Categories: Market Research

Tappet Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Tappet 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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https://www.thebusinessresearchcompany.com/report/tappet-global-market-report

According to The Business Research Company’s Tappet Global Market Report 2024, The tappet market size has grown steadily in recent years. It will grow from $9.01 billion in 2023 to $9.45 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to rise of aftermarket sales, internal combustion engine development, automotive industry growth, precision engineering advancements, materials innovation..

The tappet market size is expected to see steady growth in the next few years. It will grow to $11.16 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to rise in demand for performance vehicles, emissions regulations and efficiency, demand for lightweight components, increased engine downsizing, global automotive production growth.. Major trends in the forecast period include innovations in lubrication systems, customization for diverse engine types, adaptation to variable valve timing systems, integration of smart technologies, compact engine designs..

The increasing demand for racing cars is expected to propel the growth of the tappet market going forward. Racing cars refer to specially designed and modified vehicles intended for competitive racing in motorsports. In racing cars, tappets are important in optimizing valve timing for maximum power and efficiency, which is crucial for achieving top speeds and responsiveness on the racetrack. For instance, in May 2023, according to the corporate and financial report shared by Ferrari S.p.A., an Italy-based luxury sports car manufacturer, 3,567 Ferrari units were shipped overall in Q1 2023, an increase of 9.7% from Q1 2022. Net revenues were $1.54 billion in Q1 2023, an increase of 20.5% from last year. Furthermore, in January 2023, according to Automobili Lamborghini S.p.A., an Italy-based manufacturing company, they delivered 9,233 cars worldwide in 2022, a 10% increase compared to 2021. Additionally, Lamborghini’s largest market was the United States, where they delivered 2,721 cars, a 10% increase compared to 2021. In Japan, they delivered 546 cars, up 22% over the previous year. Therefore, the increasing demand for racing cars is driving the growth of the tappet market.

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The tappet market covered in this report is segmented –

1) By Type: Flat Tappet, Roller Tappet, Hydraulic Tappets

2) By Engine Capacity: Less Than 4 Cylinder Engine, 4-6 Cylinders Engine, More Than 6 Cylinder

3) By Vehicle Type: Heavy Duty Commercial vehicles, Light Duty Commercial Vehicles

4) By Distribution Channel: Original Equipment Manufacturer (OEM), Aftermarket

5) By End-User: Economic Passenger Car, Luxury Passenger Car, Mid-Priced Passenger Car

Major companies operating in the tappet market are developing new technologies, such as hydraulic cartridge technology (HCT), to gain a competitive edge in the market. Hydraulic Cartridge Technology (HCT) is an innovative engineering approach used in various applications, particularly automotive and mechanical systems. It involves the integration of a self-contained hydraulic cartridge into a component or system to achieve specific performance benefits. For instance, in November 2021, Competition Cams, Inc., a US-based automotive aftermarket company, launched Evolution Hydraulic Roller Lifters with Hydraulic Cartridge Technology (HCT) for superior aftermarket performance. These lifters offer consistent bleed rates among all lifters, reducing startup noise and ensuring precision at high RPMs. The HCT design enhances lifter body stiffness for consistent hydraulic performance. They are designed for modern street and performance street engines, with serviceable hydraulic elements and excellent high-RPM performance.

The tappet market report table of contents includes: