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The variable cam timing market size is estimated to increase by USD 13,478.85 million between 2022 and 2027, growing at a CAGR of 6.58%. The growth of the market depends on several factors such as the growing demand for fuel-efficient vehicles, the growth of thto e automotive industry in emerging economies and the adoption of new or improved emission standards.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing demand for fuel-efficient vehicles is a major factor driving the market growth. In recent years, the effect of greenhouse gas emissions on climate change has grown increasingly important. Numerous laws have been developed to regulate and cut CO2 emissions where CO2 has the biggest impact on global warming of all greenhouse gases. Factory operations and vehicle traffic are the main sources of released CO2 gas.
For instance, according to the United States Environmental Protection Agency (US-EPA), 28% of greenhouse gas emissions come from transportation, 28% from electricity, and 22% from industry. The transportation of cars is the leading cause of CO2 emissions, and it may be inferred from the foregoing. Further, as cars get older, CO2 emissions rise because of component wear and tear. As a result of the general public growing awareness of environmental issues, the demand for fuel-efficient cars has surged. To improve fuel efficiency, new car models come equipped with a few linked and developing technologies, such as timing and variable valve lift. As a result, automakers are performing to expand the efficiency of traditional engines and decrease fuel usage. As an example, Hyundai has developed a new engine that significantly enhances fuel efficiency and reduces petrol emissions. Therefore, the rising demand for fuel-efficient vehicles is one of the major drivers, which is expected to drive the growth of the market during the forecast period.
Evolving aftermarket e-commerce is an emerging market trend. The automotive industry has been witnessing a dramatic change in terms of production, distribution, and sales of automobiles and auto components. The conventional ways of sales and promotions have been shrinking with changing consumer anticipations, the augmenting adoption of innovative technologies, and the accessibility of product/component-related information through digital platforms.
However, the potential of online sales channels in reaching the aftermarket customer segment is particularly giving an augmentation(in terms of sales) to auto component and accessory manufacturers, which are unveiling creative offerings. Currently, most workshops largely depend on traditional sales channels to buy or enquire about various parts and accessories, but the advent of such interactive application-based solutions is expected to improve e-commerce-based activities globally. Furthermore, the penetration of evaporative emission control systems and associated elements through e-commerce-based aftermarket channels is likely to get impacted by the growth in the digital marketplace as well as the launch of a new generation of innovative solutions such as APP. Therefore, the growing popularity of e-commerce-based aftermarkets will stimulate the growth of the market during the forecast period.
Increasing focus on the adoption of EVs globally is a significant challenge hindering market growth. Increasing focus on controlling emissions and decreasing air pollution has made automotive manufacturers adopt the concept of electric vehicles (EVs). Although the adoption of EVs was slow initially, improvements in battery technology and charging infrastructure and support from the government through subsidies have increased their adoption.
Furthermore, the awareness of reducing vehicular pollution is accelerating the growth of the EV industry. EVs are powered by a battery and a motor, which eliminates the need for an engine and a transmission system. Speed variations in EVs are automatic. The rising adoption of EVs and consumer shift from internal combustion engine (ICE) vehicles to EVs have slowed down the growth of the automotive market as EVs eliminate the usage of engines. The rising adoption of EVs has stopped the demand for engines and their components, which is anticipated to emerge as a major challenge for the manufacturers of automotive Variable Valve Timing. Therefore, these factors have the potential to hinder the growth of the market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BorgWarner Inc. - The company offers variable cam timing such as Electric Variable Cam Timing with a Low drag gear system and compact efficient brushless motor.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the hydraulic cam phaser segment will be significant during the forecast period. In modern engines, hydraulic cam phasers are a crucial component of variable cam timing systems. They play a vital role in optimizing engine performance by adjusting the camshaft's position relative to the crankshaft and controlling the timing of the intake and exhaust valves.
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The hydraulic cam phaser segment was valued at USD 23,674.33 million in 2017. This dynamic control of valve timing permits engines to adapt to different operating conditions, enhancing efficiency, power output, and emissions control. The key benefit of hydraulic cam phasers is their ability to deliver continuous and accurate adjustments to valve timing. The hydraulic actuation permits real-time control, making it possible to optimize valve timing for several engine speeds, loads, and driving conditions. As a result, engines equipped with hydraulic cam phasers can perform well and have better fuel efficiency along with power delivery across different RPM ranges. Various companies in the global market are delivering hydraulic cam phasers as part of their VCT systems. Hydraulic cam phasers are generally used in both gasoline and diesel engines, offering advantages in terms of efficiency and performance for a wide range of vehicle types, from passenger cars to commercial vehicles. Their adaptability and effectiveness have made them a favoured choice among engine designers and automakers striving to meet rigid emission regulations and consumer demands for better fuel economy. This is expected to drive the market growth during the forecast period.
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APAC is estimated to account for 58% of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In 2022, APAC was the largest geographical segment of the global variable cam timing market and will continue to remain the largest segment during the forecast period as well. China, Japan, South Korea, and India are the major contributors to the regional market in APAC. The automotive industry in APAC is experiencing diverse market dynamics. The region contains some of the fastest-emerging automotive markets, such as China and India. Both countries have been experiencing significant growth in the demand for automobiles. For instance, according to the Society of Indian Automobile Manufacturers (SIAM), the automotive sector saw a notable 21% increase in domestic sales in FY 2022-2023. The passenger vehicle industry, in particular, recorded its best sales statistics and displayed an exceptional annual growth rate of 27%. Major growth was also seen in commercial vehicles and three-wheelers, with corresponding gains of 34% and 87% primarily attributable to the expanded demand for passenger carriers. The growing employment opportunities, improving socio-economic conditions, and increasing disposable income are driving the demand for passenger vehicles, which is anticipated to boost the growth of the regional variable cam timing market during the forecast period.
The Automotive Variable Valve Timing Market faces challenges like manufacturing interruptions and export delays of Chinese components due to lockdown situations. Despite fluctuations in vehicle sales and oil prices amid economic slowdowns, demand for variable valve timing remains steady, driven by stringent emission norms and the need for lightweight vehicles. Advanced technology in cam phasing and hybridization caters to regulatory bodies' carbon emission standards. Sales of special utility vehicles and crossover models, along with tax incentives and initiatives like Dubai's Roads and Transport Authority, stimulate hybrid electric vehicle sales. Investment in hybrid vehicle technology addresses the growing demand for advanced technologies in both passenger and commercial vehicles, particularly in the Asia-Pacific region, fueled by the world's increasing population and demand for vehicles.
The variable cam timing market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Variable Cam Timing Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.58% |
Market growth 2023-2027 |
USD 13,478.85 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.34 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 58% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aichi Brand, American Axle and Manufacturing Holdings Inc., BorgWarner Inc., Camcraft Inc., Cloyes Gear and Products Inc., Continental AG, DENSO Corp., Eaton Corp. Plc, Hilite Germany GmbH, Hitachi Ltd., Honda Motor Co. Ltd., Hyundai Motor Co., Mechadyne International Ltd., Mikuni Corp., Mitsubishi Electric Corp., Robert Bosch GmbH, Schaeffler AG, Stellantis NV, and Suzuki Motor Corp. |
Market dynamics |
Parent market analysis, Market forecasting, market growth and trends, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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