The Automotive Valves Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Valves Global Market Report 2024, 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..
The growing adoption of hybrid electric vehicles (HEVs) is expected to propel the growth of the automotive valves market going forward. A hybrid electric vehicle (HEV) is a vehicle that combines an internal combustion engine (ICE) propulsion system with an electric propulsion system. Automotive valves from both internal combustion engine (ICE) and battery electric vehicles (BEV) vehicles are used in HEVs. which include HVAC valves, solenoid valves, brake combination valves, and tire valves. The automotive valves support HEV with their smooth functioning. For instance, in 2021, according to Gadgets 360, an Indian-based media brand, the US sales of hybrid vehicle sales jumped 76 percent to 801,550 vehicles in 2021, whereas hybrid electric vehicles in the United States with 5.8 million units sold in December 2020. Therefore, the growing adoption of hybrid electric vehicles (HEVs) is driving the growth of the automotive valves market.
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The automotive valves market covered in this report is segmented –
1) By Product Type: Engine Valves, Air-Conditioner Valves, Brake Valves, Thermostat Valves, Fuel System Valves, Solenoid Valves, Exhaust Gas Recirculation Valves, Tire Valves, AT Control Valves
2) By Propulsion and Component: Internal Combustion Engine (ICE), Electric Vehicle
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Buses, Truck
4) By Application: Engine System, HVAC System, Brake System, Other Applications
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.
The automotive valves market report table of contents includes:
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Top 5 Major Key Players Are:
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