Tappet Market Statistics: 2031
The global tappet market size was valued at $8.4 billion in 2021 and is projected to reach $11.3 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031. A tappet is a machine component that transfers motion from one machine component to another, most notably the component of an internal-combustion engine that transmits motion from the camshaft to the push rods or valves.
The number of tappets is proportional to the number of cylinders, and the increased demand for high-power engines such as V-6 and V-8 is increasing the use of tappets in engines. The expansion of the economy and rise in disposable income have propelled the market for high-speed engine vehicles, which in turn, has boosted the tappet market. To maintain vehicle fuel economy, automakers have developed advanced valve technology such as Variable Valve Timing (VVT) by Toyota, VTech by Honda, and MIVEC by Mitsubishi. The ECU controls the tappets to vary the valve time and delay or hold the valve function, resulting in proper combustion in the cylinder, lowering emissions and increasing fuel efficiency. Hydraulic tappets are quieter, more efficient, and help to maintain valve clearance. The self-adjusting tappet technology and design to maintain optimal valve clearance will pique the market's interest in the future.
One of the major factors limiting the growth of the automotive tappet market is the increasing demand for electric and hybrid vehicles. Electric vehicles have the potential to reduce air pollution, greenhouse gas emissions, and other hazardous gas emissions significantly. These electric vehicles do not require valve and tappet assembly to improve engine performance. Electric and hybrid vehicles are in high demand among consumers due to reduced pollution and improved vehicle efficiency. According to the International Energy Agency (IEA), there will be approximately 600 million electric vehicles on the road worldwide by 2040. Owing to this, the market is expected to showcase robust growth backed by rising sales of electric vehicles.
The industry players are investing a lot of effort on the research and development of smart and unique strategies to sustain their growth in the market. These strategies include product launches, mergers & acquisitions, collaborations, partnerships, and refurbishing of existing technology. In October 2018, the merger of INA Bearings India Private Limited ("INA India") and LuK India Private Limited ("LuK India") with Schaeffler India Limited has been completed, according to Schaeffler India Limited. Furthermore, Schaeffler invested $27.1 million in a new production hall at its cutting-edge facility in Pune. The new manufacturing facility will strengthen the Schaeffler Group's local manufacturing capabilities in India. It will produce engine and transmission components for domestic and export markets.
The key players profiled in this tappet market report include Eaton Corporation, NSK Ltd., Schaeffler AG, Federal-Mogul LLC., Rane Engine Valve Limited, Wuxi Xizhou Machinery Co. Ltd., AC Delco, TRW, Competition Cams, Inc., and Lunati.
The global tappet market is segmented on the basis of type, engine capacity, vehicle type, end user, and region. By type, the market is sub-segmented into flat tappet and roller tappet. By engine capacity, the market is classified into <4 Cylinders Engine, 4-6 Cylinders Engine, and >6 Cylinder Engine. As per vehicle type, the market is classified into heavy commercial vehicle and light duty vehicles. According to end user, the market is classified into economic passenger car, luxury passenger car, and mid-priced passenger car. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The tappet market is segmented into End User, Type, Engine Capacity and Vehicle Type.
By end user, the economic passenger car sub-segment dominated the global tappet market share in 2021. An economic passenger car is a road motor vehicle, other than a moped or a motor cycle, designed to transport passengers and seat no more than nine people (including the driver). In the U.S., an economy passenger car is a car designed for low-cost purchase and operation. Economy cars are typically small (compact or subcompact), lightweight, and inexpensive to produce and purchase. Economic car manufacturers are generally forced to be inventive due to stringent design constraints.
By type, the flat tappet sub-segment dominated the market in 2021. In the automotive industry, a flat tappet is an engine component that controls the flow of oil from the reservoir to all other parts of an engine. Because it does not allow any oil to flow through its ports, it is also known as a fixed valve or closed valve. This type of valve is used in most modern engines because it outperforms the poppet valve in terms of performance and reliability. These are predicted to be the major factors affecting the tappet market size during the forecast period too.
By engine capacity, the <4 Cylinders Engine sub-segment dominated the global market share in 2021. The major factors driving the growth of the <4 cylinders segment are stringent emission regulations in several regions and demand for high-performance vehicles with smaller engines. Furthermore, market growth is being driven by an increase in passenger vehicle and commercial vehicle production, which can be attributed to a better business environment for fleet operators. The increase in demand for compact and mid-size vehicles in developing countries such as India, China, Japan, and Brazil is expected to expand the tappet market's <4 cylinder segment during the forecast period.
