In a new study on the automotive camshaft market, analysts at Future Market Insights predict a 4.5% growth rate in terms of value for automotive camshafts in the coming decade. The global automotive camshaft market is projected to reach a valuation of US$ 4,462.2 Mn by the end of 2031, up from an estimated US$ 2,861.2 Mn in 2021.
Electric vehicles are the latest disruption in the automotive industry that may render the internal combustion engine obsolete in just a few years’ time. The ramifications of this disruption will no doubt hit the engine auto parts ecosystem, and if market demand for the internal combustion engine crashes, the demand for ancillary products such as camshafts is bound to follow suit. What this means for the automotive camshaft market is decreased product requirement in the global market, thereby leading to a significant loss in revenue.
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As per Future Market Insights (FMI) analysis, the automotive camshaft market will generate revenue, totaling US$ 2.7 Bn in 2021. FMI projects the market to register compound annual growth rate (CAGR) of 4% between 2021 and 2031.
Despite restrictions posed by unprecedented COVID-19 outbreak, the market recorded exhibited impressive 6.2% year-on-year growth between 2020 and 2021. FMI projects the top players, including Thyssenkrupp AG, Mahle GmbH, Precision Camshaft Limited, KAUTEX TEXTRON GmbH & Co. KG, and Linamar Corporation to account for over 43% of the market in 2021.
Having said this, while electric vehicles have been around since the mid-nineteenth century, the popularity of these machines with respect to sustainability and environment friendliness has come to the forefront only since the beginning of the 21st century. While leading automobile manufacturers strive to innovate in their electric vehicle product offerings, the good old internal combustion engine continues to hold sway in the global automotive industry. As a result, the demand for automotive engine parts such as camshafts is still on a relatively stable growth path.
This growth will be primarily driven by the increasing number of passenger cars used for recreational purposes, growing purchasing power of the middle class in developing economies, and the availability of capital for expansion of manufacturing facilities in mature and emerging markets.
Manufacturers to Ensure Production Compliance with Industry 4.0
With manufacturing fast moving towards Industry 4.0 governed by the Industrial Internet of Things (IoT), there is an increasing thrust on cyber-physical computing systems in the global automotive industry. Camshafts play a crucial role in gathering data pertaining to process control that helps monitor vehicle performance, and manufacturers – to ensure compliance with the new standards of Industry 4.0 – are shifting to the production of sensorised components and mechatronic products to facilitate the integration of digitalisation with traditional manufacturing processes.
Another trend witnessed in the automotive camshaft market is the adoption of machined camshafts over raw camshafts. Owing to the inherent properties of machined camshafts such as reduction in overall assembling time, reduction in leverage cost, and ability to impart high strength, manufacturers in the automotive camshaft market are adopting machined camshafts over raw camshafts.
Another reason for increased adoption of machined camshafts is the growing vehicle demand across certain regions such as the Americas. Manufacturers are challenged to customize and design raw camshafts according to specific customer needs and find it beneficial to procure machined camshafts to save production time. It is anticipated that the demand for machined camshafts will rise by 37% in 2018 as compared to 2017.
The Automotive Camshaft Market is segmented as given below
- Cast Camshaft
- Forged Camshaft
- Assembled Camshaft
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Original Equipment Manufacturer (OEM)
- Western Europe
- Eastern Europe
- South East Asia and Pacific
- Middle East and Africa
The Future of Automobile Engines: A ‘Camless’ Internal Combustion Engine
In the wake of governmental regulations pertaining to emissions, manufacturers of automobiles are looking for alternate sources of fuel to power their vehicles. Electric vehicles and hybrids are already in the market and fuel optimised electric gasoline driven powertrains will define the vehicles of the future.
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A new system that has been introduced in the automobile components market – Intelligent Valve Actuation (IVA) – replaces the conventional camshaft with actuators, thereby providing exceptional control over combustion. This innovation is pure engine economy without an electricity powered motor and minus the issues pertaining to emission. Hybrid vehicles with IVA is where the future is headed.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.