Automotive VVT System Market Set for Robust Growth Owing to Increasing Adoption of Advanced Engine Technologies
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29 Aug 2024 02:25:26 pm.
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The global automotive VVT system market is estimated to be valued at US$ 68.46 billion in 2024 and is expected to exhibit a CAGR of 5.9% over the forecast period of 2024 to 2031.
VVT systems offer advantages like higher power output, better fuel consumption and reduced emissions which has led to their widespread adoption across different vehicle segments. Strict emission regulations have also compelled automakers to equip engines with sophisticated VVT technologies for compliance.
Key Takeaways
Key players operating in the automotive VVT system market are Aisin Seiki Co., Ltd., Bosch (Robert Bosch GmbH), Delphi Technologies, Denso Corporation, Eaton Corporation, Halla Visteon Climate Control Corporation, Hyundai Mobis. These major players account for a significant market share and have extensive R&D capabilities and manufacturing facilities around the world.
The growing Automotive VVT System Market Demand for fuel-efficient and high-performance passenger cars is a major factor driving the automotive VVT system market. Customers today expect optimum engine efficiency along with responsive drivability from their vehicles. VVT fulfills both requirements by optimizing torque delivery over the entire RPM range.
Technological advancements in VVT systems like continuously variable timing, dual independent variable valve timing and electric variable valve timing have enhanced their functional capabilities. Manufacturers are able to deliver more precise timing control for maximizing both engine power and efficiency through intelligent real-time tuning of valve actuation events.
Market Trends
One key trend gaining traction is the integration of advanced VVT technologies like dual and continuously variable systems in small displacement turbocharged engines. This helps extract more usable power from downsized engines for meeting stringent emissions standards. Another trend is the advent of electric VVT systems which offer quicker response times and finer valve timing control through an electric motor as against conventional hydraulic systems.
Market Opportunities
The growing adoption of hybrid powertrains presents a major market opportunity for VVT systems. They play a vital optimizing role in hybrid engines by enhancing both combustion engine and electric motor efficiency. Another key opportunity lies in the commercial vehicle segment with larger trucks and buses increasingly incorporating sophisticated VVT technologies for meeting tougher emissions norms while retaining payload capacity.
Impact of COVID-19 on Automotive VVT System Market Growth
The COVID-19 pandemic has significantly impacted the automotive VVT system market, with declining vehicle production and sales across major regions. Factory shutdowns led to supply chain disruptions, negatively impacting the market growth during 2020. However, with gradual relaxations of lockdowns and restart of manufacturing facilities, the market is recovering. OEMs are focusing more on online sales and contactless delivery to meet the rising demand among customers avoiding public transport. The aftermarket segment is also gaining traction as people prefer personal vehicles over public transport.
With changing mobility trends, the focus is shifting towards advanced VVT systems offering better fuel efficiency to capture changing consumer preferences. Leading players are investing in R&D to develop innovative solutions catering to strict emission norms. The market is expected to rebound strongly post-pandemic on the back of pent-up demand and government incentives supporting automobile industry. Increased focus on e-mobility and autonomous vehicles will further aid future growth opportunities for VVT technologies, although high development costs remain a challenge.
Automotive VVT System Market in Asia Pacific
Asia Pacific holds the largest share of the global automotive VVT system market in terms of value. This is primarily attributed to presence of major automotive hubs and manufacturing plants in countries such as China, Japan and India. China dominates the regional market with the world's largest vehicle production. Other significant country-level markets include Japan and India, supported by their expanding automobile manufacturing base. Low labor costs and lenient norms in several APAC countries have prompted international OEMs to set up production facilities in the region to tap rising domestic demand. The market is anticipated to further gain from developing automotive infrastructure and shifting consumer preference towards fuel-efficient vehicles meeting stringent emission standards.
Fastest Growing Region for Automotive VVT System Market
Europe is expected to register the fastest growth in the Automotive VVT System Market Regional during forecast period. This is attributed to evolving emission regulations promoting downsized turbocharged engines for improved fuel economy. Stringent norms such as Euro 6 emission standards have prompted European automakers to increasingly adopt advanced engine technologies including VVT and dual VVT systems. Additionally, presence of major automotive technology leaders are facilitating technology advancements and new product development activities. considerable research funding is boosting innovation. Substantial investments by industry giants to produce electric vehicles using innovative VVT systems will further aid regional market growth over coming years.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
Tags: Coherent Market Insights, Automotive VVT System, Automotive VVT System Market, Automotive VVT System Market Growth, Automotive VVT System Market Demand, Automotive VVT System Market Dynamics, Dual VVT, Single VVT, Continuously Variable Valve Timing
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