Global Engine Valves Market Size, Share, Growth Analysis, By Engine Valves Type, By Vehicle Type, By Function Type, By Sales Channel - Industry Forecast 2024-2031

Global Engine Valves Market size was valued at USD 6.2 billion in 2022 and is poised to grow from USD 6.34 billion in 2023 to USD 7.62 billion by 2031, growing at a CAGR of 2.3% in the forecast period (2024-2031).

A valve regulates the amount of fuel and exhaust gases that enter each cylinder of an automobile's combustion engine. Because they regulate the flow of fuel and exhaust gases into and out of the cylinder, engine valves are essential to the effective running of an automobile's engine. The optimal air-to-fuel ratio for a certain vehicle is determined by the timing of an engine valve. This helps the engine work as effectively as possible while reducing pollution. Global auto production is rising, which will eventually lead to a rise in the market for engine valves. Regulations governing carbon emissions and consumer desire for high-performance engines are driving growth in the engine valve market. Additionally, the market is estimated to grow throughout the projected period due to manufacturers' need for energy-saving technology, such as engine downsizing. In addition, growing automotive production and rising disposable income in developed countries are driving the global industry and driving up demand for high power engines in automobiles.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Engine Valves Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Engine Valves Market Segmental Analysis

Global Engine Valves Market is segmented based on Engine Valves Type, Vehicle Type, Function Type, Sales Channel and region. Based on Engine Valves Type the market is segmented into Monometallic, Bimetallic, and Hollow. Based on Vehicle Type the Engine Valves Market is segmented into Passenger Cars, Commercial Vehicles. Based on Function Type the Engine Valves Market is segmented into Pneumatic, Hydraulic, and Electric. Based on Sales Channel the market is segmented into OEM, Aftermarket. Based on region the global Engine Valves Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Engine Valves Market

The growing need for electric vehicles and solenoid valves is another factor driving market expansion. Many contemporary automotive applications use solenoids to increase performance and efficiency. Some of the main applications are engine fuel shut off valves, ABS, air suspension systems, HVAC systems, turbocharger control, variable valve timing, EGR control, evaporative emission control (EVAP) system, starter solenoid functions, and automatic and dual-clutch transmission control. The need for solenoids is anticipated to be supported by consumer preference for new, enhanced transmission systems like AMT, DCT, and CVT, which provide the vehicle with better control and acceleration. The capacity of gearbox systems to adjust torque in real time with each gearshift is mostly to blame for this. Friction losses are minimized and rapidly coordinated with the torque required for the new gear when gears are changed. The torque takes longer to synchronize with the new gear as a result. Vehicle fuel efficiency has increased and the chance of human error has been eliminated because sensors, solenoids, and computers perform the majority of the labor required in shifting gears.

Restraints in the Global Engine Valves Market

Over the previous year, the cost of raw materials has increased. For example, the price of key raw materials like steel and pig iron climbed by 35-40% annually between April and December of 2021 and 2022. The market for engine valves is growing more slowly as a result of growing raw material prices. The typical car is made of 11% aluminum and 39% steel. The focus of the raw material cost increase has been the high cost of steel; according to a Bank of America analysis released last month, the average cost per pound of steel used in automobile fabrication has increased by 106% annually. The research states that this is "quite concerning" given the typical vehicle's substantial steel content. Rising material costs are predicted to primarily affect suppliers and original equipment manufacturers (OEMs), with the latter taking up even more of the former's indirect costs. Both groups face difficulties as a result of the pandemic's harm to the supply chain and growing inflationary expenses. Along with growing raw material costs, plant stoppages and supply chain interruptions pose serious challenges to the automotive value chain.

Market Trends of the Global Engine Valves Market

SUVs are becoming more and more popular, and this combined with the availability of more affordable, small, and compact SUVs is predicted to fuel market expansion. As automakers transition to making more electric vehicles, there will probably be a greater need for air conditioning and solenoid valves, which enhance comfort and performance in cars. This is probably going to lead to a huge expansion of the market.