Product ID: SQMIG25A2059
Global Engine Valves Market Size, Share, Growth Analysis, By Engine Valves Type(Monometallic, Bimetallic), By Vehicle Type(Passenger Cars, Commercial Vehicles), By Function Type(Pneumatic, Hydraulic), By Sales Channel(OEM, Aftermarket) - Industry Forecast 2024-2031
Report ID:
SQMIG25A2059 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|
Tables:
115 |
Figures:
79
Global Engine Valves Market Dynamics
Engine Valves Market Drivers
- Car valves are among the indispensable parts which are significant for vehicle working and have no substitute. For instance, the inlet and exhaust functions of a gasoline engine cylinder require approximately four valves. For various engine designs, the number, size, shape, and material of the valves can vary, but they are all necessary for the engine's smooth operation. A typical automobile has between 40 and 60 valves, which cannot be replaced. The production of automobiles is directly related to the expansion of valves. Demand for valves rises in response to an increase in production. For instance, according to “Organisation Internationale des Constructeurs d’Automobiles” (OICA), China produced around 19 994 081 passenger vehicles in 2020, and increased its production and produced 21 407 962 passenger vehicles in 2021. Similarly, India produced around 2 836 534 passenger vehicles in 2020, and increased its production and produced 3 631 095 passenger vehicles in 2021. Thus, as per the data published by OICA, for year 2020 to 2021, the production of passenger vehicles in china was increased by 7% where as in India it was increased by 28%. Thus, increase in production of vehicles is ultimately increasing the demand for valves. Also, Due to shifting demographics and an improving economy as a whole, the automobile markets in India and China are experiencing higher growth rates than those in other nations.
- The market is also expanding due to rising demand for solenoid valves and electric vehicles. Solenoids are used in a number of modern automobile applications to boost efficiency and performance. Starter solenoid functions, automatic transmission control, dual-clutch transmission control, turbocharger control, variable valve timing, EGR control, evaporative emission control (EVAP) system, fuel ignition coils, and engine fuel shut off valve, ABS, air suspension system, and HVAC system are some of the main applications. Consumer preference for new, improved transmission systems like AMT, DCT, and CVT, which give the vehicle better control and acceleration, is expected to support the demand for solenoids. This is primarily due to transmission systems' ability to control torque in real time with each gearshift. When gears are changed, friction losses are reduced and quickly synchronized with the torque needed for the new gear. This makes it take longer for the torque to synchronize with the new gear. Since the majority of the work involved in shifting gears is controlled by sensors, solenoids, and computers, this has increased vehicle fuel efficiency and eliminated the possibility of human error.
Engine Valves Market Restraints
- The price of raw materials has gone up over the past year. For instance, between April and December of the year 2021 and 2022, the price of important raw materials like steel and pig iron increased by 35-40% year over year. The engine valves market is experiencing slowing growth as a result of rising raw material costs. The average automobile is 39% steel, while 11% aluminum. The high cost of steel has been the focus of the rise in the cost of raw materials; as per a Bank of America examination delivered last month, the typical expense per pound of steel utilized in car fabricate has risen 106% year over year. This is "quite concerning" in light of the average vehicle's high steel content, according to the analysis. Suppliers and original equipment manufacturers (OEMs) are expected to bear the brunt of rising material costs, with the latter absorbing even more of the indirect costs incurred by the former. The pandemic's damage to the supply chain and rising inflation costs present challenges for both groups. The automotive value chain already faces significant obstacles due to supply chain disruptions and manufacturing stoppages, in addition to rising costs of raw materials.
Global Engine Valves Market Report Snapshots
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