Cam Followers Market Size, Share, Growth, and Industry Growth by Type (Flat Cam Followers, Roller Cam Followers and Pointed Cam Followers) By Application (Light Industry and Heavy Industry) Regional Forecast From 2024 To 2031

Updated On: 08 July 2024

CAM FOLLOWERS MARKET REPORT OVERVIEW

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The global cam followers market size is expected to be USD 1123.96 million in 2022 and the market is projected to touch USD 2165.84 million by 2031, with a growing CAGR of 6.78% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with cam followers experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Cam followers play a crucial role in the engine management systems of automobiles. Specifically designed bearings called cam followers follow the cam lobe characteristics. They are extremely important in ensuring the engine's optimum valve timing. The automobile industry uses a variety of cam followers, including flat or mushroom, roller, and flat faced followers as well as followers with a knife edge.

COVID-19 Impact: Supply Chain Disruptions to Hinder the Market

Covid badly affected the cam followers’ market due to supply chain disruptions and shortage in raw materials was also observed. Shortage of labor and strict protocols such as lockdowns and restrictions on movement created roadblocks, disruptions in end-use sectors of the product led to lower demand.

LATEST TRENDS

"High Standard of Living and Falling Tax Rates to Augment the Demands"

Macroeconomically speaking, factors like greater disposable income, a higher standard of living, and falling tax rates, particularly in emerging countries, are projected to spur car sales, which would eventually contribute to a rise in cam follower sales.

Over the course of the forecast period, investment in the development of product technology is anticipated to be a key trend in the cam follower’s market. These days, the cam followers are constructed of 52100 or 4130 steel that has been carbo-nitride to provide wear resistance that is comparable to diamond-like coatings while also lowering component costs.

CAM FOLLOWERS MARKET SEGMENTATION

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• By Type Analysis

By type, market is segmented into flat cam followers, roller cam followers and pointed cam followers. The flat cam followers’ segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into light industry and heavy industry. The light industry segment will lead the global share through 2028.

DRIVING FACTORS

"Rise in Disposable Income to Propel the Market Demands"

The EPA and other international organizations are putting pressure on automakers to cut back on car emissions, which is what's causing the engines to develop more efficiently. The rise in disposable income, rising standards of living, and the reduction in tax rates, particularly in emerging nations, are additional factors that will support the growth of the cam follower’s market. These factors will also increase the sales of automobiles, which will in turn support the growth of the cam follower’s market.

"Automotive Component Industry to Push the Market Demands"

The automobile industry has seen substantial growth and development during the last few decades. The automotive component industry has seen significant expansion as consumer demand for contemporary, technically advanced, fuel-efficient automobiles has increased.

Cam followers play a big role in vehicle engine management systems. Bearings that follow the cam part profiles are known as cam followers. These parts are crucial in ensuring that an automobile engine's valve timing is accurate.

These move linearly and serve as guide rollers for cam mechanisms. Additionally, there are several various types of cam followers that may be found in cars, including flat faced, mushroom, roller, and knife edge followers, to mention a few.

RESTRAINING FACTORS

"High Costs of Developing New Technologies to Impede the Market"

Another element that will spur market expansion is the investments that are being made in the product development process. The market's expansion is being constrained by a number of problems, including as the unpredictability of local economic situations, the high costs associated with developing new technologies, and rising product prices.

CAM FOLLOWERS MARKET REGIONAL INSIGHTS

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"Asia Pacific’s Global Cam Followers Market Share to Grow Exponentially within the Forecast Period"

The Asia Pacific region is expected to dominate the worldwide cam follower market in terms of market share. Because this region produces more cars than any other, there is a higher need for cam followers, which helps it maintain its supremacy in the years to come. The largest contributors to the automotive market, as well as the market for cam followers in the Asia Pacific region, are the growing countries China, Japan, India, and South Korea. A strong market for cam followers is anticipated to emerge in Europe in the near future due to the region's concentration of important major technology companies.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• NADELLA Group (Germany)
• THK Co., Ltd. (Japan)
• Emerson Bearing Company (U.S.)
• NSK Ltd. (Japan)
• AST Bearings LLC (U.S.)
• AB SKF (Sweden)
• RBC Bearings Inc. (U.S.)
• Carter Manufacturing Company, Inc. (U.S.)
• IKO NIPPON THOMPSON (Japan)
• NRB Industrial Bearings Limited (India)
• Accurate Bushing Company (U.S.)
• NTN Corporation (Japan)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.