Automotive Valves Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Automotive Valves Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The automotive valves market was valued at USD 31.20 Billion in 2021 and is expected to reach USD 39.48 Billion by 2027, registering a CAGR of 4% during the forecast period.

The Covid-19 pandemic adversely affected the valves market. This was mainly attributed to the halt in production of both valves and the complete vehicles as a result of worldwide lockdown and social distancing norms implemented due to the pandemic. This has led to an economic downfall of the automotive industry as a whole, and the automotive valves consequently. However, the automotive industry is recovering from the pandemic and witnessed a 5% increase in vehicle sales in 2021 as compared to 2020. This is further expected to continue during the forecast period.

Over the long term, an increase in vehicle production directly increases the demand for valves which in turn is likely to witness major growth for the market. The automobile sector has been concentrating on lowering vehicle emissions. OEMs are working to produce technologically innovative and lightweight car components that will meet the new emission criteria. The valve is one of these components, and it is used to regulate, direct, or control the flow of a fluid (gases, liquids, fluidized solids, or slurries) by opening, closing, or obstructing the flow.

Automotive valves have a direct impact on the performance and responsiveness of several vehicle systems. From mechanical valves to advanced electro-mechanically controlled valve points, the global automotive valves market has evolved. The rise in the use of solenoid valves in electric vehicles increases the performance of the vehicle, which is likely to witness significant growth in the market.

Growing vehicle manufacturer trends toward lightweight vehicles to increase the vehicle fuel efficiency which enhances the demand for lightweight components. However, emission legislation in developed nations is likely to witness major growth in the market during the forecast period.

Key Market TrendsAftermarket 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.

Competitive Landscape

The global automotive valves market is dominated by key players such as Rober Bosch (Bosch Auto Parts), Hitachi Astemo, BorgWarner, Denso Corporation, and Eaton Corporation among others. Many companies have opted for the merger and acquisition strategy to cater to the expected huge demand for valves from both conventional internal combustion engine vehicles and the new electric vehicles. For instance,

• In April 2022, Eaton Corporation expanded its business segments to vehicle groups and e-mobility across Europe. The company established a new office and research center in Karlsruhe, Germany. This expansion will complement existing engineering and manufacturing sites in Montrottier, France, and Tczew, Poland.
• In January 2022, VOSS Automotive acquired Henzel Automotive GmbH. Through this acquisition, HENZEL Automotive operated under the new name VOSS Automotive Valves and Actuators GmbH.

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• The market estimate (ME) sheet in Excel format
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