Summary

The automotive variable valve timing market was valued at USD 60 billion in 2020, and it is expected to reach USD 87 billion by 2026, registering a CAGR of above 7% during the forecast period (2021-2026).

The COVID-19 pandemic impact in the automotive sector led to the shutting down of assembly plants, manufacturing interruptions, and ceased export of Chinese components in the face of the lockdown situation across the world. This resulted in a significant drop in vehicle sales in early 2020, fueled by oil price fluctuations and economic slowdown in various regions.

The key factors that drive the market for VVT and start-stop systems are the demand for improving fuel efficiency and performance, stringent emission norms, and the increasing hybridization of vehicles. The fuel economy is achieved by the reduction of charge cycle work, optimization of the burning process, and the reduction of friction.

The market is further driven by an increase in sales of special utility vehicles and crossover models, especially in the passenger cars segment. Regulatory bodies are enacting stringent rules for the emission of harmful gases from vehicles to curb such situations. An automotive variable valve timing system reduces the overall carbon emission from a vehicle. This sequentially, anticipated to boost the market growth during the forecast period.

The Asia-Pacific region is anticipated to hold a considerable market value share and is expected to exhibit substantial growth, followed by Europe and North America over the forecast period. Rapid growth in the sale of passenger vehicles is one of the prime factors that boost the market growth in these regions.

Key Market Trends

Increasing Adoption of Electric Vehicles to Act as a Restraint

The demand for electric vehicles across the world is increasing with the growing awareness of consumers toward the environment. Moreover, growing government regulations and investments to drive the market for electric vehicles are impacting internal combustion engines adoption in vehicles.

In addition, the growing sensitivity of various governments toward a cleaner environment increases the demand for zero-emission vehicles during the forecast period. Developed nations such as the United States, Germany, and the United Kingdom are actively promoting the use of electric vehicles to reduce emissions, which has resulted in the growth of electric vehicle sales. For instance,

- The Norwegian government provides an exemption of road tax, no import and export tax, exemption from 25% VAT for electric vehicles adopters, and others. The government aims at 100% EVs on roads by 2025.

Apart from these factors, the maintenance cost of internal combustion engines is also a reason why people are switching to electric vehicles. Thus, the growing demand for electric vehicles is expected to hamper the growth of the automotive variable valve timing market during the forecast period.

Asia-Pacific is Expected to be the Fastest Growing Region

Asia-Pacific accounts for almost 60% of the world’s population, and hence, the demand for vehicles is expected to be the highest in the region for the forecast period. Growing consumer interest toward advanced technologies in vehicles and increasing sales of passenger and commercial vehicles in the region are expected to drive demand in the market.

The players in the region are investing heavily in research and development to provide OEMs with products that enhance the engine performance and increase the fuel efficiency of the engine. For instance,

- In July 2019, Hyundai Motor Group announced the development of the world’s first Continuously Variable Valve Duration (CVVD) technology which will feature in future Hyundai and Kia vehicles.

Furthermore, rising prices of gasoline and petrol are expected to evoke demand for fuel-efficient engines, thereby propelling the growth of VVT systems. With a considerable expectation of sales during the forecast period in the region, it is expected that people will prefer cars with advanced technology due to the presence of major developing countries, like India and China.

Competitive Landscape

The automotive variable valve timing system ( VVT) market is dominated by few major players operating in the market. The majority of the share is occupied by them due to the expensive and complicated manufacturing process of VVT systems. Major market players are focusing on adopting various growth strategies to develop their businesses. For instance,

- In March 2021, Eaton Corporation announced that its Vehicle Group had introduced its next-generation sodium-filled hollow-head valves, which improve fuel economy, reduce emissions, and increase performance in gas-powered engines. The valves feature a unique design that lowers the cylinder chamber temperature while mitigating engine knock.
- In January 2019, Honda patented variable valve timing technology. In this variable valve timing system, each cylinder is equipped with four valves, which, in turn, received two dedicated lobes on the cam each.

In addition, they also emphasize R&D to improve the efficiency and functionality of the VVT systems. Some of the prominent companies in the market are Denso, Schaeffler, Delphi, Hitachi, and other companies.

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Table of Contents

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 Phaser Type
5.1.1 Hydraulic Cam Phaser
5.1.2 Electric Cam Phaser
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Reat of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 United Arab Emirates
5.3.4.4 Other Countries

6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Denso Corporation
6.2.2 Schaeffler AG
6.2.3 Delphi Technologies
6.2.4 Hitachi Automotive
6.2.5 Valeo
6.2.6 Eaton Corporation
6.2.7 Borgwarner Inc.
6.2.8 Aisin Seiki Co. Ltd
6.2.9 Robert Bosch GmbH

7 MARKET OPPORTUNITIES AND FUTURE TRENDS**