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Global Automotive Tappets Market to Reach US$ 9.5 Billion by 2024, Stimulated by Production Shift to Emerging Economies

According to the latest report by IMARC Group, titled “Automotive Tappets Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global automotive tappets market size reached US$ 7.5 Billion in 2018. Tappets, also known as cam followers or valve lifters, are small automotive components installed between the camshaft lobe and the tappet lifting mechanism. Some of the main parts in a tappet include a plunger cavity and spring, non-return valve, plunger, compression chamber and barrel. It helps in transferring motion from one part of the machine to another, particularly in internal-combustion engines. Also, this device increases the power output, revolution per minute (RPM), efficiency and overall performance of the vehicle.

Global Automotive Tappets Market Trends:

In recent years, the tappets industry has witnessed moderate growth on account of the rise in the production volume of commercial and passenger vehicles, led by the enhancement of transportation infrastructure across the globe. Besides this, rapid technological development and the increasing inclination of consumers toward high-efficiency vehicles have prompted manufacturers to launch innovative and improved automotive components in the market. These innovations include the introduction of hydraulic tappets, which have gained immense popularity as they do not require servicing throughout the lifecycle of the engine. Moreover, inflating manufacturing and labor costs have encouraged roller tappet producers based in the US and Europe to shift their operations to developing countries. These nations feature cheaper raw materials and a skilled workforce with better engineering services. Owing to the aforementioned factors, the market is projected to grow at a CAGR of around 4% during 2019-2024, reaching a value of US$ 9.5 Billion by 2024.

Market Summary:

  • The market has been bifurcated on the basis of the product, consisting of roller and flat tappets. At present, roller tappets are most popular as they lead to reduced friction while enhancing the overall output power.
  • On the basis of the engine, the market has been segmented into <4, 4–6, and >6 cylinder engines. Amongst these, 4-6 cylinder engines exhibit a clear dominance in the market.
  • The report has analyzed the market based on the vehicle type, which includes heavy commercial and light duty vehicles.
  • Based on the end user, the market has been segregated into economic, luxury and mid-priced passenger cars.
  • On the basis of the distribution channel, the market has been categorized as OEM and aftermarket. At present, OEM is the largest segment.
  • On a regional basis, Asia Pacific represents the biggest market for automotive tappets, accounting for the majority of the total market share. This growth is led by the increasing establishment of automotive component production facilities in countries like China and India. Other major regions include North America, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been examined with some of the key players being Schaeffler AG, SKF Group, Crower Cams & Equipment Co., Inc., Federal-Mogul Corporation (Tenneco, Inc.), Lunati LLC, SM Motorenteile GmbH, Yuhuan Huiyu Tappets Co., Ltd., Eaton Corporation plc, Competition Cams, Inc., Rane Holdings Limited, Wuxi Xizhou Machinery Co., Ltd., NSK Ltd., SSV Valve, and RSR Industries.

 

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