High Adoption to Manufacture Passenger Vehicles to Propel Market Growth
The automotive sector has evolved at a rapid pace over the past couple of decades due to evolving regulatory landscape, entry of new technologies, and changing consumer preferences. Automobile manufacturers are increasingly focusing on launching sustainable, reliable, and energy efficient automobiles due to which, innovations have occurred at a consistent speed– a trend that is expected to continue over the course of the forecast period. The growing demand for fuel and energy efficient automotive components has compelled OEMs to alter their manufacturing processes and deploy efficient manufacturing processes.
The rocker arm assembly market is expected to majorly bank on the success of the automotive sector, particularly in developing regions such as Asia Pacific, Latin America, and Middle East & Africa wherein the sales of different types of vehicles has witnessed consistent growth. Furthermore, the demand for rocker arm assembly is on the rise worldwide due to a surge in the number of residential and commercial construction projects wherein various types of construction vehicles are utilized. Due to the increasing demand for lightweight vehicles, players operating in the current rocker arm assembly market are increasingly exploring the potential of using different materials to produce lightweight rocker arms.
At the back of these factors, along with the gradual shift toward hybrid and full-electric automobiles, the global rocker arm assembly market is expected to surpass the US$ 23 Bn mark by the end of 2030.
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Popularity of Pushrod Suspensions to Drive Market Growth
The increasing popularity of pushrod suspensions mainly for use in the production of passenger cars and other automotive variants is expected to play an imperative role in the overall development of the global rocker arm assembly market. In addition, as automotive manufacturers continue to focus on maximizing the performance of their vehicles, considerable attention is being given to different types of rocker arms. Although production-based racing cars are also likely to utilize rocker arms, the adoption of rocker arms is projected to remain higher across the passenger vehicle segment. As the demand for pushrod-based valve train continues to gain traction, market players continue to focus on improving the performance of rocker arms, screw-in rocker studs, and more– a factor that is anticipated to drive the growth of the global rocker arm assembly market.
The increasing adoption of rocker arms is projected to directly impact the growth of the global rocker arm assembly market. Rocker arm assembly machines are increasingly being due to a range of benefits, including material shortage indication, automatic elimination of NG parts during feeding, and low possibility for material jamming. Although majority of rocker arms are produced from stamped steel, the aluminum has emerged as a popular choice of materials among players involved in the current rocker arm assembly market due to the growing demand for lightweight vehicles, especially in economy cars. Roller rocker arms have emerged as the most popular type of rocker arms and its adoption is slated to be higher than that of flat rocker arms during the forecast period.
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Demand to Remain Lower than Usual in 2024 amid COVID-19 Pandemic
The automotive sector is one of the hardest hit sectors amid the ongoing COVID-19 pandemic due to which, the growth of the global rocker arm assembly market is expected to remain sluggish in 2024. Delay in the delivery of raw materials, restrictions on cross-border trade of non-essential commodities, shutdown of the industries in China in the first quarter of 2024– a major automotive raw material supplier, and stringent lockdowns imposed by governments in various parts of the world are expected to hinder the growth of the global rocker arm assembly market in 2024. However, the market is likely to gradually recover from the initial slump as industries are opening up and lockdown restrictions are being lifted in several major automotive hubs worldwide.
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Analysts’ Viewpoint
The global rocker arm assembly market is expected to expand at a sluggish CAGR of ~1% during the forecast period. The market growth is anticipated to remain sluggish due to the narrow scope of using rocker arms in other industrial sectors apart from the automotive industry. Moreover, the demand for rocker arm assembly is projected to remain steady during the forecast period due to the expanding automotive sector in developing regions, advancements in technology, and increasing focus on producing aluminum-based rocker arm.
Rocker Arm Assembly Market: Overview
- The global rocker arm assembly market is anticipated to expand at a CAGR of ~1% during the forecast period, owing to adoption of technologies by automakers that increase efficiency and performance of their vehicles. Rise in government initiatives for the reduction in vehicle emission across the globe is expected to fuel the use of rocker arm assembly in vehicle engines across these regions, which, in turn, is likely to boost the automotive rocker arm assembly market globally.
- Increase in demand for high performance vehicles is offering opportunities to improve vehicle engine efficiency. Surge in disposable income and decline in tax rates on passenger and commercial vehicles due to the coronavirus pandemic are prompting consumers to own vehicles. Consumer preference for lightweight and fuel-efficient vehicles is estimated to boost the automotive rocker arm assembly market across the globe.
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