The global automotive camshaft market is expected to impressive growth due to rise in demand and improvement in the automotive market globally. As the demand has risen for high performance and working, fuel efficient, and technically improved modern vehicles, the automotive component market has witnessed significant growth.
It is going relatively with the current trends in automotive production. In an automobile, camshaft is considered as an essential engine component. If viewed from a technical point of view, a camshaft performs the task of altering rotatory motion of crankshaft to oscillating motion of follower and that is being done through a cam profile.
The ongoing innovations that are taking place in the technology are being done to lower the weight of the camshafts. The strict emission norms that are laid down by the foreign bodies are imposing the producers to lay more emphasis on fuel and engine efficiency. The market is still going through the changeover from the traditional to modern technology camshafts in the sector of commercial vehicles.
The main objective behind the changeover is to optimize the performance level and cut down the related costs. Now this aspect is ultimately making it a more competitive market comparatively and a more promising one. Production of modern vehicles and the replacement demands are together compelling the automotive camshaft market to its peak. However, it can be observed that when compared to the requirement for the modern vehicles, the replacement demands are quite less.
What actually is increasing the demand for camshafts is the rising automobile production globally, strictly implemented emission standard norms, alteration of old and outdated engines, and the requirements for modern and advanced engines. These are the aspects that are compelling the automotive camshaft market globally. But the market has a major obstacle that is impeding the way that is its huge replacement cost. Segmentation By Manufacturing technology includes Cast Camshaft, Forged Steel Camshaft, and Assembled Camshaft. Segmentation by type of vehicle includes Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles. Segmentation By sales channel includes OEM (Original Equipment Manufacturers), and Aftermarket.
In the last five years, the automotive camshaft market has witnessed a double leap. By value, Europe is being considered as the largest market in the automotive component manufacturing; the reason being the existence of prominent automotive and component producers in the particular area. After Europe, North America is the second largest market for the automotive camshaft.
The U.S. is currently having the automotive sector as one of the chief part of the manufacturing segment. Asia-Pacific is also growing in a steady pace, as many big competitors in countries like China and India are emerging in the market and shifting their manufacturing units. Latin American Region has also experienced a rise in the demand for vehicles in countries like Brazil, Peru, and Chile. And that makes the region to stand on a pedestal and seem more important in the automotive camshaft market globally.
Key Players include Melling Engine Parts, LACO camshafts, JBM Industries, MAHLE GmbH, Newman Cams, Meritor, Inc., Piper RS Ltd, Kautex Textron GmbH & Co. KG, ThyssenKrupp, Estas Camshaft, J- Cam Engineering Corporation, Nilax Overseas, Camshaft Machine Company, and Schrick Camshaft
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.