Latest News by Industry
DUBLIN--(BUSINESS WIRE)--Oct 3, 2022--
The "Global Automotive Valves Market by Propulsion and Component (ICE, EV), Vehicle Type (Passenger Cars, LCV, Trucks, and Buses), EV (BEV, PHEV, HEV), Application (Engine, HVAC, Brake), Function, Engine Valve Type and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive valves market is projected to grow at a CAGR of 2.3% from 2022 to 2027, to reach USD 28.2 billion by 2027.
Advance technologies such as antilock braking system (ABS), automatic transmission control, start stop system are pushing the market for automotive valves. Further, the steadily increasing vehicle production and vehicle electrification coupled with rising stringent emission standards is pushing the automotive manufacturers to make more fuel-efficient vehicles, which is further driving the market for automotive valves.
Asia Pacific is expected to be the overall largest market for automotive valves, by value and volume
Asia Pacific is projected to grow at highest CAGR during forecast owing to huge automotive production in China, India, Japan and South Korea among others. Additionally, the countries like China, India and Japan are booming economies which bring immense opportunities for components for advanced vehicles equipped with features such as ABS, automatic transmission, safety systems and others which is expected to further support the market.
The huge vehicle production in Asia Pacific offers high growth opportunities for automotive valves market. Suitable investment policies as well as the availability of cheap labor have made the region ideal for the automotive OEMs investments. Many American and European automobiles manufacturers have established their production units to developing countries in Asia Pacific. China is largest vehicle manufacturers in Asia Pacific, in 2021 55.8% of total vehicle production was done in China. The top three vehicle producing countries are China, Japan, and South Korea.
Engine valve is expected to dominate the market during the forecast period.
Engine valves (inlet and outlet) holds the largest market share, by volume, by volume, in the global automotive market succeeded by solenoid valve, fuel system valve and others. The ranking is expected to be same during the forecast period. A standard car can consist of up to 16-20 engine valves, depending on cylinder configuration as well as engine design. The moderate increase global vehicle production at rate of 5%-7% will boost the automotive valve market. Furthermore the addition of new vehicle per year is anticipated to add more volume to the market during the forecast period.
Increasing electrification of vehicles to uplift the demand for automotive valves in long term Since the last few years, OEMs have been adopting advanced technologies to meet the stringent emission regulations, better ergonomics, safety regulations, and increasing demand for comfort and convenience. Vehicle electronics play an important role in the improvement of vehicle performance.
Additionally, vehicle electrification is the key enabler of alternate fuel vehicle technologies. The electrification of the vehicle helps in a variety of automotive systems, efficient operation of engine, heating and air conditioning systems, and other functions which make use of less fuel and reduced emissions. The advanced hybrid powertrains need an array of electronics for their functioning, which includes solenoid valves, sensors, actuators, and other components. In the near future, the mechanical components will be replaced by electronic components, which will help in making the vehicle lighter and fuel efficient and reduce emissions.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/v2xznp
View source version on businesswire.com:https://www.businesswire.com/news/home/20221003005459/en/
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KEYWORD:
INDUSTRY KEYWORD: AFTERMARKET AUTOMOTIVE
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/03/2022 05:42 AM/DISC: 10/03/2022 05:42 AM
http://www.businesswire.com/news/home/20221003005459/en