The rising demand for passenger automobiles and commercial vehicles is the main factor driving the global market for tappets. The market for tappets is anticipated to be driven by the expanding vehicle manufacturing, particularly in South America and the Asia Pacific. Over the coming years, market growth is also predicted to be fueled by the rising demand for aftermarket goods.
One of the main factors propelling the expansion of the worldwide tappets market is the rise in vehicle production and sales. According to OICA data, around 97 million vehicles were produced globally in 2017, which is expected to reach 115 million by 2025. The growing vehicle production is fuelling the demand for tappets, as they are an essential component of internal combustion engines. Additionally, with the rise in the production of commercial vehicles, there has been a corresponding increase in the demand for tappets, as these vehicles require heavy-duty components.
The increasing demand from the aftermarket is another element boosting the worldwide tappets industry. Tappets are subjected to wear and tear due to their constant contact with moving parts within an engine. As a result, they need to be replaced regularly, which provides significant opportunities for aftermarket players. In addition, with the rise in vehicle fleet size and mileage covered by them every year, there is a growing need for maintenance and repairs, which is further fuelling the growth of this market segment.
The tappet is a small component in an engine that helps transfer linear motion from the camshaft to pushrods, and ultimately opens and closes valves. Tappets must withstand high temperatures and heavy loads, making them critical for optimal engine performance. The global tappets market is expected to grow as the automotive industry continues to develop new technologies to improve engine efficiency.
There are two main types of tappets: flat tappets and roller tappets. Flat tappets are the most common type of tappet, but roller tappets offer superior durability and performance. Roller tappets are typically used in high-performance applications such as racing engines.
Steel, iron, aluminium, bronze, and other materials can all be used to make tappets. The application and desired attributes will choose the material to use. Steel tappets, for instance, are robust and long-lasting but may not be appropriate for high-performance applications due to their comparatively high weight.
The market for tappets is divided into three categories: kind, application, and geography. The market is split into two types: flat tappets and roller tappets. The market is segmented by application into passenger automobiles, commercial vehicles, and others (including agricultural and construction equipment).
The market for tappets worldwide is divided geographically into North America, Europe, Asia Pacific, South America, the Middle East, and Africa (MEA). The Americas.
The use of tappets provides a number of advantages over other methods of valve actuation. Tappets are less expensive to manufacture than other types of valve actuators, and they require less maintenance. Tappets also provide a more precise method of valve control, which can result in better engine performance.
Tappets are essentially valves that control the flow of oil or hydraulic fluid in an engine. Each cylinder in a conventional vehicle engine has two tappets: one for the intake valve and one for the exhaust valve. Tappets come in both flat and roller varieties. Flat tappets are less expensive to produce because of their relatively straightforward design. Roller tappets have a more intricate design, which improves performance but also raises the cost.
According to a new market research report published by Transparency Market Research, the global tappets market is expected to reach a value of US$ 2.8 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2031.
There are several restraining factors of the tappets market which include the stringent emission norms and the high cost of after-treatment technologies. In addition, the declining demand for passenger cars in some of the key markets is also a restraining factor for the growth of the tappets market.
The implementation of stringent emission norms has led to the development of advanced engine technologies which in turn has resulted in the need for more sophisticated tappets. One of the biggest barriers to the market's expansion is the high cost of various after-treatment technologies. Moreover, declining demand for passenger cars in some of the key markets such as Europe and North America is also hampering the market growth.
Flat tappet segment forms major portion of the market
Among all the types, flat tappet is anticipated to grow at a higher rate during the review period owing to their low cost and easy availability. However, roller tappet is projected to witness significant growth during the forecast period due to their superior working efficiency as compared to flat tappets. Among all applications, passenger cars are projected to be the largest segment due to increasing demand for luxury cars across the globe.
EV Segment to rule the market
The automotive industry is on the cusp of a major technological shift, with electric vehicles (EVs) poised to take over from traditional internal combustion engine (ICE) vehicles. Tappets are an important component of ICE vehicles, and as such, the market for tappets is expected to decline as EV sales increase. However, there will still be a significant market for tappets in commercial vehicles, which are not expected to be replaced by EVs to the same extent as passenger cars. The commercial vehicle tappet market is therefore expected to grow during the forecast period.
Asia Pacific will command the marketplace.
Due to the expanding automotive sector in nations like China, India, and Japan, the Asia Pacific region is anticipated to lead the global tappets market. The market for tappets in this region is predicted to increase as a result of the rising demand for passenger automobiles and commercial vehicles.
Due to the presence of significant automakers in this region, North America is anticipated to be the second-largest market for tappets. The main markets for tappets in North America are anticipated to be the US and Canada.
Due to the expanding automotive sector in nations like Germany, France, Italy, and the UK, Europe is anticipated to be the third-largest market for tappets. the expanding market for both personal and commercial automobiles
Impact & Market Situation of Covid-19
Global demand for tappets has decreased as a result of the COVID-19 pandemic. Due to the outbreak, the automotive industry has been among the hardest affected, with output and sales falling drastically across numerous regions. As a result, a large fall in the market for tappets is anticipated in 2020.
In terms of market status, North America and Europe are the two largest markets for tappets, followed by Asia Pacific. However, all three regions are expected to see a decline in demand for tappets in 2020 due to the COVID-19 pandemic.
Latest Innovations in the Global Tappets Market: A Snapshot
- ABC Inc. is a leading supplier of tappets and other engine components. The business provides a huge selection of goods for both personal and business automobiles. It is well-established throughout the Middle East and Africa, Asia Pacific, South America, North America, and Europe.
- The leading producer of tappets and other engine parts is 123 Ltd. The business provides a huge selection of goods for both personal and business automobiles. It is well-established throughout the Middle East and Africa, Asia Pacific, South America, North America, and Europe.
Tappets Market Scope
|Revenue forecast in 2031
|US$ 2.8 Bn
|CAGR of 4.4% during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
Key Segment of Global Tappets Market
By Type Overview 2021-2031, (US$ Billion)
- Flat Tappet
- Roller Tappet
By Application Overview 2021-2031, (US$ Billion)
- Passenger Vehicles
- Commercial Vehicle
By Region Overview 2021-2031, (USD Billion)
- Rest of Asia Pacific
- Rest of North America
- Rest of Europe
Middle East and Africa