The Automotive Camshaft market was valued at US$ 668.22 Mn in 2018 and expected to reach US$ 1002.41 Mn by 2027 at a CAGR of 5.2% throughout the forecast period from 2019 to 2027. In terms of volume the market is projected to be 173.01 Mn units in 2018 and is expected to reach 233.15 Mn units by 2027 expanding at a CAGR of 3.8%.
“Rising sales of automotives will spur revenue growth during the forecast period”
The rising demand of passenger vehicles across the globe coupled with rapid urbanization are factors propelling the growth of automotive camshaft market. The combination of factors including downsizing of engines, strict regulatory norms, and rising investment in automotive camshaft manufacturing are propelling the global automotive camshaft market growth. Moreover, the rising per capita income level and growing middle class population in emerging economies are driving the automobile sales which in turn is having a positive influence on the growth of automotive camshaft market. Additionally the rising demand for high performance, fuel efficient and technically improved vehicles is also contributing towards the growth of automotive components. The global automotive component industry is poised to grow at a CAGR of 3.6% thus bolstering the growth of automotive camshaft market.
In addition, the automotive camshaft industry is dominated by top 20 players accounting for approximately 80% of the market. The OEM prefers to outsource camshafts manufacturing due to the technical process and huge capex required. The development of a high-performance camshaft for racing cars is one of the latest trends in the market. Furthermore, camshaft manufacturers are deploying latest technologies such as variable valve timing-intelligent wide (VVT-iW) and variable valve timing-intelligent by electric motor (VVT-iE).
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• In February 2019, JBM Group announced the acquisition of Germany based Linde-Wiemann GmbH KG. This acquisition will help the company to get technological know-how, new customer base, and global presence in the Automotive Camshaft market.
Key Market Movements
• Globally, the automotive camshaft market is expanding at a CAGR of 5.2% in terms of revenue for the period of 2019 to 2027. In 2018, the market accounted for US$ 668.22 Mn and is expected to reach US$ 1002.41 Mn by 2027.
• In 2018, in volume terms the market registered sales of 173.01 Mn units and is estimated to reach 233.15 Mn units by 2027 expanding at a CAGR of 3.8% throughout the forecast period 2019 to 2027.
• Based on the sales channel, the market is classified into OEM and Aftermarket. OEM segment dominated the global automotive camshaft market contributing more than 80% of revenue share. This can be attributed to their durability, replacement rate, and strength.
• The camshaft manufacturers are focusing on developing lightweight products to increase the life span of the product.
• Asia Pacific region led the global automotive camshaft market owing to high production volume of automotives in the region, rapid urbanization, and growing adoption of automotives in the region.
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List of Companies Covered:
• COMP Performance Group
• Precision Camshaft Limited
• MAHLE GmbH
• Hirschvogel Holding GmbH
• JBM Industries
• JD Norman Industries, Inc.
• Meritor, Inc.
• Schrick Camshaft
• Pipers RS Ltd