Market Trends of Automotive Valves Industry
This section covers the major market trends shaping the Automotive Valves Market according to our research experts:
Aftermarket is witnessing major growth during the forecast period
The growing consumer trend toward electric vehicles is prompting valve manufacturers to develop valves for electric vehicles. Several vehicle manufacturers are planning to switch from engine-powered vehicles to electric vehicles which are likely to increase the demand for engine valves for in-use engine-powered vehicles during the forecast period. For instance,
- In June 2022, European Union decided to end the sale of vehicles with combustion engines by 2035 in Europe. The Union decided to stop the sales of petrol and diesel cars as well as light commercial vehicles.
- In April 2022, BYD ended the production of the internal combustion engine vehicle. The company produces plug-in hybrid and battery electric vehicles onwards.
Growing vehicle manufacturers' trends toward manufacturing electric vehicles are likely to increase the demand for valves such as solenoid valves and air conditioning valves to enhance comfort and vehicle performance. This is likely to witness major growth for the market.
However, as there are a significantly high number of in-use ICE vehicles, the demand for aftermarket valves is anticipated to remain high during the forecast period. Valve manufacturers are offering aftermarket valves at a competitive price which is likely to increase the demand for aftermarket valves during the forecast period.
Asia-Pacific Leading the Automotive Valves Market
The Asia-Pacific is dominating the automotive valves market in terms of revenue during the forecast period. The major presence of vehicle manufacturers and automotive component manufacturers across the region is likely to witness major growth in the market. China has one of the largest automotive markets due to the increase in vehicle production there is significant demand for valves across the country. The rise in electric vehicle sales across the country is also witnessing significant demand for valves across the country.
The rapid expansion of small and medium-scale industries across India is likely to witness major growth in the market. The rise in demand for light commercial and heavy commercial vehicles across the country is likely to increase the demand for valves across the country.
Followed by the Asia Pacific, Europe is also witnessing significant growth in terms of revenue during the forecast period. The major presence of vehicle manufacturers and tier-1 suppliers across the region is anticipated to witness major growth in the market. Several manufacturers set benchmarks of emission standards set by the government. For instance,
- In September 2021, Mahle GmbH secured an ISO/IEC 17025:2017 certification that covers testing and calibration in laboratories and is expected to become a universal requirement across the vehicle emissions testing industry.
