In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Valves are the devices which regulate and control the flow of liquid or gas. They are usually fitted in pipe and have many uses in different sectors such as automobile, industrial, commercial and military sectors. Automotive valve is a mechanical or electromechanical device which allows the stream of air fuel mixture or gaseous mixture, to admit or to escape and also to regulate them also. Automotive valves are utilized in automobile sector including all kind of vehicles. There are basically two types of valves include in automotive such as- inlet valve (allows air-fuel mixture inside the chamber) and exhaust valve (release the air-fuel mixture out of the chamber).
Global automotive valve market is going to witness a vigorous growth during the forecast period i.e. 2017-2024. It is expected that the global automotive valve market will grow at a CAGR of 4.3% over the forecast year. With this compound annual growth rate, it is projected that the global automotive valve market will manage to reach an evaluation of around USD 32.8 billion by 2024.
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The global automotive valve market is distributed in majorly four regions; these are North America, Europe, Asia-Pacific, Middle East and Africa. Asia-Pacific is the leading region among other regions followed by Europe, whether it is term of value and volume.
Asia-Pacific region is anticipated to grow with the highest CAGR over the forecast period. Asia Pacific region incorporate with developing countries such as – China, India. These developing economic played a very important role and contributed in growth of automotive valve market in related region.
Europe is the second big market in all regions; it comprises key contributors such as Italy, Germany, Spain, U.K and others. Other regions such as North America, Africa and Middle-East are going to witness a very considerable growth during the forecast period 2017-2024.
Unceasing demand in automobile sector and the up gradation of vehicles will increase the demand for supportable automotive valves. Further, it will give a boost to the automotive sector over forecast period 2017-2024.
Our-in depth analysis of the global automotive valve market includes the following segments:
By Vehicle Type
By Product Type
By Material Type
By Sales Channel Type
The global automotive valve market is further classified on the basis of region as follows:
As the global automobile market is expanding persistently, it is propelling the global automotive valve market. Further, with the increasing number of vehicles on the road, the manufacturers of automotive valve will witness enormous growth in automotive valve market over the forecast period 2017-2024.
Over the past few years it has been notified that automotive companies are concern about the performance of their vehicles and thus, focusing on improvement in the overall performance of the vehicle. Apart from this, it is also been observe that the reduction of carbon ignition and enhancement of fuel efficiency in the engine has strengthened the demand for suitable automotive valves. These adoptions of new technologies have played a key role in growth of automotive valve market. The industries are implementing various valve time mechanisms to increase the efficiency of the vehicles engine as well as its performance.
Increasing application of automotive valves among various automotive valve manufacturing companies and implementation of new technologies in automobile sector is presume to increase the demand for automotive valves.
However, implementation of new technologies with the vehicles engines and there downsizing may appear as a challenge to the manufacturers of automotive valves and may impact the growth of the market.