Sep 28, 2017   SOURCE: BusinessWire

Automotive Camshaft Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global automotive camshaft market to grow at a CAGR of over 3% during the forecast period, according to their latest report.

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Technavio has published a new report on the global automotive camshaft market from 2017-2021. (Graph ...

Technavio has published a new report on the global automotive camshaft market from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the global automotive camshaft market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The growth is primarily attributed to the growing automotive market, which is evident from the increasing volume sales of vehicles driven by IC engines. The powerful automotive regions, such as North America and Europe, which are witnessing the growth of automobiles across different segments, with utility vehicles dominating, are contributing to the growth of the automotive camshaft market. Also, the emerging economies, such as China and India, in Asia are also contributing significantly to the growth of the automotive market on account of high volume sales of daily commuting vehicles.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive camshaft market:

  • Growing volume sales of automobiles, driving ICE market
  • Electric cars still not the ideal alternative to IC engines due to lack of infrastructure and limited range
  • Decreasing prices of retail gasoline, driving ICE market

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Growing volume sales of automobiles, driving ICE market

The global automotive market is witnessing an increase in demand and volume sales of passenger cars, especially from emerging countries (like China, Brazil, and India), which offer elevated purchasing power and have registered significant economic growth. The developed geographic regions, such as North America and Europe, are also contributing to the overall growth of the automotive industry with a high proportion of luxury sedans and performance vehicles.

Siddharth Jaiswal, a lead automotive components research analyst at Technavio, says, “The developed geographic economies in North America and Europe witnessed high-volume sales of automobiles. Despite the presence of economic uncertainty and political instability during 2008-2010, the European region experienced a healthy growth rate in terms of volume sales. The two most dominating automotive economies in North America, namely, the US and Canada witnessed high-volume sales in 2016.”

Electric cars still not the ideal alternative to IC engines due to lack of infrastructure and limited range

With the advent of advanced automotive technologies and the industry's shift toward electrification, the demand for electric vehicles is increasing year-on-year. The stringent hydrocarbon emission norms and incentives given by the government of various economies are further fueling the growing volume sales of electric vehicles.

“The prominent factors, such as lack of proper infrastructure and limited range, make the use of electric vehicles restricted to highly developed nations and feasible for short-range travel. According to a study conducted on the use of electric vehicles, most of the consumers reported issues on the commercial viability. Though the automotive governing councils and governments of numerous economies promote the sales of electric vehicles, there are certain factors that need to be met to make them commercially viable for mass-scale success,” adds Siddharth.

Decreasing prices of retail gasoline, driving ICE market

The price of gasoline, a petroleum-based product, is affected when there is a fluctuation in the price of crude oil. In developed economies, where a high percentage of oil is imported, a fall in oil prices is a boon to consumer spending. This could lead to a major stimulating effect on the local economy. The retail prices of gasoline have always played a crucial role in determining the dynamics of the automotive industry as gasoline plays a significant role in determining the running cost of an automobile.

The rapidly growing popularity of bigger vehicles, such as SUVs, has been the primary driver of the global automotive market in the past couple of years. In this environment, lower oil prices will help in driving the market for gasoline-powered vehicles using automatic transmission. This is being accomplished through strategic economic growth, lowering operating costs, and making personal transportation more affordable for the consumers. The largest beneficiaries of the decreasing oil prices are expected to be the US and western European countries.

Top vendors:

  • Linamar
  • Thyssenkrupp
  • Kautex
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  • Nemak

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