The Fluid Transfer System Market is projected to grow to USD 24.7 billion by 2025 from USD 17.8 billion in 2020, at a CAGR of 6.7% during the forecast period. The demand for fluid transfer system is primarly driven by stringent emission norms, coupled with increasing adoption of SCR, turbochargers and growing demand for premium vehicles.
The fluid transfer system industry is expected to be positively impacted by growing popularity of electric vehicles. The decreased emission limits and increased fuel efficiency requirements have increased the focus on electric & hybrid vehicles, which, in turn, is expected to have a significant impact on the global fluid transfer system market. For instance, PHEVs are premium vehicles equipped with the most high-end features available and are high on cost. PHEVs employ lines such as battery cooling lines, engine cooling lines, brake lines, air suspension lines etc. Thus, with growth of such electric vehicles, the fluid transfer system market may witness a landscape change in the coming years.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=163311077
Due to the implementation of stringent emission norms, adoption of aftertreatment devices, such as SCR and DPF, has increased significantly. DPF lines have witnessed the asignificant growth in recent years; however, SCR lines are expected to grow at a fastest rate in the coming years. This is due to the ban on diesel vehicles in various countries. Also, SCR technology offers benefits, including more enhanced NOx reduction than LNT by nearly 90%, and hence, it is mostly preferred in diesel vehicles across the globe. Thus, in the coming years, after-treatment lines manufacturers can tap these unexplored opportunities to increase their market share.
Passsenger cars is expecte to register the fastest growth in vehicle type segment. This is mainy attributed to implementation of technologies such as TGDI, automatic transmission, after-treatment devices, PC fluid transfer system is expected to witness a boost. Also, growing sales of premium cars in countries such as China is expected to create opportunities for fluid transfer system lines manufacturers such as front & rear AC lines.
Asia Pacific is the largest fluid transfer syetm market in the coming years. Stringency in emission standards is the primary factors expected to drive fluid transfer system market. For instance, China implemented 6a & 6b, India implemented BS VI in 2020. Also, strong growing adoption of TGDI technology in major automotive market, such as China is expectd to strongly boost the market in the region. Considering the increasing vehicle production in countries such as China, India, Japan with advanced technologies is expectd to propel fluid transfer system market.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=163311077
Thus, growing sales of electric vehicles due to the stringent emission limits and light-weighting trend, fluid transfer system market is expected to grow in the forecast period. The growing adoption of after-treatment devices is expected to drive adoption of SCR and DPF lines, especially in passenger cars. Additionally, growing advancements in fluid transfer system materials for better performance is expected to create opportunities for fluid transfer system manufacturers.
Key Market Players:
The fluid transfer system market is dominated by global players and comprises several regional players as well. The key players in the fluid transfer system market are Cooper Standard (US), Kongsberg (Switzerland), TI fluid systems (UK), Contitech (Germany), Akwel (France), Hutchinson (France), Lander automotive (UK), Tristone (Germany), Castello Italia (Italy), and Gates (US).
Due to COVID-19, most of the countries followed a complete lockdown of more than two months, which, in turn, has impacted vehicle production. Manufacturing units around the world have been shut down, thereby sales of vehicles have dropped, thus impacting production on a global scale. Although some OEMs have resumed production, the fluid transfer system market may witness significant decline in 2020. Though the COVID-19 pandemic disrupted the ICE vehicle production, various automakers are still focusing on developments in various fluid transfer system systems. Also, considering the normalcy in the global automotive industry, various collaborations/supply contracts have taken place, thereby indicating a positive sign for the fluid transfer system market in the coming years.
Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=163311077
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States