The automotive camshaft market is projected to increase from USD 10,662.70 million in 2024 to USD 11,056.49 million by 2034, with an expected CAGR of 3.70% over the next decade.
Market Drivers
Demand for automotive camshafts is anticipated to rise significantly, especially in the emerging economies of Asia. This surge is largely due to a growing interest in and affordability of passenger cars in these markets. Additionally, the increasing availability of funding for the expansion of manufacturing facilities is further contributing to market growth.
The overall expansion of the automotive industry is driving up sales of automotive camshafts. In response to this growing demand, manufacturers are ramping up their production facilities to ensure adequate supply.
Technological Advancements
Leading automotive manufacturers such as Audi, BMW, Mercedes-Benz, and Volkswagen are rapidly integrating variable valve timing (VVT) technology into their new models to enhance engine performance. The rising demand for high-performance vehicles equipped with VVT technology is expected to further boost camshaft sales.
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Key Takeaways from the Automotive Camshaft Market Report
- The automotive camshaft industry attained a value of US$ 11,365.70 million in 2019. The industry was valued at US$ 10,322.50 million in 2023, declining at a CAGR of 1.9%.
- By vehicle type, the passenger cars segment accounts for a maximum market share of 61.20% in 2024.
- Based on product type, cast camshaft holds a value share of 78.90% in 2024.
- In North American countries, i.e., the United States and Canada, the market is expected to record CAGRs of 2.7% and 3.2%, respectively, through 2034.
- In Europe, France is set to witness a relatively higher demand for automotive camshafts as the market is estimated to register a CAGR of 4.4% through 2034.
- In Asia Pacific, India is projected to propel at a CAGR of 5.10% through 2034.
“Market participants are investing in research and development to develop camshafts that consume less energy. Competitive pricing of camshafts is also expected to increase its adoption among automakers,” – says FMI Analyst.
Competitive Landscape
Key players are funding research and development activities with an emphasis on novel alloys and casting techniques. These initiatives are aimed at increasing fuel efficiency and engine life, meanwhile reducing emissions.
Another key focus of market contenders is the development and integration of variable valve timing (VVT) technology in camshafts as this elevates engine performance. Automotive camshaft manufacturers are executing advanced manufacturing techniques and streamlining the production process to enhance product quality and reduce costs. This strategy is being used by players to offer competitive prices for automotive camshafts.
Industry participants are setting up their manufacturing facilities at strategic places to help firms meet regional demands more effectively.
Key Players
- Mahle GmbH
- JD Norman Industries, Inc.
- Thyssenkrupp AG
- Linamar Corporation
- ESTAS CAMSHAFT & CHILLED CAST
- Crance Cams Inc.
- Aichi Forge USA Inc.
- Engine Power Components Inc.
- Hirschvogel Holding GmbH
- KAUTEX TEXTRON GmbH & Co. KG
- Shadbolt Cams
Latest Developments Shaping the Automotive Camshaft Market
- In July 2023, INNengine, a Spanish company, developed a distinctly small engine, which is claimed to be small but powerful. The company is targeting this ‘one-stroke engine’ in the direction of the EV segment. This engine does not contain camshaft, crankshaft, cylinder head, or valves.
- In March 2022, Allegro MicroSystems Inc. launched two new giant magnetoresistance (GMR) camshaft and crankshaft sensors. These sensors provide manufacturers with a single-vendor solution suitable for hybrid vehicle engines. Its use cases extend to off-road vehicles, two-wheelers, and application designs with the demand for air gap performance. These sensors are expected to help engine designers lower cost and energy consumption and decrease system complexity.
Key Segmentations
By Type:
- Cast Camshaft
- Forged Camshaft
- Assembled Camshaft
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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