With the availability of advanced materials and ultramodern technology in the automotive sector, the average age of the vehicle has increased significantly. With the increase in the age of vehicles, automotive oil pressure control valves have become more prone to wear and tear, which had surged the need for replacements, consequently, spiking demand for the same.
China, India, Brazil, Mexico, Indonesia, among others have been identified as the most remunerative markets. Opportunities prevailing in the market can be attributed to the lower capital and cheap labor cost. Therefore, established manufacturers are focusing on transferring their production facilities to the aforementioned progressive markets.
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Rising purchasing power and increased disposable income in developing countries are likely to surge sales of automotive in the region, thereby, spiking the demand for automotive oil pressure control valves considerably. In 2017, Audi AG, an eminent entity in the automobile sector, began the production Audi Q5 in San Jose Chiapa, Mexico. The initiative presented various opportunities for expansion to the automotive oil pressure control valve in the market.
How is the Rising Production of Commercial Vehicle Boosting the Market?
The increasing demand for fuel-efficient and lightweight vehicle components and the growing production of commercial vehicles across the globe is expected to be the key factor propelling the demand for automotive oil pressure control valves. Besides, governments across various countries have implemented various regulations that support the growth of commercial vehicles, thereby, surging demand for automotive oil pressure control valve control.
How is Increasing Popularity of EVs Impeding the Market Growth?
The growing popularity of EVs has hampered the market significantly since electronic vehicles do not require automotive oil pressure control valves, limiting the market growth. Countries across the globe are encouraging manufacturers to switch to EVs owing to the rising environmental concerns, thereby, reducing demand for automotive oil pressure control valves.
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How do Favorable Initiatives by the Government of India Promote Market Growth?
As per the analysis, the market in India is anticipated to expand at a CAGR of 2% during the assessment period. In order to support the expansion of the automobile market, the Ministry of Finance announced a deduction of corporate tax in 2019. The initiative is likely to attract FDIs in the country’s manufacturing sector, which is projected to develop the automotive market, as a result, boosting the production of automotive oil pressure control valves.
Key Segments Profiled in the Global Automotive Oil Pressure Control Valve Market
Valve Type:
- Solenoid Oil Pressure Control Valve
- Conventional Oil Pressure Control Valve
Vehicle Type:
- Automotive Oil Pressure Control Valve for Passenger Vehicles
- Automotive Oil Pressure Control Valve for Heavy Commercial Vehicle
- Automotive Oil Pressure Control Valve for Light Commercial Vehicle
Sales Channel:
- Aftermarket Sales of Automotive Oil Pressure Control Valves
- Sales of Automotive Oil Pressure Control Valves via Original Equipment Manufacturer (OEM)
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East and Africa
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Market Competition
Key players of the global automotive oil pressure control valve market include Danfoss Group, Mitsubishi Electric Corporation, Parker Hannifin Corporation, Burkert Corporation, Rotex Automation, and SMC Corporation of America.
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