Global Tappet Market - 2019-2026
Tappets are the essential component of the internal combustion engine which converts the rotating motion of the camshaft into linear motion of the valves. The tappet is the mechanical part which helps to reciprocate the part of the valve gear in beam engines to transmit intermittent motion. The tappets can be produced by with latest technologies with the high productive CNC and SPM machines. The global tappet market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising sale of passengers, and commercial vehicles due to increase in the disposable income and surge in global populations. According to the International Organization of Motor Vehicle Manufacturers in 2019, the commercial and passenger vehicle sale was registered to around 91358457 numbers of units around the globe. As the tappets are the essential component of the automobile engine require to adjust the air fuel mixture at the camshaft.
There is a rise in the adoption of the advanced technology like laser based processes to manufacture the engine components for automobile and heavy vehicles displays. For instance 30th August 2018, Federal-Mogul Powertrain had developed laser processes for large bore of the future piston rings that provides higher wear resistance. The techniques is eco friendly galvanic coatings developed with new surface treatments that for the future engine and fuel developments in the industrial and marine sectors.
The global tappet market is segmented based on product type, applications, and region.
In terms of product type the global tappet market is bifurcated into flat and roller. Among these, flat segment has the highest market share in 2019 owing to increasing demand of the vehicles for launching of advanced technology for the a smoother operating engine at lower cost. For instance in 2019 SAC an Indian Company had been developed the tappet with increased machining capacity of Tappet (cam followers) of around 8.40 million per annum enhanced from 7.2 million per Annum with latest metrology and metallurgy lab to measure all the critical parameters of the Tappets.
Similarly, roller segment is also growing at faster pace owing to raising the global demand for the advanced technology based fuel saver and wear resistant cam and follower all over the world.
Depending on the vehicle type, global tappet market is divided into passenger vehicle, Commercial vehicles, and others. Among this, commercial vehicles segment has the highest share in 2019. This is primarily due to rising sale and production of the commercial vehicles which has generated huge demand for the tappet used in the manufacturing of engine. According to the International Organization of Motor Vehicle Manufacturers in 2019, the numbers of commercial vehicles produced were more than 27016764 numbers of units.
Similarly, passenger vehicles segments are also growing at faster pace owing to rising sale of passenger vehicles around the globe. According to the International Organization of Motor Vehicle Manufacturers (OICA) in 2019, the global passenger vehicles sales have been registered to around 64341693 numbers of units. This propels the segmental growth for the tappet market.
Depending upon the Engine size, the global tappet market is bifurcated into <4 cylinders, 4-6 cylinders, and >6 cylinders. Among this 4-6 cylinders this is primarily due to rising demand of the heavy trucks, coaches, buses with surge in the global population.
Similarly, <4 cylinders, and >6 cylinders are also growing at faster pace due to increasing the sale of the passenger cars, two-wheelers and three-wheelers around the globe.
Depending upon the distribution channel the global tappet market is bifurcated into aftermarket and OEMs. Among this OEMs segment has the highest market share owing to increasing the demand for the tappet by the original vehicles manufacturers with growing adoption of advanced technology for manufacturing. For instance on 30th October 2018, the GM Genuine Original Equipment Manufacturer of the automotive Parts and AC Delco has been expanded the product portfolios of the automotive components to meet growing customer demand.
Similarly, the aftermarket segment is also growing at faster pace due to distributors, wholesales shops and rising the trend of custom vehicles all over the world.
By region, the global Tappet market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Asia Pacific is the dominated region for the global tappet market and expected to grow at the highest CAGR during the forecasted period due to presence of leading manufacturing players' with growing automotive sale and production followed by North America region. According to OICA in 2019, there were around 44 million vehicles sold in this region from which China remains the leading market 28.08 million sales. This propels the demand for the tappet market which is the core part of the engine in the vehicles during the forecast period.
North America is the also growing at faster pace for the tappet market, owing to rising automotive sale with surge in consumer spending of people in this region. As per the OICA in 2019, there were around the 25 million new vehicles have been registered in the North America followed by Europe region. Similarly in Europe region the vehicle sale is rapidly growing due to raising the consumer demand. For instance in 2017, as per the report of International Transport of Clean Transportation (ICCT) in the UK, more than 4.3 million new sport utility vehicles (SUV) have been registered. This has been propelled the demand for commercial and passenger vehicles ultimately boost the tappet market.
The global Tappet market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Otics Corporation, Eaton , Schaeffler SKF, TRW, Federal-Mogul , NSK , Rane Engine Valve Limited, AC Delco, Competition Cams and Lunati are the leading market players with significant market share.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 28th Nov 2018, Schaeffler Company has been acquired Elmotec Statomat GmbH for enhancing the production capabilities of leading manufacturers of production machinery for the high-volume.