NEW YORK, May 24, 2021 /PRNewswire/ --
The automotive engine valves market is projected to grow by 66 million units, registering a CAGR of almost 3% during 2021-2025. Technavio's report on the automotive engine valves market covers the market outlook and growth prospects during the forecast period.
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Technavio's research study provides comprehensive information on the factors affecting the growth of the automotive engine valves market across the following regions.
Automotive Engine Valves Market in APAC:
"APAC occupied about 56% of the market share in 2020 and the region is offering significant growth opportunities for market vendors. Countries such as China, Australia, Japan, India, and South Korea are witnessing a surge in automobile sales, which is driving the demand for engine valves" says a senior analyst at Technavio.
Improvements in the standard of living and an increase in disposable income are will be crucial in driving the growth of the market in APAC. The revenue contribution to the market in APAC will be maximum from countries such as China and Japan.
Automotive Engine Valves Market in North America:
"Mexico is emerging as the major hub for automotive production in North America. The presence of favorable government policies and tax incentives are attracting significant investments in the automotive sector in the country. Besides, the increasing demand for luxury vehicles in the region will present several growth opportunities for market vendors," says a senior analyst at Technavio.
The market is expected to register a 3.17% CAGR in North America during 2021-2025. Factors such as the rising adoption of SUVs and the growing demand for high-performance vehicles will be crucial in driving the automotive engine valves market growth in North America. The revenue contribution to the market in Europe will be maximum from the US.
Automotive Engine Valves Market in Europe:
"Europe is home to several high-end passenger car brands. The growing HNWI population is increasing the demand for luxury cars in the region, which is encouraging automakers to equip their vehicles with the latest features and advanced safety systems. Many such factors are fostering the growth of the automotive engine valves market in Europe," says a senior analyst at Technavio.
The market is expected to register a 1.75% CAGR in Europe during the forecast period. The high production and sales of passenger cars and the presence of stringent emission norms are fostering the growth of the automotive engine valves market in Europe. Germany and Spain are the major markets for automotive engine valves in the region.
Know about the major factors impacting the growth of the market across other regions by downloading our free sample report:
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The global automotive engine valves market is driven by the following factors:
Based on the type, the report segments the automotive engine valves market by passenger vehicles and commercial vehicles.
The passenger vehicles segment registered maximum growth in the market in 2020. The segment is mainly driven by the increasing adoption of SUVs. Also, the increasing availability of inexpensive, compact, and mini SUVs is contributing to the growth of the passenger vehicles segment.
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Top vendors highlighted in the Automotive Engine Valves Market Report:
The report offers insights on key products offered and business strategies adopted by major vendors including,
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