Valley Cottage, NY -- (SBWIRE) -- 03/17/2016 -- In recent past, additional potential gain has been evaluated in the global automotive market, this is due to increased surge in demand for high performance, fuel efficient and technologically advanced modern vehicles. The automotive component market growth goes proportional with the global automotive production trends. Camshaft is an important engine component in an automobile, from a technical standpoint, a camshaft fulfills the function of converting rotatory motion of crankshaft to oscillating motion of follower, through a cam profile.

The global camshaft market is a high growth potential market due to the ongoing advancements in the technology to reduce weight of camshafts and stringent emission norms by international bodies making manufacturers to focus on fuel and engine efficiency. Further, the market is under transition from conventional to modern technology camshafts in the commercial vehicle segment to optimize performance and reduce associated costs. This provides a competitive edge and makes the global automotive camshaft market promising.

The automotive camshaft market is driven by production of new vehicles and the replacement demands in the market. However, the replacement demands are low as when compared with requirement in new vehicles. Thus OEM is larger and more revenue generating sales channel, as when compared with the aftermarket sales.

Automotive Camshaft Market: Drivers & Restraints

The increasing global automobile production and requirements for modern engines tends to increase demand for camshafts. Further, stringent emission standards implemented across the globe rise demands for fuel efficient engines and camshaft replacement demands for old engines are factors that tends to drive the global automotive camshaft market. However, high replacement cost may act as the restraint to market growth.

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Automotive Camshaft Market: Segmentation

On the basis of manufacturing technology, the Automotive Camshaft Market is segmented as:

Cast Camshaft

Forged Steel Camshaft

Assembled Camshaft

On the basis of type of vehicle, the Automotive Camshaft Market is segmented as:

Passenger Vehicles

Light Commercial Vehicles

Heavy Commercial Vehicles

On the basis of sales channel, the Automotive Camshaft Market is segmented as:

OEM (Original Equipment Manufacturers)

Aftermarket

Automotive Camshaft Market: Region-wise Outlook

The automotive component industry nearly doubled in past five years. Europe is the largest market by value in the automotive component manufacturing. This is due to the presence of major automotive and component manufacturer in the region. North America is the next big market for the automotive camshaft. Prominent countries in the region such as U.S. has automotive industry as the largest part of manufacturing sector. Asia-Pacific is another growing and major market for automotive camshafts, with big players in the market transitioning their manufacturing units in emerging market such as China, India, and Korea etc. Latin America has also witnessed increase in demands for vehicles in countries such as Brazil, Peru, and Chile making it significant in the global automotive camshaft market.

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Automotive Camshaft Market: Key Players

The key players identified in the Automotive Camshaft Market are:

MAHLE GmbH

Kautex Textron GmbH & Co. KG

ThyssenKrupp

Estas Camshaft

J- Cam Engineering Corporation

Melling Engine Parts

LACO camshafts

JBM Industries

Nilax Overseas

Camshaft Machine Company

Newman Cams

Meritor, Inc.

Piper RS Ltd

Schrick Camshaft