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Automotive Valves Market 2024: Industry Trends, Growth Drivers, and Insights
Automotive Valves Market 2024
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According to The Business Research Company's, The automotive valves market size has grown strongly in recent years. It will grow from $30.35 billion in 2023 to $31.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to rising global vehicle production, stringent emission standards, climate change awareness, growing adoption of electric vehicles, demand for fuel-efficient vehicles.
The automotive valves market size is expected to see strong growth in the next few years. It will grow to $38.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to transition to electric and hybrid vehicles, advancements in autonomous vehicles, focus on lightweighting and material innovations, integration of smart valve technologies, global sustainability initiatives. Major trends in the forecast period include focus on lightweighting and material innovations, integration of smart valve technologies, global sustainability initiatives, digitalization and industry 4.0 impact.
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Market Drivers and Trends:
The increased automobile production is expected to propel the growth of the automotive valves market going forward. Higher automobile production often signifies the expansion of the automotive industry. This growth can lead to increased demand for components like automotive valves, which play a crucial role in the proper functioning of the vehicle. For example, according to the European Automobile Manufacturers Association, a Belgium-based main lobbying and standards group of the automobile industry, in 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020. Additionally, according to Invest India, an India-based national investment promotion and facilitation agency, the automobile industry in India produced a total 22.93 million vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycles from April 2021 to March 2022. Therefore, the increased automobile production positively impacting the growth of the automotive valves market during the forecast period.
Product innovations are a key trend gaining popularity in the automotive valve market. Major players in the automotive valves sector are focused on product innovations to sustain their marketplace. For instance, in October 2021, Emerson, a US-based machinery manufacturer, launched the first comprehensive valve assemblies. These Innovative features can improve critical performance specifications in safety instrumented systems by up to 50%. This valve will fulfill safety integrity level (SIL) 3 as per the IEC 61508 standard of the International Electrotechnical Commission. Without this system, consumers will have to define every single valve component, buy each one separately, then put them all together to make a functional whole. This form of custom assembly will not offer all the advantages of the Digital Isolation assembly, even if the procedures are followed exactly.
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Major Key Players of the Market:
Catalent Inc., Eurocaps Ltd., Capsugel Healthcare Ltd., Aenova Group GmbH, Sirio Pharma Co. Ltd., Procaps Laboratories Inc., Captek Softgel International Inc., Fuji Capsule Co. Ltd., Hunan ER-KANG Pharmaceutical Co. Ltd., Patheon NV, Curtis Health Caps SA, Delpharm Holding SAS, Estrellas Life Sciences Pvt. Ltd., Elnova Pharma LLP, Soft Gel Technologies Inc., Weihai Baihe Biology Technological Co. Ltd., United Laboratories, Robinson Pharma Inc., Thermo Fisher Scientific Inc., Best Formulations Inc., DCC plc, Biophar Lifesciences Pvt. Ltd., Swisschem Healthcare, Krishlar Pharmaceuticals, Amzor Healthcare Pvt. Ltd., Medgel Pvt. Ltd., Amway Corp., Welex Laboratories Pvt. Ltd., NutraScience Labs Inc., Nutrifynn Caps Inc., NutraPak USA, Nutrafill LLC, Nutricap Labs LLC, Nutra Manufacturing Inc., Ion Labs Inc., Vitakem Nutraceutical Inc., Private Label Nutraceuticals LLC, NutraLab Canada Ltd., Makers Nutrition LLC
Automotive Valves Market 2024 Key Insights:
• The automotive valves market size is expected to see strong growth in the next few years. It will grow to $38.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Growing Adoption Of Hybrid Electric Vehicles (HEVS)
• Emerson Introduces Cutting-Edge Valve Assemblies, Redefining Safety And Efficiency Standards
• Asia-Pacific was the largest region in the automotive valves market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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