The global automotive valves market is projected to grow at a CAGR of 2.3% from 2022 to 2027, to reach USD 28.2 billion by 2027. The major factors driving the market are demand for HVAC systems, Increase in vehicle production, growing adoption of hybrid electric vehicles (HEVs).
BEV is expected to have fastest growth in automotive valves market
BEVs have been witnessing an increase in their demand due to rising concern of emission reduction worldwide. Fact that the low availability of charging stations as well as the high cost of electric vehicle batteries, battery electric vehicles (BEVs) had a low demand around 4-5 years back. However, demand of battery electric vehicles has been increasing significantly due to decreasing cost of electric vehicles battery at fast as well as steady rate coupled with increasing electric vehicle range and growing electric vehicles charging stations across the world. BEVs were top-selling EVs in the market in year 2021.
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Battery electric vehicles is an emission free substitute powered by an electric battery. The battery used in battery electric vehicles is rechargeable and it accounts for approximately 70% of the weight of the vehicle. Original equipment manufacturers are investing significantly in research and development to increase the efficiency of battery electric vehicles. Chevrolet(US) Tesla (US), have launched the battery electric vehicles with long range, while various advancement in battery as well as charging technology have helped in improving sales.
BEVs are available in multiple segments, including sedans, SUVs, and hatchbacks. Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), and Stellantis (Netherlands) are pure electric vehicle companies topping sales, while Nissan (Japan), Toyota (Japan), and GM (Japan) are also offering tough competition. Tesla is the bestseller in North America and Europe, while the Wuling HongGuang Mini EV manufactured by SAIC-GM-Wuling (China) is a low-cost EV popular in China. Some new EVs launched in 2021 and upcoming ones in early 2022 are mentioned in the table below. In BEVs, automotive valves such as fluid control valves and solenoid valves are used. Thus, the increasing penetration of BEVs is likely to support the BEV automotive valve market.
North America is expected to have promising growth in automotive valves market
North America is considered as a highly sophisticated market, in terms of technology and safety regulations. The major Tier I suppliers of automotive valves in this region are BorgWarner (U.S.) and Tenneco, (U.S.). These have already planned to expand their manufacturing facilities in the end-point authentication segment.
The US is estimated to hold the largest share of the North American automotive valves market during forecast period. Mexico is expected to register the highest CAGR in this market, in terms of value, during the forecast period. The presence of key automotive manufacturers, coupled with significant growth in innovations and technology in the region is expected to increase the automotive valves market. The increase in demand of LCVs in the country will also increase the market size. For instance, as per OICA, light commercial vehicle production in the US was 6.6 million units in 2020, which reached 7.3 million units in 2021
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Growing vehicles in operation worldwide would boost the automotive valves market
The demand for automotive valves has increased owing to demand for vehicle downsizing and increased comfort in the passenger vehicles. Further, the stringent emission standards are encouraging to develop fuel efficient vehicles, which is further driving the market. Additionally, the rising logistics, growing industrialization and e-commerce business are boosting the market for trucks. For instance, as per OICA, the heavy truck production in India was 122,576 units in 2020, and this figure reached 246,407 units in 2021. This is likely to fuel the demand for automotive valves market.
The automotive valves market is projected to grow at the fastest rate in emerging economies such as India and China. Asia-Pacific is estimated to be the fastest-growing market for automotive valves. It is followed by the European and North American markets.
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