By vehicle type, the light duty vehicles sub-segment dominated the global tappet market share in 2021. Light passenger vehicles are motor vehicles designed for the transportation of people that have fewer than ten seats, excluding motorcycles (two and three wheeled vehicles) and buses (10 or more seats). Light vehicles include passenger cars and light commercial vehicles. Commercial vehicles include light commercial vehicles, heavy trucks, coaches, and buses.
By region, Asia-Pacific is anticipated to have a fastest growing subsegment by 2031. Due to rising levels of consumer disposable income as well as increased vehicle production and sales, the region is expected to experience significant growth. Because of its substantial automobile manufacturing sector and other favorable economic conditions including its low labor costs and easy access to finance, China is expected to continue to play a significant role in the regional market.
Impact of COVID-19 on the Global
- COVID-19 has negatively impacted various industries such as automotive that has led to a drastic decline in automotive sales. As tappet is widely used in automotive manufacturing, there was significant reduction in the tappet demand globally.
- China is the leading producer and exporter of raw materials required for car production. However, China being the epicentre of the coronavirus pandemic, its export was affected, leading to a decline in tappet production.
- Sales of tappet are directly proportional to the demand from end-use industries namely automotive, and others. However, the demand for tappet in automotive industry was greatly affected owing to import-export restrictions, closed borders, and supply chain disruptions due to the outbreak of the COVID-19 pandemic.
- Economic slowdown has affected the setup of new automotive projects across the world as majority of government fundings were diverted toward healthcare sector owing to rapid spread of the COVID-19 virus, impacting the market to a great extent.
Highlights of the Report
- The report provides exclusive and comprehensive analysis of the global tappet market trends along with the tappet market forecast.
- The report elucidates the tappet market opportunity along with key drivers, and restraints of the market. It is a compilation of detailed information, inputs from industry participants and industry experts across the value chain, and quantitative and qualitative assessment by industry analysts.
- Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the market for strategy building.
- The report entailing the tappet market analysis maps the qualitative sway of various industry factors on market segments as well as geographies.
- The data in this report aims on market dynamics, trends, and developments affecting the tappet market growth.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the tappet market analysis from 2021 to 2031 to identify the prevailing tappet market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the tappet market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global tappet market trends, key players, market segments, application areas, and market growth strategies.
Tappet Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 11.3 billion |
 Growth Rate | CAGR of 3.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 250 |
 By End User |
|
 By Type |
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 By Engine Capacity |
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 By Vehicle Type |
|
 By Region |
|
 Key Market Players | schaeffler ag, SKF, comp cams, Crower Cams Equipment Company Inc., federal mogul, Rane Engine Valve Ltd, Eaton Corporation, SM Motor Parts GmbH, riken, Lunatipower |
Analyst Review
The global tappet market is almost entirely dependent on the automotive industry. As a result, changes in the automotive and OEM industries have an immediate impact on the global tappet market. People buy cars because their disposable income is increasing and they have a growing desire to live a lavish lifestyle. The growing popularity of high-performance vehicles benefits the global tappet market and is expected to continue during the forecast period. Tappets, on the other hand, are not used in hybrid or electric vehicles, and thus their popularity may pose a significant challenge to the tappets market in the coming years.
Aside from that, various impositions on eco-friendly automotive parts that promote cleaner and smaller combustion engines may also pose a significant impediment to the market's overall growth during the forecast period. Nonetheless, the increasing availability and popularity of machined tappets may tip the scales in favor of the global tappet market in the coming years.
Among the analyzed regions, Europe is expected to account for the highest revenue in the market by the end of 2031, followed by Asia-Pacific, North America, and LAMEA. Rapid growing automotive industry are the key factors responsible for leading positions of Europe and Asia-Pacific in the global tappet market.
The primary factor driving market growth is rising demand for automobile production. Rising consumer demand for vehicles with greater efficiency and power output is driving up product demand. Automotive tappets boost engine performance by adjusting valve timing and duration while the engine is running. Furthermore, the use of these tappets enables the integration of multiple camshafts via mechanical linking systems, which increases power output even further.
Rising sales of electric vehicles globally is considered as a current trend that is anticipated to boost the global tappet market in the upcoming years.
Eaton Corporation, NSK Ltd., Schaeffler AG, Federal-Mogul LLC., Rane Engine Valve Limited, Wuxi Xizhou Machinery Co. Ltd., AC Delco, TRW, Competition Cams, Inc., and Lunati are the major players in the tappet market.
Economic Passenger Car sub-segment of the end-user segment acquired the maximum share of the global tappet market in 2021.
Asia-Pacific will provide more business opportunities for the global tappet market in future.
The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global tappet market from 2021 to 2031 to determine the prevailing opportunities.
Automotive industry leaders are the major customers in the global tappet market.
The major growth strategies adopted by tappet market players are investment and agreement.
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