Air Inject Check Valve Market to exhibit a CAGR of 4.1% by 2027

The Global Air Inject Check Valve Market, By Application (Passenger Vehicles and Commercial Vehicles), By Service Provider (Authorized Service Dealer and Local Service Provider), By Market Type (OEM Market and Aftermarket) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 54.1 billion by 2027, exhibiting a CAGR of 4.1% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.

Market Definition

The air inject check valve allows exhaust gases to exit through the exhaust system but prevents the same gases from entering the engine components. It is essentially a one-way control valve. If it fails to do its job and lets exhaust gases back into the engine system, it can damage the vehicle and reduce engine efficiency. When it does fail due to damage over time, it is very necessary that it should be replaced immediately to prevent further damage of the engine and its component.

The global air inject check valve market was valued at US$ 39.23 Bn in 2019 and is expected to exhibit a CAGR of 4.1% during the forecast period (2020-2027).

Market Driver

The increasing adoption of IC engine vehicles equipped with electronic sensors to monitor the engine and vehicle performance is expected to propel the global air inject check valve market growth during the forecast period.

New engine vehicle manufactures are equipping vehicles with various sensors such as exhaust gas monitoring sensors, engine oxygen level sensors, engine temperature sensors, and many others. These sensors are coupled with electronic control unit (ECU) to monitor the vehicle’s performance. Moreover, these sensor provide information to the vehicle owner when it detects faults in the vehicle components such as malfunction of the air inject check valve. Small components such as an air inject check valve can get neglected by the user however the use of ECU will help to detect the faulty component at the early stage by signaling the vehicle owner about small components and help the user to maintain the vehicle at its best performance. Thus, the increasing adoption of IC engine vehicles equipped with electronic sensors to monitor the engine and vehicle performance is expected to propel the global air inject check valve market growth during the forecast period.

Market Opportunity

The growing demand for hybrid vehicles in the global market is expected to create lucrative growth opportunities for players operating in the global air inject check valve market.

A hybrid vehicle uses an IC engine to charge the battery which helps to drive the vehicle when it fails to operate due to lack of fuel. The recent past has witnessed significant growth in the production of hybrid vehicles owing to rising fuel prices and strict emission policies. This new shift in the automobile industry will provide lucrative growth opportunities to the key players in the market. According to Coherent Market Insights analysis, the global hybrid vehicle market expected to register a growth rate of 9.20% between 2017 and 2025.

Market Restraints

The increasing demand for electric vehicles in the automobile industry is expected to restrain growth of the global air inject check valve market during the forecast period.

Demand for electric vehicles is increasing rapidly in the automobile industry owing to government policies to increase the use of electric vehicles as they emit less greenhouse gases in the environment. To increase the adoption of electric vehicles government bodies are providing incentives such as tax reduction, free parking sport, and others to electric car owners. For instance, according to the Coherent Market Insights analysis, in 2018, among the total number of cars purchased in Norway, 29.5% of the cars were electric. Norway strongly incentivizes purchasing electric cars. Furthermore, there are no registration fees for electric cars and no sales tax for electric car companies. As a result, the electric car market is increasing subsequently and hampering the growth of the IC engine car market and air inject check valve market. For instance, according to Coherent Market Insights analysis, in 2018, China registered a 4% drop in its aftermarket vehicle component manufacturing compared to the previous year. Thus, the increasing use of an electric cars that do not require air inject check valves for its operation is expected to hamper the growth of the global air inject check valve market.

Competitive Section

Key players operating in the global air inject check valve market are ACDelco (General Motors Company), Auto Parts Warehouse., Dorman Products, Motorcraft (Ford Motor Company), JC Whitney, Advance Auto Parts, Tomco, AutoTrust Platinum, Pierburg (Rheinmetall Automotive AG), Acura (Honda Motor Company, Ltd.), Smart Parts Online Pvt. Ltd., AutoKartz Internet (P) Ltd., Catalyst Retail Pvt. Ltd. and others.

Key Developments

Key companies in the market are focusing on strategies such as a partnerships in order to increase their consumer base. For instance, in October 2018, Advance Auto Parts entered a strategic partnership with Walmart Inc., a U.S. based retail corporation. Through this partnership, Advance Auto Parts will be selling automobile parts on Walmart.com.

Segmentation

Market Taxonomy: