The global automotive tappet market presented limited growth in 2020, owing to decrease in sales of vehicles. According to the Society of Motor Manufacturers and Traders, the new car registrations in the U.K. decreased by 44% in March 2020 compared that in March 2019.
Asia, however, is expected to be the fastest growing region for automotive tappet market. Asia's rise in the area of global automotive sales is mainly due to the increasing popularity of cars in India. Indian cars have come to outpace those from other parts of the world. Accordingly, Asia's growth is expected to reach about double the current rate by the end of the next decade.
Another emerging area for growth of the automotive tappet market is in South America and Central America. There are two main factors contributing to this. First, the Central American countries, mainly Mexico face political and security threats from drug trafficking. Consequently, many criminals tend to target drivers in these countries using automotive tappet lifting mechanism. Second, the countries have experienced rapid economic development, making automotive tappet marketing feasible.
China, on the other hand, is experiencing an economic growth that is currently exceeding that of any other country in the world. This has attracted automotive tappet market players in China to develop new lightweight and cost-effective systems using advanced technology. Automotive tappet components such as valves and lifters can be developed using heavy automation techniques at low prices. Some of these components are in high demand for use in high performance racing engines. The result is that there are more car enthusiasts in China than in any other country.
India is the world's largest producer of motorcycles, automobiles, trucks and buses. India's growth in the automobile sector is estimated at about 6% annually. This increase is expected to rise to about ten million units in the coming years, providing a significant market for mid-priced vehicles. Flat tappet components are expected to perform well in this segment.
In conclusion, the global automotive tappet market is witnessing tremendous growth both in the developed and developing nations. Automotive tappet manufacturing is the fastest growing sector in India. China is the largest manufacturer of passenger vehicles. The increasing need for lifter valves, cam follower valves and flat tappet lifting mechanism are major factors influencing the global automotive market growth.
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