The global automotive cam followers market size was worth around $6.97 billion in 2022 and is predicted to grow to around $9.23 billion by 2030 with a compound annual growth rate (CAGR) of roughly 3.53% between 2023 and 2030.
The report analyzes the global automotive cam followers market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the automatic cam follower industry.
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Overview of the Automotive Cam Followers Market
Internal combustion engines require automotive cam followers, sometimes referred to as hydraulic lifters or automated tappets. Their primary goal is to maintain accurate valve clearances and guarantee the engine’s valvetrain runs smoothly. Historically, cam followers were solid parts that needed to be manually adjusted in order to keep the proper amount of space between the cam lobes and the valves. Additionally, automotive cam followers were created with the introduction of contemporary engine technology to streamline maintenance and enhance engine efficiency. Hydraulic principles are used to operate these automotive cam followers. They are made up of an oil-filled cylinder and a camshaft-driven plunger. Oil is pressurized inside the cylinder as a result of the plunger being pushed by the rotating camshaft.
• Our research analyst’s analysis indicates that over the course of the forecast period (2023–2030), the global automotive cam followers market is expected to increase at a compound annual growth rate (CAGR) of about 3.53%.
• The global automotive cam follower market is expected to reach $9.23 billion in revenue by 2030, from a valuation of roughly $6.97 billion in 2022.
• The market expansion for automotive cam followers has been significantly fueled by the automotive industry’s ongoing growth and technical improvements. There is a growing need for automotive cam followers and other innovative valvetrain systems as automakers work to increase engine performance and efficiency.
➤ Growing Demand in the Automotive Sector and a Transition to More Efficient Engines Will Probably Accelerate Global Market Growth
The global market for automatic cam followers has grown significantly as a result of the automobile industry’s ongoing expansion and technical advancements. There is a growing need for automotive cam followers and other innovative valvetrain systems as automakers work to increase engine performance and efficiency. Vehicle cam followers are essential for maximizing valvetrain efficiency, cutting down on friction, and guaranteeing accurate valve timing. Additionally, manufacturers have been forced to implement more efficient engine technology due to the growing consumer preference for environmentally friendly and fuel-efficient automobiles, which has created a positive market climate for Automotive cam followers. For example, in March 2023, NSK’s cam follower business was acquired by Nachi-Fujikoshi. Through this acquisition, Nachi-Fujikoshi will be able to provide a greater selection of cam followers to its clients and fortify its position in the international market.
The growing vehicle production and engine modernization in the automotive industry are two major factors propelling the expansion of the Automotive cam followers market. Automobile manufacturers are forced to increase production in order to keep up with the growing demand for automobiles worldwide. Modernizing engines is also becoming more and more important in order to meet strict pollution standards and improve fuel economy.
➤ Rising Electric Vehicle (EV) Demand Is Probably Going to Restrain Market Growth
The growing popularity of electric cars (EVs) is probably going to act as a brake on the expansion of the automatic cam follower market. The market for traditional internal combustion engines and the parts that go with them, such as automotive cam followers, may drop as the automobile industry steadily moves toward electrification. Since electric motors are used to create power instead of conventional engines, valvetrain systems are not necessary for electric vehicles. With the growing popularity of electric vehicles and the development of battery technology, there may eventually be less of a need for automotive cam followers.
➤ Potential For Global Market To Expand Through Retrofitting And Aftermarket
There is a market for automobile cam followers in the aftermarket and retrofitting segments. A large number of currently available cars on the market might not have automotive cam followers installed and instead have conventional internal combustion engines. Automotive cam followers provide a practical and affordable means for owners of older cars to increase engine performance and economy without having to buy a new one. In order to meet the maintenance and repair needs of older vehicles, manufacturers and suppliers can also offer replacement automotive cam followers through the aftermarket. For example, Nachi-Fujikoshi stated in March 2023 that it has created a new range of cam followers especially for the retrofitting industry. Older engines may run more smoothly thanks to the simple installation of these cam followers.
➤ Technological advancements and fierce market competition will pose a significant obstacle to the global industry surge
Industry challenges for automotive cam followers stem from fierce competition and ongoing technological improvements. There are many businesses in this industry that provide various cam follower solutions, thus it’s very competitive. Manufacturers must continuously spend in R&D to raise the effectiveness and performance of their products in order to stay competitive.
The Global Automotive Cam Followers Market is segmented based on product, application and region
Global Automotive Cam Followers Market: Product Segment Analysis
● Needle Cam Follower
● Flat Cam Follower
● Knife Edge Follower
● Roller Cam Follower
● Spherical Follower
Global Automotive Cam Followers Market: Application Segment Analysis
The Automotive cam followers’ market is dominated by players like:
● Carter Manufacturing Ltd.
● AB SKF
● National Precision Bearing Group
● Schaeffler Technologies AG & Co. KG
● Federal-Mogul LLC
● RBC Bearings Inc.
● Delphi Automotive LLP
● THK Co. Ltd.
● Crower Cams & Equipment Company Inc
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➤ Over the course of the forecast period, North America is anticipated to dominate the market
North America’s robust automotive sector and technological improvements make it a prominent region in the global automotive cam followers market. Major automakers as well as a sizable customer base that favors high-performance cars are based in the region. The region’s strict pollution laws and rising demand for fuel-efficient vehicles are propelling the use of automotive cam followers and other sophisticated valvetrain technologies. The move toward turbocharging and engine downsizing also increases demand for cam followers that provide accurate valve control and peak performance.
Europe, with its well-established automotive sector and emphasis on environmental friendliness, is another important market for automotive cam followers. Because of the strict emissions regulations in Europe, automakers are forced to invest in engine technologies that lower carbon emissions and increase fuel efficiency. By maximizing valve timing and lowering friction losses, automotive cam followers are essential to reaching these goals.
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