The automotive sector has evolved at a rapid pace over the past few years, due to evolving consumer landscape, technological advancements, and regulatory changes. Current technologies pertaining to the automotive sector primarily focus on waste reduction, environment protection, sustainability, and cost optimization in terms of production or manufacturing. Furthermore, to achieve these goals, OEMs are increasingly investing more resources toward research and development and the production of improved automotive components to gain a competitive edge. In addition, as the automotive sector is gradually shifting toward the electric vehicle space, innovations are on the rise.
The hydraulic lash adjuster market is expected to leverage booming sales of hybrid and full-electric vehicles and the growing demand for engine modification. Due to the various benefits of hydraulic lash adjusters, including ensuring precise valve seating, engine optimization, and fuel management, the demand for hydraulic lash adjusters is increasing. The significant rise in the demand for automotive vehicles, mainly in developing regions, including Asia Pacific and Latin America is expected to bolster the growth of the global hydraulic lash adjuster market during the forecast period.
The rise in the number of construction projects across the world, growth of the agriculture sector worldwide, and noteworthy strides taken by electric vehicle technologies are some of the major factors expected to fuel the expansion of the global hydraulic lash adjuster market. In addition, several major to upcoming market players operating in the current hydraulic lash adjuster market landscape are increasingly focusing on expanding their product portfolio to gain a competitive edge. At the back of these factors, the global hydraulic lash adjuster market is expected to surpass the US$ 5 Bn mark by the end of 2030.
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Consistent Demand from Automotive Sector to Drive Market Growth
The automotive sector is projected to remain the major end-use industry of hydraulic lash adjusters throughout the forecast period. In addition, OEMs are increasingly opting for hydraulic lash adjusters, as assembly costs are drastically reduced, freedom offered during SCR packaging, and availability of more space for engine design– factors that are expected to bolster the demand for hydraulic lash adjusters during the forecast period. Hydraulic lash adjusters are extensively used in a range of diesel engines used in heavy duty trucks, medium duty trucks, buses & coaches, agriculture vehicles, vocational vehicles, etc.
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Market players are increasingly focusing on product design and pricing strategies to gain an edge in the current market landscape for hydraulic lash adjusters. The construction sector has emerged as an important end-use sector for the manufacturers operating in the current hydraulic lash adjuster market. Players operating in the construction equipment manufacturing space are increasingly focusing on reducing manufacturing cost of machinery due to which, the assembly of machinery equipment has gained considerable spotlight– a factor that is likely to increase the demand for hydraulic lash adjusters during the forecast period. The adoption of hydraulic lash adjusters across the construction sector is anticipated to grow over the upcoming years, as the demand for reliable, safe, and fuel-efficient construction vehicles continues to grow.
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COVID-19 Pandemic to Impact Demand for Hydraulic Lash Adjusters
The outbreak of the novel COVID-19 pandemic is expected to stall the growth of the global hydraulic lash adjuster market. The significant decline in the demand for automotive vehicles, delays in the completion of construction projects, low demand for hydraulic lash adjusters from other end-use sectors are expected to severely impact the growth of the global hydraulic lash adjuster market in 2024 and potentially the first quarter of 2024. Stringent lockdown restrictions in several regions of the world and barriers imposed on cross-border trade and domestic transportation in the second quarter have disrupted the supply chain across the global hydraulic lash adjuster market due to which, market growth is expected to remain sluggish in 2024.
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