Automotive VVT System Market – Snapshot
An automotive VVT system helps prolong engine life, as it adeptly improves performance, fuel economy, or emissions. Automotive VVT systems enhance combustion, enrich engine process, improve engine power, reduce fuel consumption, and reduce emissions. They help improve the emission regulator system and minimize ignition glitches in the spark plug, which are likely to lead to serious drivability issues. The VVT system also allows the usage of a smaller engine to achieve the same performance. These factors are expected to drive the demand for automotive VVT systems considerably during the forecast period. The components used in an automotive VVT system include timing solenoid, timing belt, timing idler/pulley, ECU, CAM, and actuators.
Emission from automobiles accounts for 28% of the overall greenhouse gases produced including carbon dioxide and methane, which hamper the environment. This hampered environment affects the health of human beings by propagating respiratory disorders. Regulatory bodies are enacting stringent norms on carbon emissions of automotive to reduce curb such situations and carbon emission. The VVT system helps change the valve timing according to the IC engine cycle. This lead to lowered carbon emission. This, in turn, is anticipated to boost the automotive VVT system market. Engine life is likely to improve due to a VVT system, as it helps maintain the proper cycle of the engine. Expansion of the global automotive VVT system market can be attributable toward the rapid expansion of the automotive industry, rise sales of passenger and commercial vehicles as well as increase in purchasing power of consumers.
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Rise in the emission of polluted gases, such as methane, increases the carbon footprint from the transportation sector, which has led to the development of battery electric vehicles. This in turn is estimated to restrain the IC engine vehicles market during forecast period. The function of the VVT system is directly related to the IC engine of the vehicle and any impact on the IC engine is likely to hamper the automotive VVT system market. The automotive VVT system market in some regions is expanding at a moderate pace, owing to minimal usage of VVT system in battery electrical vehicles. This, in turn is expected to hamper the demand for VVT systems.
However, maintenance of components of the VVT system, as it is incorporated in the heat affected zone, and introduction of battery electric vehicles in certain regions are restraining factors that are anticipated to hamper the automotive VVT system market during the forecast period. The global automotive VVT system market is anticipated to expand at a CAGR of more than 4% between 2018 and 2026.
Double Over Head Cam (DOHC) valve train design for the VVT system enables a wider angle between intake valve and exhaust valve as compared to the Single Over Head Cam (SOHC), and Over Head Valve (OHV). Consequently, the DOHC VVT system holds a larger share as compared to other valve train designs. This provides a limited airflow at higher engine speeds. The gasoline fuel segment is anticipated to dominate the market by the end of forecast period. This is primarily due to its major application in the passenger and light duty vehicles. The continuous VVT system is anticipated to dominate the market, as the system offers continuous modification of the valve timing. Rising pollution levels, increasing concerns about human health, and impending necessity for efficient cars to curb carbon footprint are projected to boost the demand for these VVT systems.
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In 2017, Asia Pacific held a noticeable share of the global automotive VVT systems market. Recent increase in production and demand of vehicles in counties of Latin America is anticipated to boost the market in the region at a significant growth rate in the near future. Latin America is expected to witness lower penetration of battery electric vehicles, as adoption of BEVs is not prominent in the region. The economic dynamos in Asia Pacific such as China, Japan, and South Korea are focusing more on the adoption of battery electric vehicles and are expected to witness restrained growth of VVT system, as battery electrical vehicles are expected to hamper the market of automotive VVT systems. However, Asia Pacific witnesses a considerable demand for VVT systems from the developing countries in South Asia and ASEAN. Decline in car loan interest rates, availability of customized financial schemes, and increase in per capita income of consumers are some factors that are boosting the production of passenger vehicles, which in turn is anticipated to drive the automotive VVT systems market in the region during forecast period.
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The automotive VVT system market witnesses the presence of a few major players, as manufacturing of VVT systems is a complicated and expensive affair. Numerous regional players manufacture the components required for the VVT system. These players dominated the market for particular application and aftermarket segments. Major players operating in the global automotive VVT system market include Johnson Controls, Inc., Mikuni American Corporation, Aisin Seiki Co. Ltd., Camcraft, Inc., Federal-Mogul LLC, Eaton Corporation, Hitachi Automotive Systems, Mitsubishi Electric Corporation, Robert Bosch GmbH, DENSO Corporation, Schaeffler AG, Honda Motor Co., Ltd., BorgWarner Inc., and Toyota Motor Corporation. Strategic players are focusing more on mergers and acquisitions with regional players, which provide different components required to fabricate the VVT system in order to develop their businesses. Several key players emphasize more on R&D in order to improve functionality and efficiency of the VVT system.
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