Automotive Camshaft Market Outlook
According to the report by Expert Market Research (EMR), “The Global Automotive Camshaft Market Size, Share, Analysis, Report and Forecast 2024-2032″,the Global Automotive Camshaft Market reached a value of USD 2.82 billion in 2023. Aided by the rising sales of passenger cars and technological advancements in valve technologies, the market is projected to further grow at a CAGR of 4.20% between 2024 and 2032 to reach a value of USD 3.61 billion by 2032.
An automotive camshaft is a critical component in an internal combustion engine that operates the valves. It plays an essential role in engine performance, fuel economy, and emission control. Its design and construction significantly influence the overall functionality and efficiency of a vehicle.
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The rising consumer preference for high-performance vehicles is driving the global automotive camshaft market growth. With growing consumer awareness about vehicle performance and fuel efficiency, there has been a notable shift towards vehicles that offer superior engine performance. This transition has led to a surge in demand for high-quality camshafts, which are integral to achieving desired engine performance levels.
Moreover, the increasing trend of vehicle electrification has further spurred the demand for advanced camshafts. With the automotive industry gradually moving towards hybrid and electric vehicles, the need for specially designed camshafts that can function optimally in these new-generation vehicles has grown substantially.
The expanding applications of camshafts in the automotive industry also significantly impact the automotive camshaft market demand. Camshafts find widespread use in various vehicle types, including passenger cars, light commercial vehicles, and heavy commercial vehicles. They are vital in motorcycles as well, with the market seeing an uptick in demand with the growing global motorcycle industry.
Furthermore, the growing demand for lightweight camshafts in the automotive industry has led to an increased focus on the development of camshafts made from composite materials, thus boosting the automotive camshaft market expansion. With the rise of stringent emission norms and the increasing need for fuel-efficient vehicles, lightweight camshafts have emerged as a crucial solution for achieving weight reduction and improving fuel economy, thereby propelling the market growth.
The global automotive camshaft market is predicted to witness a steady growth, propelled by the increasing demand for high-performance vehicles, expanding applications in the automotive industry, and the rise in the adoption of electric and hybrid vehicles.
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Automotive Camshaft Market Segmentation
The market can be divided based on vehicle type, manufacturing technology, fuel type, sales channel, and region.
Market Breakup by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Market Breakup by Manufacturing Technology
- Cast Camshaft
- Forged Camshaft
- Assembled Camshaft
Market Breakup by Fuel Type
- Gasoline
- Diesel
Market Breakup by Sales Channel
- OEM
- Aftermarket
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Automotive Camshaft Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automotive camshaft companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Linamar Corporation
- MAHLE GmbH
- ThyssenKrupp AG
- Engine Power Components Inc.
- Hirschvogel Holding GmbH
- Others
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