Asia Automotive Camshaft Market: Gasoline Segment Is Expected To Retain Its Dominance Growing At The Fastest CAGR

 Asia Automotive Camshaft Industry Overview

The Asia automotive camshaft market size is expected to reach USD 2.21 billion by 2028, registering a CAGR of 3.0% over the forecast period, according to a new report by Grand View Research, Inc. The increasing adoption of double overhead camshaft engines in passenger cars, coupled with stringent government standards associated with carbon emission, is expected to drive the market over the forecast period. Rising pollution levels and the impact of global warming are compelling government authorities in the region to establish strict regulations related to vehicular emissions.

 

Such rules have enforced component suppliers to produce high-efficiency and lightweight components for domestic and international markets. The Indian government has instituted the Bharat stage emission standards to regulate the emission of air pollutants from various IC engine equipment, including passenger and commercial vehicles. To comply with such emission regulations, automotive manufacturers are increasingly adopting lightweight engines, thus driving the demand for automotive camshaft over the forecast period.

 

The Covid-19 pandemic has negatively affected overall automotive production. The range of restrictions announced by governments worldwide to contain the spread of the disease resulted in supply chain disruptions, with several production facilities coming to a halt. The pandemic also negatively affected passenger car and commercial vehicle sales, subsequently impacting the demand for automotive camshafts. However, with the revival of economies and the gradual relaxation of restrictions, the market is likely to witness significant growth over the forecast period.

The East Asia regional segment accounted for the largest revenue share of over 42% in 2020 and is expected to retain its dominance over the forecast period. The regional market is projected to expand at the highest CAGR from 2021 to 2028 due to the high demand for passenger vehicles in Mainland China, followed by Japan. The market in South Asian and Southeast Asian countries is likely to witness significant growth due to a surge in disposable incomes and increased demand for passenger cars. Macro-economic factors, such as low-cost labor and tax incentives, are likely to attract investors and funding in these regions.


Asia Automotive Camshaft Market Segmentation

Grand View Research has segmented the Asia automotive camshaft market on the basis of engine type, fuel type, manufacturing technology, vehicle type, sales channel, and region:

Based on the Engine Type Insights, the market is segmented into Inline Engine, V-Engine, and Others.

  • The inline engine segment accounted for the largest share of over 76% in 2020 and is estimated to retain its dominance over the forecast period. The segment is projected to expand at the fastest CAGR from 2021 to 2028 due to a surge in demand for small & compact, lightweight & economical, and more fuel-efficient engines. 

 

  • The V-engine segment is projected to expand at a CAGR of 2.4% over the forecast period. V-engines are generally used in premium, luxury, and sports cars. The increasing demand for premium and luxury cars across emerging economies, such as China and India, is expected to support the growth of this segment.

 

Based on the Fuel Type Insights, the market is segmented into Diesel, and Gasoline.

  • The gasoline segment captured the largest revenue share of over 68% in 2020 and is expected to retain its dominance growing at the fastest CAGR over the forecast period. Gasoline cars comply with most of the countries’ emission regulations.

 

  • The gasoline demand will continue to rise over the next few years. The diesel segment is projected to expand at a CAGR of 2.9% from 2021 to 2028. Diesel cars are still in high demand due to the high compression ratio, which allows for better efficiency than gasoline engines.

 

Based on the Manufacturing Technology Insights, the market is segmented into Assembled Camshaft, Cast Camshaft, and Forged Camshaft.

  • The cast camshaft segment held the highest market share of over 46.3% in 2020, followed by the forged camshaft segment. These two conventional manufacturing processes have been in use for several years. Cast camshafts offer several advantages, such as dimensional accuracy and smooth surface finish.

 

  • These camshafts are robust and durable, resulting in the optimized performance of the overall powertrain, thereby improving the vehicle’s fuel efficiency. Furthermore, the process leads to higher tensile strength and allows for higher flexibility to optimize all components in terms of cost, material, and performance in the manufacturing process.

 

Based on the Vehicle Type Insights, the market is segmented into Passenger Cars, and Commercial Vehicles.

  • The passenger car segment captured the highest revenue share of over 79% in 2020 and is expected to retain dominance over the forecast period. The segment is estimated to expand at the fastest CAGR during the forecast period on account of the increasing vehicle fleet and rising per capita vehicles in the continent.

 

  • The rising demand for passenger vehicles in emerging economies, such as China and India, is expected to drive the segment growth over the forecast period. The commercial vehicle segment is expected to register a CAGR of 2.5% from 2021 to 2028 on account of the increasing demand for heavy-duty trucks across the region’s logistics and transportation sectors.

 

Based on the Sales Channel Insights, the market is segmented into OEMs, and Aftermarket.

  • The OEM segment held the dominant market share of over 89% in 2020 and is likely to retain its dominance over the forecast period, as camshafts are integrated during the vehicle manufacturing stage. OEMs comprise vehicle manufacturers, such as Volkswagen AG, General Motors, and BMW Motorrad.

 

  • Aftermarket refers to the secondary market concerned with the distribution, manufacturing, installation, and retailing of all vehicle accessories and parts after the vehicle is sold. The aftermarket segment is anticipated to expand at a steady CAGR over the forecast period due to the increasing complexity of automotive camshafts.

 

Key Companies & Market Share Insights

Organic growth remains the key strategy for the overall industry with a focus on mergers and acquisitions to expand the geographical reach and product offerings. For instance, in October 2019, PCL India acquired 76% shares of Fahrzeugtechnik GmbH and MFT Motoren and 51% of stake in EMOSS Mobile Systems BV through its PCL (International) Holding BV, a wholly-owned subsidiary in the Netherlands. This acquisition was aimed at enabling PCL India to establish a global brand presence.

Market players are also focusing on strategic expansion aimed at tapping untapped markets. For instance, in June 2019, ThyssenKrupp AG announced its investment of approximately USD 17.4 billion to construct a camshaft plant in Pécs, Hungary. The new manufacturing unit is intended to improve camshaft quality, increase research & development, and adopt advanced technologies across the production line. Some prominent players in the Asia automotive camshaft market include:

  • Engine Power Components, Inc.
  • Guangzhou Disong Machinery Equipment Co., Ltd.
  • Guizhou MEC, Inc.
  • India Pistons Ltd. (IPL)
  • MAHLE GmbH
  • Musashi Seimitsu Industry Co., Ltd.
  • PCL India
  • Thyssenkrupp AG
  • Ruich Value (Shenyang) Tech. Co., Ltd.
  • Shijiazhuang Jingshi New Material Science and Technology Co., Ltd.

 

Order a free sample PDF of the Asia Automotive Camshaft Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

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