AIR INJECT CHECK VALVE MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics- Drivers

Strict regulatory policies by governments regarding carbon emission are expected to drive the growth of the global air inject check valve market during the forecast period     

The governments of many countries have imposed stringent regulatory policies on carbon emissions from vehicles. For instance, on 17 April 2019, the European Parliament and the Council, implemented a new regulation for passenger car and vans; Regulation (EU) 2019/631 replacing earlier (EC) 443/2009 (cars) and (EU) 510/2011 (vans) regulations. These regulations are effective from January 2020. According to these new regulations for vehicle manufacturing companies, carbon emission should be reduced from 120.4 g CO2/km (in previous law) to 95 g CO2/km (according to a new law). Furthermore, these rules are mandatory for all manufacturers based in Europe which accounted for 19% of the total cars manufactured across the globe in 2018.

Moreover, similar regulations are implemented in various countries across the world to reduce greenhouse gases produced by vehicles. Thus, strict regulatory policies regarding carbon emissions are expected to drive the growth of the global air injects check valve market during the forecast period.

Market Restraints

Careless attitude towards maintenance and repair services is expected to hamper the global air inject check valve market growth during the forecast period

Many car owners in emerging countries such as India, China, Brazil, and South Africa hesitate to invest in preventive maintenance owing to high cost. Majority of car owners get automobile components replaced and serviced under the warranty period. However, owners ignore investing in the post-warranty period. This is due to the careless attitude of the owner towards vehicle safety and more focus on saving money from preventive maintenance. According to Coherent Market Insights’ analysis, in 2018, around 63.7% of car owners in India switched from authorized service dealers to local repaired shops for maintenance and other service after warranty period.  Thus, careless attitude towards maintenance and repair services is expected to hamper the global air inject check valve market growth during the forecast period.

Market Opportunities

Increasing use of internet of things (IoT) technology in the automobile industry is expected to create lucrative growth opportunities for players operating in the global air inject check valve market.

Vehicle manufacturers are providing electronic control units (ECU) with high speed internet, and these systems are connected with cloud platform developed by the automobile manufacturer. When a vehicle suddenly fails to operate on road, this system directly informs the nearest authorized dealer about the failed part and other useful information about the car such as car model and manufacturing year among others. Thus, increasing use of internet of things (IoT) technology in the automobile industry is expected to create lucrative growth opportunities for players operating in the global air inject check valve market.