The global automotive valves market largely features a consolidated vendor landscape due to the presence of a few companies that hold leading market shares, notes Transparency Market Research. Some of the most prominent market players in the market are: Hitachi Ltd., Continental AG, Federal-Mogul, Denso Corporation, Delphi Automobile, FUJI OOZX Inc., and FTE Automotive, amongst several others.
As per the report published by TMR, the global automotive valves market is expected to gain a valuation of US$34.2 bn in 2024 through a CAGR of 4.9% between 2017 and 2024. This rise in the market presents a strong growth ever since the valuation was recorded at US$27.0 bn in 2017.
Engine Valve to Lead Product Type Segment
The automotive valves market on a global front is segmented as per four categories, viz. sales channel, vehicle, product, and function. With the product type on consideration, the automotive market could be segmented in tire valve, AT control valve, engine valve, exhaust gas recirculation valve, fuel system valve, and many others. Amongst all these valve types, the engine valve for both inlet and outlet based systems is slated to hold a leading position with respect to the market shares.
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The international automotive valves market is segmented into regions such as North America, Europe, the Middle East and Africa, Asia Pacific except Japan (APEJ), and Latin America, from a geographical perspective. As per the report published by TMR analysts, Japan can be considered as a separate market segment, having considerably less growth in comparison with the other regions. Amongst all these regions, APEJ is predicted to retain a lead position regarding revenue collection during the forecast period in the global automotive valves market.
Preference for Eco-Friendly Vehicles to Boost the Market
As the demand for automobiles continues to rise around the world, the scope for automotive valves market is improving at a much higher degree. Thus, the rising demand for automobiles is one of the most significant factors fuelling the global automotive valves market. Furthermore, the rising demand for low emission automobiles could augment the demand for specific automotive valves that serve these needs. Improved technology, continuous automobile innovations, and a rise in production of vehicles is another prime fueling factor for the market. New government rules are also prophesized to push the global automotive valves market. These regulations aim to safeguard the environment, by ensuring the production quality while maintaining permissible emission levels. In this way, the increasing demand for eco-friendly vehicles is definitely a prime reason that is responsible for pushing the automotive valves market.
The ever-increasing cost of technology and fluctuating prices of valve components are some of the major hindrances to the global automotive valves market. These prices are in with respect to authentic valve parts from reputed brands, which cannot be afforded especially by local small-scale companies. Another reason that can significantly hamper the global automotive valves market deals with the rising number of electric vehicles. These vehicles need less number of valves installed in their systems as compared to conventional fuel powered vehicles. Thus, the growth of the electric vehicle industry can be a substantial factor for declining sale of automotive valves. However, the scenario is soon expected to change as improvement in technology leading to the manufacture of innovative valves will boost their applications.
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