Automotive Valve Market Overview
Automotive Valves Market is expected to reach USD 29.9 billion by 2032 and grow at CAGR of 2.1%. Automotive valve market 2023 at a significant rate between 2023 and 2032 (assessment period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Key Boosters and Primary Restraints
The COVID-19 outbreak has exponentially disrupted the global economy. Automotive and various component manufacturing plants have been closed down post the lockdown imposed due to the pandemic, downfall in the consumer demand and the drop in the vehicle sales have severely impacted the automotive valve market. SARS-CoV-2 has affected the stakeholders that are part of the market, who are now dealing with both short and long term impact of the novel coronavirus. The COVID-19 impact on the automotive valve market has meant lack of raw material, production shifting to countries outside China, financial crunch and delayed launches.
Since most of the European and US automotive manufacturing is facing massive uncertainty and is waiting for the production to resume soon, the demand and supply ratio is observing a large gap in the market. This situation has led to a weakened growth of the automotive valve market. On the bright side, with many of the leading manufacturers emphasizing on the safety and protection of the employees, tracking the employee health status, following every virus control protocols and planning flexible work from home models, there might be hope for the automotive valve market in the coming period.
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Furthermore, the surge in the regulations and rules imposed by governments as well as ruling authorities pertaining to environment safety are prompting manufacturers to develop efficient and eco-friendly vehicles, which boosts the demand for automotive valves. Apart from this, many of the renowned players are coming up new product launches and innovations that can help them boost their market position.
For instance, in July 2020, Kawasaki launched its latest KX250 with various enhancements, some of which are large-diameter exhaust and intake valves, which facilitate more air as well as strengthened strong power.
Renowned Industry Companies
Some of the renowned industry companies are Cummins Inc. AG (Germany), Automotive Valves Pvt. Ltd. (India), Nextech Engineering (India), Aisin Seiki Co., Ltd. (Japan), Federal-Mogul (U.S.), Valeo S.A. (France), Delphi Automotive (U.K.), SSV Valves (India), AVR Valves Pvt. Ltd. (India), SMB Engine Valves (India), Continental BorgWarner (U.S.), Robert Bosch GmbH (Germany), Johnson Electric Group (Hong Kong), Denso Corporation (Japan), and more.
Recent News
June 2020
Triumph Group has entered a four-year long contract to provide hydraulic valves to Lockheed Martin. Triumph will be providing hydraulic utility actuation/HUA valves, which will part of the F-35 program.
Market Segmentation
The automotive valve industry can be considered for product, function, application as well as vehicle type.
The products mentioned in the market study include EGR valve, solenoid, engine valve, brake combination valve, and more. Solenoid segment can head the global market during the assessment period as these products are user-friendly and are lightweight.
The segments depending on function include pneumatic, electric and hydraulic. The market is projected to be led by the electric segment owing to the better efficiency benefit of this particular valve.
The primary applications of automotive valve are Brake, HVAC and Engine. Between these, the engine application is set to be the leading segment as valves help stop or allow the fluid flow in engines.
Regional Insight
The automotive valve market can be regionally distributed with respect to North America, Asia Pacific/APAC, Europe, and RoW/Rest of the World.
Over the coming years, APAC can most likely be the market leader as the production of commercial and passenger vehicles has increased drastically in recent years. MRFR expects China to be the most profitable market in the region, given the rise in the number of automotive OEMs shifting their manufacturing hubs in the country, which is leading to surge in the production of vehicles. This can be a favorable scenario when it comes to the demand of valves. Also, the ring automation trend and the frequent advancements in technology also favor the automobile valves market in this region.
North America can potentially take the second lead in the global market as a result of the rising sale of the latest vehicle models, which can result in the expansion of the auto components supplier pool here. The high spending by automakers on innovation and researches can also be beneficial for the automotive valve market in North America. The escalating preference for low emission automobiles has also caused a rise in the demand for automotive valves, which means excellent growth prospects in the following years.
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