Tappet Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2543 | Last Updated On: Oct 16 2022 | Available Formats

> Global Tappet Market is Expected to reach a high CAGR of 4.0% By 2029: DataM Intelligence

Global Tappet Market is segmented By Type (Flat for Tappet the industry, Roller), By Vehicle Type (Passenger Vehicle, Commercial Vehicle, Others), By Engine Size (<4 cylinders,4-6 cylinders, >6 cylinders), By Distribution Channel (Aftermarket, OEMs), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] The Global Tappet Market is expected to grow at a high CAGR of 4.0% during the forecasting period (2022-2029).

Tappet Market - Strategic Insights

Metrics

Details

Market CAGR

 4%

Segments Covered

By Type, By Vehicle Type, By Engine Size, By Distribution Channel and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Tappets are the essential component of the internal combustion engine, which converts the camshaft's rotating motion into linear motion of the valves. The tappet is the mechanical part that helps to reciprocate the part of the valve gear in beam engines to transmit intermittent motion. The tappets can be produced with the latest technologies with high productive CNC and SPM machines.

Market Dynamics:

The market is driven by the rising sale of passengers and commercial vehicles due to increased disposable income and a 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 worldwide. As the tappets are the essential component of the automobile engine requires adjusting the air-fuel mixture at the camshaft.

There is a rise in the adoption of advanced technology like laser-based processes to manufacture the engine components for automobiles and heavy vehicle displays. For instance, on 30th August 2018, Federal-Mogul Powertrain had developed laser processes for the large bore of the future piston rings that provide higher wear resistance. The techniques are eco-friendly galvanic coatings developed with new surface treatments for future engine and fuel developments in the industrial and marine sectors. 

Segment Analysis

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, the flat segment has the highest market share in 2019 due to the increasing demand for the vehicles to launch advanced technology for a smoother operating engine at a lower cost. For instance, in 2019, SAC Indian Company developed the tappet with an increased machining capacity of Tappet (cam followers) of around 8.40 million per annum, enhanced from 7.2 million per Annum with the latest metrology and metallurgy lab to measure all the critical parameters of the Tappets.

Similarly, the roller segment is also growing faster due to raising the global demand for the advanced technology-based fuel saver and wear-resistant cam and follower worldwide.

Depending on the vehicle type, the global tappet market is divided into passenger vehicles, commercial vehicles, etc. Among these, the commercial vehicles segment had the highest share in 2019. This is primarily due to the rising sale and production of commercial vehicles, which has generated a huge demand for the tappet used in engine manufacturing. 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 vehicle segments are also growing faster due to the rising sale of passenger vehicles worldwide. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2019, the global passenger vehicle 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 these 4-6 cylinders, this is primarily due to the rising demand for heavy trucks, coaches, buses with a surge in the global population.

Similarly, <4 cylinders and >6 cylinders are also growing faster due to increasing the sale of 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 these OEMs, the segment has the highest market share due to increasing the demand for the tappet by the original vehicle manufacturers with the growing adoption of advanced technology. 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 faster due to distributors, wholesalers shops, and the rising trend of custom vehicles worldwide.

Geographical Presentation

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 dominant region for the global tappet market. It is expected to grow at the highest CAGR during the forecasted period due to leading manufacturing players with growing automotive sales and production, followed by the 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 with 28.08 million sales. This propels the tappet market's demand, which is the engine's core part of the vehicles' forecast period.

North America is also growing faster for the tappet market, owing to rising automotive sales with a surge in consumer spending. As per the OICA in 2019, around 25 million new vehicles have been registered in North America, followed by the Europe region. Similarly in the Europe region, the vehicle sale is rapidly growing due to rising consumer demand. For instance, in 2017, as per the International Transport of Clean Transportation (ICCT) report 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.

Competitive Analysis

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 collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 28th Nov 2018, Schaeffler Company has acquired Elmotec Statomat GmbH to enhance the production capabilities of leading manufacturers of production machinery for the high-volume.

Frequently Asked Questions

What is the Projected CAGR value of the Tappet Market?

Tappet Market is expected to grow at a CAGR of 4% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Tappet Market during 2022-2029.

Which is the fastest growing region in the Tappet Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period.

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