Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
An air inject check valve is a device that is used to prevent the exhaust air from entering the engine. The air inject check valve is positioned near the exhaust manifold in such a way that it allows exhaust gases to escape from engine and prevent those gases from entering the system. Furthermore, the air inject check valve helps the engine to maintain air-fuel ratio by maintaining contamination-free air in the engine. Therefore, damaged air injects check valve can cause damage to the efficiency of an engine. To maintain the performance of the engine at a certain level automobile manufacturers suggest replacing or repairing air inject check valve after engine check signal. Repairing or replacing depends upon the carbon saturation in the air inject check valve. On the basis of type, the global air inject check valve market is segmented into OEM market and aftermarket.
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 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.
APAC region held a dominant position in the global air inject check valve market in 2019, accounting for 47.0% share in terms of value, followed by Europe, North America, Latin America and MEA respectively.
Figure 1: Global Air Inject Check Valve Market Share (%), By Region, 2019
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.
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.
Figure 2: Global Air Inject Check Valve Market Value (US$ Bn), 2019
The global air inject check valve market was valued at US$ 39.23 Bn in 2019 and is forecast to reach a value of US$ 54.1 Bn by 2027 at a CAGR of 4.1 % between 2020 and 2027.
Key companies operating in the global air inject check valve market are ACDelco (General Motors Company), Auto Parts Warehouse, Dorman Products (Ford Motor Company), Motorcraft, 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.
These key market players are focusing on strategic expansions to meet the increasing consumer demand.
- Key companies in the market are focused on expansion strategies in order to gain a competitive edge in the market. For instance, in August 2019, General Motors Company opened a new ACDelco and GM Genuine Parts processing center in Flint, Michigan, U.S. Through this store, the company is expected to increase the company’s sales and services of GM genuine parts.
- In April 2018, Dorman Products, a subsidiary of U.S. based Ford Motor Company, opened a new warehouse and service center in Portland, U.S. The company invested the US$ 55 billion in the 815,000 square foot facility. Through this facility the company is able to provide quick service in the market.