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The global Automotive Tappet Market is estimated to be valued at US$ 9.17 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tappets are small pivoted levers that are used to regularly open and close the valves in an internal combustion engine thereby allowing the proper transfer of air and fuel into the combustion chamber. They help in translating the camshaft rotation into linear motion required for opening and closing of engine valves. The automotive tappet market consists of various types of tappets such as flat tappets, roller tappets and shotgun tappets. Roller tappets are most commonly used owing to advantages such as less friction, smoother operation and ability to operate at high revolutions per minute. The growing production of vehicles across the world is the major factor driving the demand for tappets in the automotive industry.
Market Key Trends:
One of the key trends in the automotive tappet market is the increasing adoption of roller tappets. Roller tappets have higher performance capabilities as compared to flat tappets as they experience less friction and wear during valve actuation. This enables engines to operate for longer duration without maintenance. Many automakers are focusing on developing high performance engines which require advanced valve train components like roller tappets. For instance, most racing car and luxury sports car engines utilize roller tappets. Moreover,with stricter emission regulations, vehicle manufacturers are designing engines with higher efficiency which is boosting the replacement of flat tappets with roller tappets. Another major trend is the increasing R&D towards the development of new lightweight materials for tappet production. Use of materials like aluminum and composites help in reducing the overall weight of the engine while maintaining load bearing capabilities. Lighter tappets also improve the fuel efficiency of vehicles.
Porter’s Analysis
Threat of new entrants: The automotive tappet market requires high initial investments and research and development costs which acts as a barrier for new entrants.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of numerous established players limits buyer options.
Bargaining power of suppliers: The bargaining power of suppliers is low to medium due to availability of substitutes and less differentiation in products.
Threat of new substitutes: Threat of substitutes is low as automotive tappets have highly specialized design and performance requirements.
Competitive rivalry: The automotive tappet market experiences high competitive rivalry due to established presence of major players.
Key Takeaways
The global automotive tappet market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing automobile production. The market size for 2023 is US$ 9.17 Bn.
Regionally, Asia Pacific dominates the global automotive tappet market owing to high vehicle production in China and India. China accounts for over 25% of global vehicle production. North America and Europe are also major markets for automotive tappets due to presence of developed automotive industry.
Key players operating in the automotive tappet market are Schaeffler AG (Germany), SKF (Sweden), Eaton (Ireland), Federal-Mogul (U.S.) NSK Ltd. (Japan), Crower Cams & Equipment Company, Inc. (U.S.), COMP Cams. (U.S.), SM Motor Parts GmbH (Germany), lunatipower.com. (U.S.), RANE ENGINE VALVE LIMITED (India), Wuxi Xizhou Machinery Co., Ltd. (China), Yuhuan Huiyu Tappets Co. Ltd (China), RSR Industries (India), and SSV Technocrates. (India). The market is consolidated in nature with top players accounting for majority market share.
