Tappet Market Share Projected to Generate a Revenue of $11,318.0 Mn by 2031Download Sample Reports Overview
The Global Tappet Market Size is predicted to be valued at $11,318.0 million by 2031, surging from $8,400.0 million in 2021, at a noteworthy CAGR of 3.2%.
Impact Analysis of COVID-19 on the Tappet Market
The COVID-19 pandemic has led to severe disruptions that have affected the demand, supply, import-export, and availability of tappet across end-use industries. Tappet is widely used across, automotive sectors. For instance, in automotive industry, it is used for the manufacturing of polyurethane dashboard foam, automotive paints, safety glass laminate, light lens, fuses, and others. However, the automotive industry was worst hit during the pandemic as the sales of automotive vehicles was drastically reduced. This has in turn affected the tappet demand in the automotive sector. Governments everywhere implemented containment measures like trade bans and factory closures, which were followed by reduced staffing at companies, to comply to social distance norms. As a result, the implementation of such measures in 2020 disrupted the supply chains for the automotive and transportation industries. Although containment measures were relaxed and economies started to recover in the fourth quarter of 2020, the industry started to stabilize. All these factors have negatively affected the tappet market growth during the pandemic.
Global Tappet Market Analysis
The tappet is a small device that sits between each camshaft lobe and the valve lifting mechanism, also referred to as the cam follower or valve lifter. A tappet is a projection that transmits linear motion to another component of a mechanism. The tappet is present in valve engines and is moved by rotating cams. The drive push road, in turn, leads to rockers at the top of the engines. To open valves in the cylinder head, the rockers reverse this direction. Without tappets, the return spring valves system would be in direct contact with the cam lobe. The tappet is primarily used to provide direct disregard for contact between the spring valve system and the cam lobe. Tappets of various types are used in vehicles. The most common is the hydraulic tappet type. Hydraulic tappets are self-adjusting with a plunger inside the main automobile body. These are the major factors anticipated to boost the tappet market share during the analysis timeframe.
However, due to the strict emission rules enforced by various governments, the growing usage of electric vehicles may impede the growth of the tappet market. Additionally, the rising need for camless actuation and preference for hybrid and electric vehicles would probably restrain the expansion of the automotive tappet market. The main obstacles to market expansion will be the rising popularity of alternative fuel engines and environmental consciousness.
The tappet improves the efficiency, RPM, and power output of the engine. Tappets are commonly found in race cars and high-performance vehicles. The tappet market is expanding globally due to the rapidly increasing demand for high-performance automobiles. Furthermore, the growing emphasis of OEM manufacturers on high output power and efficiency of cars has resulted in widespread use of tappet on automobiles, which is expected to drive tappet market demand. Furthermore, rising disposable income is fueling the growth of the tappet market. Furthermore, a growing automotive industry around the world, as well as advancements in tappets such as the introduction of machined tappets, are expected to create a variety of growth opportunities in the tappet market.
Global Tappet Market, Segmentation
The tappet market is segmented based on type, engine capacity, vehicle type, end user, and region.
The type segment is further classified into flat tappet and roller tappet. Among these, the flat tappet sub-segment accounted for a highest market share and is anticipated to have a fastest growth during the forecast period. An engine item that regulates the flow of oil from the reservoir to all other components of an engine is known as a flat tappet in the automotive industry. Because it prevents all oil from flowing through its ports, it is sometimes referred to as a fixed valve or closed valve. As it provides better performance and reliability than its predecessor, the poppet valve, this type of valve is found in the majority of current engines.
The engine capacity segment is further classified into <4 cylinders engine, 4-6 cylinders engine, and >6-cylinders engine. Among these, the <4 cylinders engine sub-segment accounted for a highest market share and is anticipated to have a fastest growth during the forecast period. The major factors driving the growth of the <4 cylinders segment are stringent emission regulations in several regions and demand for high-performance vehicles with smaller engines. Furthermore, market growth is being driven by an increase in passenger vehicle and commercial vehicle production, which can be attributed to a better business environment for fleet operators. The increase in demand for compact and mid-size vehicles in developing countries such as India, China, Japan, and Brazil is expected to expand the tappet market's <4 cylinder segment during the forecast period.
The vehicle type segment is further classified into heavy commercial vehicles and light duty vehicles. Among these, the light duty vehicles sub-segment accounted for a highest market share and is anticipated to have a fastest growth during the forecast period. Light duty vehicle(s) are mobile machines that are primarily used to transport passengers and cargo (e.g., cars, vans, SUVs, pickup trucks) and have a GVWR of less than or equal to 10,000 pounds (i.e., Class 1 through Class 2 Vehicles, as designated by the U.S. Department of Transportation). Lightweight vehicles also tend to get better performance ratings because they can accelerate much quicker than a hefty competitor.
The end-user segment is further classified into economic passenger car, luxury passenger car, and mid-priced passenger car. Among these, the economic passenger car sub-segment accounted for a highest market share in 2021 and is anticipated to have a fastest growth by 2031. Passenger car demand is generally higher in developing regions, owing to factors such as rising disposable income, rapid urbanization, rising employment rates, and changing lifestyles. Due to increased industrialization, population growth, and economic development in several countries that are major producers of commercial vehicles such as trucks and buses, the commercial vehicles application segment is expected to grow at a significant rate over the forecast period. Furthermore, the growing emphasis on pollution reduction will drive demand even higher, resulting in increased sales of diesel engines over gasoline engines globally, which will positively impact tappets used for diesel engine applications across all vehicle types, including trucks and buses, over the forecast period.
The tappet market in the Asia-Pacific region is projected to show the fastest growth. The tappet market is expanding, especially in nations like China and India, because of the expanding automotive industry and the presence of significant automobile manufacturers. The manufacturing of vehicles and consumer demand in this area are both closely related to the demand for automotive tappets. For example, in the Asia-Pacific region, more than 47 million passenger cars were sold in 2018. China is the largest market in the area, selling over 23.71 million cars in 2018. The region is expected to grow significantly as a result of rising automobile production and sales, as well as rising consumer disposable income levels. Because of its large automotive manufacturing base and supportive economic factors such as low labor costs and easy access to credit, China is expected to remain a key player in the regional market.
Key Players in the Global Tappet Market
Some of the leading tappet market players are
- Eaton Corporation
- NSK Ltd.
- Schaeffler AG
- Federal-Mogul LLC.
- Rane Engine Valve Limited
- Wuxi Xizhou Machinery Co. Ltd.
- AC Delco
- Competition Cams Inc.
In November 2022, the automotive and industrial supplier Schaeffler has signed a contract with the CERATIZIT Group for the acquisition of CERASPIN. Based in Livange, Luxembourg, CERASPIN has over 25 years’ experience in the development and production of premium ceramic products, the majority of which are processed into rolling elements for various bearing applications.
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