What Is The Overview Of The Global Automotive Tappet Market?
An automotive tappet is a component in an internal combustion engine that converts the rotational motion of the camshaft into linear motion to open and close the engine valves. It acts as a bridge between the camshaft and the valve stem, providing a smooth surface for the cam lobe to push against and transmit the motion to the valve.
Automotive Tappet Global Market Report 2024 provides data on the global automotive tappet market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive tappet market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Automotive Tappet ?
The automotive tappet market has experienced steady growth, increasing from $8.55 billion in 2023 to $8.95 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. Growth during this period was driven by the adoption of hydraulic flat tappet camshafts (HFTC), rising demand for flat-tappet technology, increased production of hybrid and battery-powered vehicles, and the growing demand for automobiles. Looking forward, the market is projected to reach $10.89 billion by 2028, with a CAGR of 5.0%. This growth will be fueled by increasing sales of passenger and commercial vehicles, growing demand for electric and fuel-efficient vehicles, and expanding opportunities in the aftermarket. Key trends in the forecast period include the adoption of variable valve timing (VVT) systems, advancements in lubricant technology, cleaner engine technologies, innovations in hydraulic flat tappet camshafts (HFTC), and further engine development.
What Are The Leading Drivers Of Growth In The Automotive Tappet Market?
The increasing sales of passenger vehicles are expected to drive the growth of the automotive tappet market. Passenger vehicles, such as cars and SUVs, are designed primarily for personal transportation. The rise in passenger vehicle sales is driven by factors like improved financing options, urbanization, advancements in vehicle technology, and new models offering better fuel efficiency and safety features. Automotive tappets are vital for improving engine performance and fuel efficiency, leading to smoother driving experiences that attract consumers and boost vehicle sales. For instance, in April 2024, Automotive Statistics reported that Canada had 26.3 million registered motor vehicles in 2022, marking a slight increase from the previous year. Therefore, the growing sales of passenger vehicles are supporting the automotive tappet market.
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How Are The Segments Defined Within The Global Automotive Tappet Market?
The automotive tappet market covered in this report is segmented –
1) By Product: Flat Tappet, Roller Tappet
2) By Engine Capacity Analysis: <4 Cylinder Engine, 4-6 Cylinder, >6 Cylinder
3) By Material: Steel, Aluminum
4) By Vehicle: Heavy Commercial Vehicle, Light Duty Vehicle
5) By Distribution Channel: Original Equipment Manufacturer, After market
How Are New Trends Expected To Influence The Growth Of The Automotive Tappet Market?
Manufacturers in the automotive tappet market are expanding their production capabilities to deliver high-quality, precision-engineered tappets that ensure optimal engine performance and longevity. For example, in February 2024, Germany-based Schaeffler announced a $230 million investment in a new greenfield facility in Dover, Ohio. This site will create 450 jobs by 2032 and utilize state-of-the-art production processes for electric axles used in light and medium-duty vehicles. The facility emphasizes sustainability by adopting eco-friendly practices to align with Schaeffler’s goal of achieving climate neutrality by 2040.
Which Region Drives The Highest Growth In The Automotive Tappet Market?
Asia-Pacific was the largest region in the Automotive Tappet market in 2023. The regions covered in the automotive tappet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
