ALBANY, New York, March 22, 2019
ALBANY, New York, March 22, 2019 /PRNewswire/ -- As per an analysis by Transparency Market Research (TMR) the global automotive valves market has an intense competitive vendor landscape. Key players such as Hitachi Ltd., Federal-Mogul, Continental AG, Denso Corporation, and Delphi Automobile are operating in the global automotive valves market. In order to stand alone in this competition, the key players are focusing on product innovation and new product launch. Additionally, the growing adoption of advanced technology is offering numerous opportunities in the global automotive valves market.
According to the report by TMR, the automotive valves market is projected to reach a value of US US$34.2 bn by 2022-end from the value of US$27.0 bn in 2017. The market is expected to expand with a CAGR of 4.9% over the forecast period from 2017 to 2022.
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Based on the valve type, the engine valve segment held the leading share in the global automotive valves market and is expected to remain dominant by the end of the forecast period. Based on the region, the Asia Pacific excluding Japan region dominated the global automotive valves market and is expected to remain dominant over the forecast period.
Growing Demand for Automotive to Propel Market Growth
The demand for automobiles is growing globally, which is leading to drive the growth of the global automotive valves market. Rising demand for luxurious automobiles is one of the key factors fuelling growth of the global automotive valves market. Additionally, growing demand for low emission automobiles is encouraging adoption of automotive valves, which fulfills all the requirements of the automotive. This is also a key factor boosting the automotive valves market. Furthermore, improved technology, the rise in the production of vehicles, and continuous automobile innovations are driving growth of the global automobile valves market.
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Also, factors such as new government regulations are also pushing the growth of the global automotive valves market. The regulations are ensuring the safety of the environment, by ensuring high quality for maintaining emission levels. Thus, growing awareness about the environment and other concerns, the adoption of the automotive valves market is predictable wit lucrative growth rate over the forecast period.
Price Fluctuations to Hamper Market Growth
Despite these factors, the ever-increasing cost of technology coupled with price fluctuations of valves is hindering growth of the global automotive valves market. Especially in the price-sensitive regions such as Asia Pacific, is reflecting negatively on the automotive valves market. Even so, growing adoption of the electric and hybrid vehicles is offering opportunities for growth to the automotive valves market. Furthermore, these vehicles require less number of valves in the systems than conventional fuel-powered vehicles. Thanks to growing knowledge about these factors, the growth of the electric vehicle industry is reflecting negatively on the global automotive valves market. Nonetheless, this scenario is expected to be changed as improvement in technology and the manufacture of innovative valves are widening boost their applications.
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This information is encompassed in the report by TMR, titled, "Automotive Valves Market (Product - AT Control Valve, Water Valve, Tire Valve, Exhaust Gas Recirculation Valve, Solenoid Valve, Fuel System Valve, Thermostat Valve, Brake Valve, A/C Valve, and Engine (Inlet and Outlet) Valve; Vehicle - PHEVs, HEVs, BEVs, Heavy Commercial Vehicles, Light Commercial Vehicles, Luxury Passenger Cars, Premium Passenger Cars, Mid-size Passenger Cars, and Compact Passenger Cars; Sales Channel - OEM and Aftermarket; Function - Electric, Pneumatic, Hydraulic, and Mechanical and Pilot-operated) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."
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For the study, the Automotive Valves Market has been segmented as follows:
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