New York, USA, March 01, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global tappet market is anticipated to rise at a stable CAGR of 3.2%, thereby garnering a revenue of $11,318.0 million by 2031. This comprehensive Research Dive report presents a brief outlook of the current framework of the global market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Growing automobile and vehicle production across the globe is predicted to be the primary growth driver of the tappet market in the forecast period. Additionally, increasing demand for fuel-efficient vehicles is expected to further drive the market forward.
Opportunities: Rise in technology advancement support is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, an increase in demand for highly powered vehicles is anticipated to augment the growth rate of the market.
Restraints: However, the growing popularity of electric and hybrid vehicles may restrict the growth of the tappet market in the forecast period.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns impacted the tappet market in a negative way. The automobile manufacturing industry was severely affected by the lockdowns due to disruptions in supply chains and shortage of labor. This, in turn, brought down the demand for tappets which ultimately slowed the growth rate of the market during the pandemic.
Segments of the Market
The report has fragmented the tappet market into segments based on type, engine capacity, vehicle type, end-user, and region.
Type: Flat Tappet Sub-segment to be Highly Dominant
By type, the flat tappet sub-segment had a dominating market share in 2021 and is expected to continue on this growth trajectory by 2031. Extensive use of flat tappets due to their high performance and dependability is anticipated to help in the growth of this sub-segment.
Engine Capacity: <4 Cylinders Engine Sub-segment to Flourish Immensely
By engine capacity, the <4 cylinders engine sub-segment of the tappet market is expected to witness significant growth by 2031. Increasing demand for high-performance vehicles with smaller engines is predicted to be the primary growth driver of the sub-segment in the forecast period.
Vehicle Type: Light Duty Vehicles Sub-segment to Experience Tremendous Growth
By vehicle type, the light duty vehicle sub-segment had a dominating market share in 2021 and is anticipated to dominate the market by 2031. The growing use of flat tappets in light duty vehicles like passenger and commercial cars is anticipated to help in the growth of this sub-segment.
End User: Economic Passenger Car Sub-segment to Have a Significant Market Share
By end user, the economic passenger car sub-segment is expected to have a dominating market share by 2031. Increased application of tappets in the economic passenger car segment is anticipated to help in the growth of this sub-segment.
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Market in the Europe Region to be Most Dominant
By regional analysis, the tappet market in Europe region is predicted to grow rapidly in the 2022-2031 timeframe. Growing demand and use of automotive roller tappets in vehicle systems is anticipated to become the main growth driver of the market in this region.
Prominent Market Players
Some leading players in the tappet market are
- Eaton Corporation
- Rane Engine Valve Limited
- TRW
- NSK Ltd.
- Wuxi Xizhou Machinery Co. Ltd.
- Competition Cams Inc.
- Schaeffler AG
- AC Delco
- Lunati
- Federal-Mogul LLC.
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in December 2022, Schaeffler AG, an automotive industry company, announced the acquisition of CERASPIN, a leading roller bearing manufacturer. This acquisition is predicted to boost the market share of the acquiring company, i.e., Schaeffler substantially in the coming period.
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Finally, this comprehensive report also summarizes many crucial aspects of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Tappet Market:
- How Tappet Technology is Evolving to Meet the Demands of Modern Engines
- Rising Demand for Fuel-Efficient and Highly Powered Vehicles among Customers to Propel the Growth of the Global Tappet Market by 2031
