The global automotive valves market was valued at USD 25.1 billion in 2022 and is expected to reach USD 28.2 billion by 2027 and grow at CAGR of 2.3% over the forecast period (2022-2027). Factors such as increasing vehicles sales, growing adoption of hybrid electric vehicles (HEVs), rising demand for comfort as well as increasing automation in vehicle drive the growth of the market.
Solenoid valve – Expected to grow at the highest CAGR
Automotive solenoid market is expected to grow with highest CAGR during the forecast period owing to its fast and wide field of uses. It is used in door locks, steering locks, starter motors, fuel valve control, and anti-lock braking system (ABS). Automotive solenoid is considered suitable for electronic uses. The market is expected to witness a gradual shift from conventional mechanical actuators to electromagnetic actuators such as wastegate and VGT. Further, with electrification and use of higher end body control features in vehicles, solenoid valves is expected to find more uses in vehicle operation. These factors are expected to boost the demand for automotive valves in the market during the forecast period.
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Hybrid Electric Vehicle (HEV) is expected to hold the largest share of market and promising segment for component manufacturers
In HEVs, automotive valves of both ICE vehicles and BEVs are used. These include HVAC valves, solenoid valves, brake combination valves, and tire valves. Modern HEVs are enabled with efficient improved technology such as regenerative brakes, electric motor drive, and automatic start/shutoff. Regenerative brakes convert the vehicle’s kinetic energy into electric energy to recharge its electric battery. Similar to PHEVs, most of the systems in HEVs need automotive valves to support their smooth functioning. The market for HEVs is the fastest growing in North America. However, Asia Pacific registered itself as the biggest market for HEVs. The rise of HEVs in the region is due to stringent emission standards imposed by various governments in the region. Additionally, several incentives are provided to emphasize hybrid vehicles. The total sales of HEVs in Asia Pacific in 2020 was 13.8 million units, and in 2021, it was approximately 15.3 million units. With the growth of the HEV market, the automotive valves market will grow during the forecast period.
Asia Pacific is expected to account for the largest market size during the forecast period
China is expected to be the largest market for automotive valves during the forecast period, whereas India is estimated to be the fastest-growing market during the forecast period. High demand for passenger vehicles will be the major driver for growth of the market. The increase in demand for LCVs and heavy trucks in India is also expected to be crucial factor in growth of automotive valves market over the next few years. The Japanese market is expected to be the second largest in Asia Pacific, followed by India and South Korea.
Key Market Players
The major market players include Robert Bosch (Germany), Continental AG (Germany), Denso Corporation (Japan), Aisin Corporation (Japan) and BorgWarner (US). These companies have strong distribution networks at a global level. In addition, these companies offer an extensive range of products. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements.
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