Portland, OR, March 09, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global tappet market generated $8.4 billion in 2021, and is estimated to reach $11.3 billion by 2031, witnessing a CAGR of 3.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $8.4 Billion |
| Market Size in 2031 | $11.3 Billion |
| CAGR | 3.2% |
| No. of Pages in Report | 250 |
| Segments Covered | End User, Type, Engine Capacity, Vehicle Type, and Region |
| Drivers | Increasing demand for high performances vehicles |
| Rise in demand for high power engines such as V-6, V-8 | |
| Opportunities | Expansion of the economy and increase in disposable income |
| Growth of automotive industry across the world and advancement in the tappet (the introduction of Machined Tappets) | |
| Restraints | Rising popularity of electric and hybrid vehicles |
Covid-19 Scenario:
- The outbreak of COVID-19 has had a negative impact on several industries, including the automotive industry, which has caused a steep decline in automotive sales. Tappet demand decreased significantly worldwide because it is largely used in the production of automobiles.
- China is the top producer and exporter of the raw materials needed to produce automobiles. However, as China was the epicenter of the coronavirus pandemic, its export was affected, which decreased the production of tappets.
- This disruption in the supply chain, import-export restrictions, and closed borders, also caused pressure on the automobile industry. Additionally, the economic slowdown has impacted the development of new automotive projects worldwide, as government funding was prioritized towards healthcare systems.
- Despite these challenges, as the global situation begins to recover, there is a growing demand for tappets in various industries.
The report offers a detailed segmentation of the global tappet market based on end user, type, engine capacity, vehicle type, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on end user, the economic passenger car segment contributed to nearly two-thirds of the global tappet market revenue and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 3.6% throughout the forecast period. The other segments assessed through the report take in luxury passenger car and mid-priced passenger car.
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Based on type, the flat tappet segment held the largest share in 2021, garnering more than two-thirds of the global tappet market revenue and is projected to maintain its dominance by 2031. The same segment would also cite the fastest CAGR of 3.6% throughout the forecast period. Also, the roller tappet segment is discussed in the report.
Based on engine capacity, the <4 cylinders engine segment held the largest share in 2021, garnering more than half of the global tappet market revenue and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 3.9% during the forecast period. The 4-6 cylinders engine and >6 cylinders engine segments are also analyzed through the report.
Based on vehicle type, the light duty vehicles segment contributed to nearly two-thirds of the global tappet market revenue and is projected to rule the roost by 2031. The same segment would also portray the fastest CAGR of 3.5% throughout the forecast period. The heavy commercial vehicle segment is also studied in the report.
Based on region, Europe held the major share in 2021, garnering more than one-third of the global tappet market revenue. Furthermore, North America is projected to rule the roost in terms of revenue during the forecast period. The Asia-Pacific region, on the other hand, would display the fastest CAGR of 4.7% throughout the forecast period. The other provinces studied through the report include LAMEA.
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The key market players analyzed in the global tappet market report include Lunatipower, Riken, SM Motor Parts GmbH, Rane Engine Valve Ltd, federal mogul, comp cams, Eaton Corporation, SKF, Schaeffler ag, Crower Cams Equipment Company Inc. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
