Efforts to Reduce Vehicular Pollution and Improve Engine Efficiency to Propel Market Growth

Over the past few decades, the automotive sector has evolved at a rapid pace due to advancements in technology, innovations, and evolving industry requirements and standards. Internal combustion engines have experienced waves of modifications and innovations over a span of several decades. The camshaft is one of the integral components of an engine and is primarily deployed in engines to open or close the valve, which allows the entry of fuel and also releases gases efficiently. The shape of the camshaft largely controls the action of the valve. The camshaft plays an important role in enhancing the fundamental functioning of an engine. Camshafts are extensively used in both modern-day overhead-cam (OCH) engines as well as older engines.

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Technologies revolving around internal combustion engines have consistently evolved over the past few years and are largely inclined toward improving performance and efficiency. As the automotive sector continues to emphasize on launching lightweight vehicles, improve fuel efficiency, and reduce carbon emission, camshaft manufacturers are increasingly developing new products in tune with these requirements. The significant rise in the number of commercial vehicles particularly in the Asia Pacific region is expected to augment the demand for automotive camshafts during the forecast period. Moreover, government bodies across the world are imposing regulations to curb environmental degradation. At the back of these factors, the global automotive camshaft market is expected to attain a market value of ~US$ 27 Bn by the end of 2027.

Advent of Hybrid Vehicles Presents Lucrative Opportunities for Market Participants

Full-electric and hybrid vehicles have gained considerable popularity in the past 10 years. Automotive manufacturers, researchers, and consumers have expressed noteworthy interest in electric and hybrid vehicles, particularly in the past few years as a measure to curb pollution and save fuel. In hybrid cars, the main source of energy supply is the heat engine due to which combustion is streamlined and fuel-efficient. However, in their efforts to further improve the overall efficiency of heat engine, companies operating in the current automotive camshaft market landscape are increasingly focused on the design aspects of the automotive camshaft.

Within an internal combustion engine, the camshaft plays a key role in the cleaning and refilling of the engine. The valve timing of the engine determines the level of fuel consumed and thus, to manufacture an accurate automotive camshaft, the design aspect of it is highly critical. At present, due to advancements in technology, software tools are increasingly being used to design automotive camshafts. Within the automotive camshaft market, inline engines are set to remain the most popular engine type that will make use of camshafts followed by V-engines. As inline engines are relatively easier to manufacture, cost-effective, and adopted by a large amount of established automakers, the inline engine segment is expected to assert its dominance during the forecast period. However, in recent times, the soaring sales of premium vehicles, growing consumer demand for high performance and comfort are some of the major factors due to which the uptake of automotive camshaft in V-engine is on the rise.

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Automotive Manufacturers Aim to Enhance Engine Efficiency; Camshafts under Review

Within the automotive sector, companies are expected to put their best foot forward and launch energy-efficient, sustainable, and technologically sound vehicles. Investments in new technologies, component design techniques, innovations, and other facets of the automotive sector are likely to present lucrative opportunities for participants involved in the current automotive camshaft market. Automotive companies are increasingly focusing on valve-timing technologies to gain an edge in the current market landscape. For instance, in July 2019, Hyundai revealed that the company has developed a continuous variable valve duration (CVVD) engine technology. The company further stated that the new technology is expected to enhance engine performance by 4% and efficiency by 5%. Innovations and development of similar technologies are expected to fuel the growth of the automotive camshaft market during the assessment period. Based on the manufacturing technology, the forged automotive camshaft is expected to have the highest market share followed by cast camshaft and assembled camshaft.

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Analysts’ Viewpoint

The global automotive camshaft market is expected to grow at a CAGR of ~3% during the forecast period. Some of the leading factors that are likely to propel the growth of the market for automotive camshaft include growing interest in electric/hybrid vehicles, significant advancements in valve-technologies, and soaring adoption of software tools to refine the designs of automotive camshafts. Additionally, as automotive manufacturers continue to focus on reducing the weight of their vehicles, the demand for automotive camshaft is set to gain momentum in the upcoming years.

Camshaft Market: Overview

  • Camshaft is a component of the internal combustion engine to which is a cam is fastened, which opens or closes the exhaust and inlet valves of the engine. The camshaft is generally forged or cast from steel or iron.
  • Camshafts are utilized in almost all vehicles to control the valves and therefore, witness high demand from automakers globally

Key Drivers and Restraints of Camshaft Market

  • Rise in global sales of passenger vehicles is boosting the demand for camshafts. Increased consumer purchase parity in developing countries has boosted the demand for passenger vehicles, which in turn is estimated to drive the camshaft market globally. The automotive sector in Latin America and Asia Pacific is anticipated to expand significantly, which in turn is projected to propel the camshaft market in these regions.
  • Increased demand for performance and efficient engines has fueled the adoption of double overhead camshaft (DOHC). The DOHC engine utilizes two camshafts, against 1, in inline engines and four camshafts, against the conventional 2, in V engines. Usage of multiple camshafts per engine block is expected to further drive the camshaft market.

Camshaft Market: Segmentation

  • The global camshaft market has been segmented based on vehicle type, fuel type, manufacturing technology, engine type, sales channel, and region
  • Based on vehicle type, the passenger vehicle segment is expected to dominate the global camshaft market. Passenger vehicles contribute to a major share of the total vehicles produced globally and subsequently, the passenger vehicle segment held a leading share of the global camshaft market in 2018.
  • Based on fuel type, the gasoline segment held a leading share of the camshaft market. Majority of passenger vehicles globally are gasoline powered engine, and the gasoline segment is anticipated to expand, owing to higher taxation on diesel fueled vehicles and higher technology update required in diesel fuel vehicles in order to comply with emission regulations.
  • In terms of manufacturing technology, the forged camshafts segment held a notable share of the market in 2018. The segment is estimated to maintain its dominance during the forecast period. Forged camshafts are stronger than their cast counterparts and possess superior impact resistance and durability.
  • Based on engine type, the inline engine segment accounted for a prominent share with the L3, L4, L6 being the most preferred engine configuration worldwide
  • In terms of sales channel, the OEM segment held a dominant share of the market, globally, given that camshafts generally last the entire vehicle life and are replaced mostly in case of accidental damage

Camshaft Market: Regional Segmentation

  • Based on region, the global camshaft market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Asia Pacific held a leading share of the global market in 2018, followed by Europe and North America. High volume production of vehicles in Asia Pacific has resulted in the region holding a leading share of the global market.
  • The automotive sector in Europe and North America recorded positive growth post the 2008 economic crisis. The auto industry in these regions is not expected to witness a significant expansion; however, it is anticipated to record steady expansion and subsequently, boost the camshaft market in these regions.
  • Key players operating in global camshaft market include
    • COMP Performance Group
    • JBM Industries
    • Hirschvogel Holding GmbH
    • JD Norman Industries, Inc.
    • Meritor, Inc.
    • Kautex
    • MAHLE GmbH
    • PCL India
    • Pipers RS Ltd
    • Schrick Camshaft

 

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