January 04, 2021
According to the research report titled ‘Global Tappet market for automotive Market Size study with COVID-19 impact, by Type (Flat tappets and roller tappets), by Engine Capacity (<4 Cylinders, 4a??6 Cylinders and >6 Cylinders), by End user (Economic Passenger Cars, Luxury Passenger Cars and Mid-Priced Passenger Cars) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global tappet market for tappet market was valued at USD 7.62 billion in 2019 and is poised to witness a CAGR of 3.36% during 2020-2027.
Global tappet market for automotive industry is witnessing substantial gains owing to rising demand for high performance, luxury vehicles. In automotive, the tappet is combined with variable valve timing, offering better performance by managing valve timing and changing duration of the valves when the engine is in operation. In addition, rise in automobile production is propelling the market growth.
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For the unversed, tappets are the components that are interposed between the camshaft lobe and tappet lifting mechanism. It is used to convert the rotational motion and pass the linear motion to different components of the vehicle. Its application in inner combustion engine, for managing the overall clearance inside the valve actuation machine, is contributing to the global tappet industry for automotive market growth.
However, rising demand for camless actuations in vehicles is the factor restraining the market growth. Also, rising prevalence of COVID-19 has caused slowdown in automobile production and disrupted the supply of essential vehicle components in various countries, thereby negatively impacting the global tappet market for automotive market expansion.
Based on type, global tappet industry for automotive market is segmented into roller tappets, and flat tappets. In terms of end user scope, the industry is bifurcated into mid-priced passenger cars, economic passenger cars, and luxury passenger cars. Considering the engine capacity, the market is divided into >6 cylinders, 4-6 cylinders, and <4 cylinders.
From a regional frame of reference, worldwide tappet market for automotive market space is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to increasing adoption of luxury vehicle in the region. Whereas, Asia-Pacific industry is also anticipated to amass considerable revenues over 2020-2027, owing to rise in automobile production.
Major players operating in global tappet market for automotive industry sphere include OTICS Corp., Eaton Corporation plc, NSK Ltd., Competition Cams Inc., Riken Corp., Federal-Mogul Corporation, SM Motorenteile GmbH, AB SKF, Rane Engine Valve Ltd., and Schaeffler Technologies AG & Co. KG.