The global automotive valves market is anticipated to be pampered by the soaring demand for automobiles underlining the significance of the valves in evaluating their performance. Automobiles equipped with ecofriendly and advanced engines being highly demanded are envisioned to subsequently benefit the growth of the market. Owing to the inclination of consumers toward electric automobiles, solenoid valves could welcome a growing demand in the market.
The electrification of automobiles, introduction of sophisticated technology, and increased manufacturing are projected to be crucial factors important for the growth of the market. New government regulations enforced on automobile manufacturers for safeguarding the environment could augment the demand for automotive valves with the production of efficient and environment-friendly automobiles.
The global automotive valves market is envisaged to parade a valuation of US$34.2 bn by the end of 2024 at a CAGR of 4.9% between 2017 and 2024. In 2017, the market was valued at a US$27.0 bn.
Engine Valve Flaunts Staggering Revenue Beating other Products
The world automotive valves market is foreseen to be classified according to four categories, viz. product, vehicle, sales channel, and function. As per the product classification, the market could be segregated into AT control valve, water valve, tire valve, exhaust gas recirculation valve, solenoid valve, fuel system valve, thermostat valve, brake valve, air conditioning (A/C) valve, and engine (inlet and outlet) valve. Amongst these, engine (inlet and outlet) valve could rake in a higher share in the market while growing at a 5.2% CAGR.
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The segmentation of the world automotive valves market by vehicle could include plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), heavy commercial vehicles (HCVs), light commercial vehicles (LCVs), luxury passenger cars, premium passenger cars, mid-size passenger cars, and compact passenger cars.
By sales channel, the world automotive valves market is foretold to be segmented into original equipment manufacturer (OEM) and aftermarket.
On the basis of function, electric, pneumatic, hydraulic, and mechanical and pilot-operated could be key segments of the world automotive valves market.
APEJ Continues to Record Overpowering Growth at Decent CAGR
In terms of regional segmentation, the international automotive valves market is prophesized to be cataloged into the Middle East and Africa (MEA), North America, Asia Pacific except Japan (APEJ), Latin America, and Europe. Japan could be another market for automotive valves, according to the report, but with a comparatively humbler growth than prime regions such as APEJ and North America.
APEJ is prognosticated to boast of a stronger revenue growth throughout the forecast timeframe. By the concluding forecast year, the regional market could stockpile a US$12.6 bn at an impressive CAGR. Expanding at a slightly higher CAGR than APEJ’s, North America is predicted to collect an over half of the revenue expected to be garnered by the emerging region by 2024 end.
Some of the competent companies exploring the worldwide automotive valves market could be Continental AG, Delphi Automotive, Hitachi Ltd., Denso Corporation, Federal-Mogul LLC, Eaton, FTE Automotive, MAHLE GmbH, FUJI OOZX, Inc., and Knorr Bremse AG.