Innovative Camshaft Tech Fuels Automotive Industry's Reach of US$ 11 Billion by 2034 | Future Market Insights, Inc.

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Mar 19, 2024, 06:30 ET

Explore the automotive camshaft market thoroughly with a comprehensive report from Future Market Insights. This analysis covers demand and supply trends, technology advancements, market drivers and challenges, plus insightful investment considerations. It also assesses external factors using PESTLE and Porter's Five Forces analyses. Get a Sample Report now for valuable insights.

NEWARK, Del., March 19, 2024 /PRNewswire/ -- The automotive camshaft market value is expected to rise from US$ 10,662.70 million in 2024 to US$ 11,056.49 million by 2034. The market is expected to rise at a CAGR of 3.70% over the next decade.

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Demand for automotive camshafts is set to rise, particularly in emerging economies of Asia. Rising sales of automotive camshafts in these markets are attributed to growing interest and affordability for passenger cars. Increasing availability of funds for manufacturing facility expansion is also contributing to market growth.

Growth in the automotive industry is fueling the sales of automotive camshafts. Consequently, manufacturers are increasing their production facilities for automotive camshafts to meet the growing demand.

Top automotive manufacturers, like Audi, BMW, Mercedes-Benz, and Volkswagen, are rapidly integrating variable valve timing (VVT) technology in their new automotive models to enhance engine performance. Growing demand for high-functioning vehicles outfitted with VVT technology is expected to increase the sales of camshafts.

"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 Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

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.

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.

Purchase now and gain full access to the Automotive Camshaft Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.

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.

About the Author:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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