"Rising automotive sales will spur the market revenue growth"
The global automotive camshafts market accounted for US$ 815.1 Mn in 2021 and is anticipated to grow to US$ 1106.6 Mn expanding at a CAGR of 3.5% during the forecast period from 2023 to 2030. In volume terms, the market registered sales of 186.15 Mn Units in 2020 and is estimated to reach 250.86 Mn Units by 2030 growing at a CAGR 3.8% during the forecast period.
Increasing interest in electric and hybrid vehicles coupled with advancement in valve technology are factors proliferating the demand of automotive camshaft market. The rapidly rising sales of automotive across the globe is also one of the key factors propelling the demand of the automotive camshaft market. Apart from this, camshaft are used to control valves of vehicles thus are having a high demand amongst the automakers across the globe. A combination of factors including rising income levels particularly in developing economies, increasing number of passenger vehicles used for recreational purposes and rising sales of automotive globally are factors propelling the growth of global automotive camshaft market. For instance, the total global sales of automotive including passenger vehicles, commercial vehicles, three wheelers, and two-wheelers accounted for 3,09,15,420 in 2020-19 from 2,90,73,892 in 2019-18.
In addition, the rising emission standards across the globe, alteration of old engines and rising requirement of modern and advanced engines are further enhancing the growth of the automotive camshaft market. However, the factors such as higher replacement cost and huge capital requirement are expected to hamper the automotive camshaft market growth.
"Forged Camshaft segment to dominate the market during the forecast period"
Based on product type, the automotive camshafts market is classified into cast camshaft, forged camshaft and assembled camshaft. Forged camshaft segment led the global automotive camshafts market in terms of both revenue and volume. This can be attributed with the numerous benefits offered by forged camshaft including performance improvement, better capacity to withstand huge loads, and extends mold wear failure cycle.
In contrast, cast camshaft segment is projected to grow with the highest CAGR during the forecast period. This is can be attributed with advantages including smooth finishing, and dimensional accuracy among others. The rising adoption of cast camshaft in both passenger and commercial vehicles is further boosting the growth of the automotive camshaft market.
"Availability of cheap raw material and labor to bolster the growth in Asia Pacific region"
In 2021, Asia Pacific region dominated the global automotive camshaft market in terms of both revenue and volume. It contributed for a share of more than 30% in revenue terms and more than 40% in terms of volume. This can be associated with availability of cheap labor and raw material at a cost effective rate owing to the region being one of the global leaders in producing steel and iron. China accounted for a share of more than 25% globally in terms of volume. This can be associated with high volume production of automotive vehicles in the region, rising per capita income levels and rapid urbanization. Thereby proliferating the demand of global automotive camshaft market.
In contrast, Europe region is expected to expand at a significant growth rate. Owing to the presence of large number of automotive component producers and existence of large number of automotive manufacturers in the region. Germany held the largest share in terms of both value and volume is expected to show similar trend throughout the forecast period.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Camshaft market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
