The Automotive Roller Tappets Market is estimated to be valued at US$9.18 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Automotive roller tappets are used in overhead camshaft engines to convert the rotational motion of the camshaft into linear motion. They reduce friction and improve engine performance and fuel efficiency by facilitating smooth operation of the poppet valves. Roller tappets are commonly used in automotive engines to improve wear resistance and enhance durability of camshaft mechanisms.
Market Dynamics:
Growing automobile production worldwide is expected to drive the automotive roller tappets market growth over the forecast period. According to OICA, annual automobile production reached 95.2 million units globally in 2021, exhibiting a 6.8% growth over 2020. Moreover, increasing demand for fuel-efficient vehicles in light of stringent emission regulations is boosting sales of vehicles equipped with overhead camshaft engines, thereby positively influencing the market. For instance, average fuel consumption standards prescribed by CAFE in the U.S. aim to achieve an industry-wide fleet average of 40 mpg for new cars and light trucks by 2025. Digitalization initiatives by key players, such as development of smart tappets enabled with IoT connectivity, are also expected to fuel market growth over the assessment period. However, rising popularity of electric vehicles may negatively impact demand for components used in combustion engines. This is likely to impede market expansion.
Segment Analysis
The automotive roller tappet market can be segmented based on vehicle type, product type, and region. Based on vehicle type, the passenger vehicles segment is expected to dominate the market owing to increasing demand for passenger cars across the world. The segment accounted for around 60% share of the global market in 2022.
PEST Analysis
Political: Stable political environment and supportive government policies towards the automotive industry in many countries is expected to positively influence the automotive roller tappet market.
Economic: Rising disposable income and growing economy in developing countries is fueling the sales of vehicles, which in turn is driving the market.
Social: Changing lifestyle and preferences towards personal mobility is increasing the demand for vehicles.
Technological: Development of advanced engine designs requiring low friction components is promoting the adoption of roller tappets over other tappet designs.
Key Takeaways
The global automotive roller tappet market size was valued at US$ 9.18 Bn in 2023 and is expected to reach US$ 13.05 Bn by 2030, expanding at a CAGR of 3.9% during the forecast period. Rapid motorization in developing countries along with growing demand for high-performance vehicles is fueling the market growth. Regionally, Asia Pacific dominates the global market and is projected to exhibit growth at the fastest CAGR during the assessment period.
Regional analysis
Asia Pacific accounts for around 50% of the global automotive roller tappet market share and is expected to continue dominating the market over the forecast period. China, India, and ASEAN countries are witnessing rapid vehicular growth that is positively impacting the regional market.
Key players
Key players operating in the automotive roller tappets 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). Schaeffler AG and SKF dominate the global market owing to their diverse product portfolio and widespread geographical presence.
