keeping the engine healthy and avoiding overheating in places with high traffic.

The cast camshaft segment is expected to have the highest CAGR during the forecast period

The cast camshaft segment is expected to have the highest CAGR during the forecast period. Cast camshafts are frequently utilized in the automotive sector because they are affordable and suitable for mass production. They are versatile and suited for a range of engine layouts. They also offer exceptional dimensional accuracy. Due to its broad acceptance in OEM and aftermarket applications, the industry is anticipated to experience consistent growth.

Region with largest share:

North America is projected to hold the largest market share during the forecast period. In the region, camshafts are used in a wide variety of automobiles, including cars, trucks, motorcycles, and other motorized vehicles. They are an essential component of the engine's valve train system and cooperate with the crankshaft to guarantee accurate timing and synchronization of the intake and exhaust valves.

Region with highest CAGR:

Asia Pacific is projected to hold the highest CAGR over the forecast period owing to the growing production as well as sales of passenger cars in emerging economies. More cars are being sold as a result of rising disposable incomes and the availability of vehicles, and major automakers are also growing their regional production facilities. Because of this expansion, there is now more need for automobile parts, particularly camshafts.

Key players in the market:

Some of the key players in Vehicle Camshaft market include: Camshaft Machine Company, JBM Industries, Precision Camshafts Ltd., LACO camshafts, Thyssenkrupp AG, Piper RS Ltd, Varroc Group, Nilax Overseas, Newman Cams, Meritor, Inc., Comp Performance Group, Melling Engine Parts, Kautex Textron GmbH & Co. KG, Crance Cams Inc. and MAHLE GmbH.

Key Developments:

In June 2023, Automobile components maker JBM Auto is the leading contender to acquire a controlling stake in SML Isuzu, the Chandigarh-headquartered commercial vehicle maker whose promoters include the Japan-based Sumitomo Corporation and Isuzu Motors.

In May 2023, Thyssenkrupp and IRENA agree to accelerate green hydrogen solutions. The International Renewable Energy Agency (IRENA) has signed a partnership agreement with thyssenkrupp aimed at advancing the green transformation in pursuit of global development and Paris Agreement goals.

Vehicle Types Covered:

• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Passenger Vehicles
• Other Vehicle Types

Manufacturing Technologies Covered:

• Forged Steel Camshaft
• Assembled Camshaft
• Cast Camshaft

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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