According to the report, the global automotive camshaft market is projected to surpass ~US$ 27 Bn by 2027, expanding at a CAGR of ~3% during the forecast period. Asia Pacific and Latin America are anticipated to witness high growth in vehicle production and subsequently, estimated to boost the camshaft market during the forecast period.
Expansion of Camshaft Market
Increased adoption of double overhead camshaft (DOHC) engines in order to achieve more power is expected to drive the camshaft market. The DOHC type engine utilizes two camshafts per cylinder block, i.e., 2 camshafts in an inline engine and 4 camshafts in v engine. Increase in the number of camshafts per engine, owing to a rise in the demand for DOHC engine is projected to drive the camshaft market.
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The expansion of the automotive industry in developing countries such as China, India, Brazil and Mexico is boosting the camshaft market. Vehicle sales are expected to improve in Europe post the tailwind of Brexit over the organization of trade agreements among the EU and U.K. Emerging economies in Rest of Africa, such as Nigeria, Kenya, Uganda, and Tanzania, are expected to offer opportunities for new vehicle sales, thereby providing new opportunities to the automotive industry and consequently, propel the camshaft market in Middle East & Africa.
Based on engine type, the inline engine segment held a notable share of the market in 2018. It is anticipated to lead the market during the forecast period. Inline engines such as L4 and L6 are extensively utilized type of engines worldwide. L3 engines are also being increasingly used in compact cars. The V engine segment is estimated to expand at a considerable pace, owing to a rise in the demand for luxury cars; however, the major demand for camshaft is estimated to be from inline engines.
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Regional Analysis of Camshaft Market
In terms of region, the global camshaft market has been segregated into North America, Europe, Asia Pacific, and Rest of World. During 2018, Asia Pacific held a leading share of the global camshaft market in 2018, owing to high volume production of vehicles in China, India, and Japan. Asia Pacific is anticipated to hold a dominant share given the large consumer base in the region. Furthermore, several automakers have outsourced their production to China and India due to low manufacturing charges, which in turn is further expected to boost the camshaft market in Asia Pacific.
Asia Pacific is followed by Europe and North America, in terms of share of the global market. In terms of volume, the market in Latin America is projected to expand significantly, owing to the entry of foreign manufacturers in Mexico and Brazil, which in turn is estimated to boost the demand for camshaft. Prominent players operating in the global camshaft market include COMP Performance Group, Hirschvogel Holding GmbH, JBM Industries, JD Norman Industries, Inc., Kautex, MAHLE GmbH, Meritor, Inc., PCL India, Pipers RS Ltd., and Schrick Camshaft.
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