The fluid transfer system market is projected to grow from USD 19.1 billion to USD 25.0 billion in 2027, at a CAGR of 5.6% during the forecast period. The demand for fluid transfer system is primarily driven by the increasing vehicle production globally, the rise in the electrification of automobiles, the use of advanced aftertreatment devices in off-highway vehicles, and growing demand for premium vehicles.
It is predicted that the rising popularity of electric vehicles would have a positive impact on the fluid transfer system market. The focus on electric and hybrid vehicles has intensified in response to the new and impending pollution limits and increasing fuel-economy standards, which is anticipated to have a substantial impact on the global fluid transfer system market. For instance, PHEVs are high-end vehicles that cost a lot of money and come with the most cutting-edge technology. PHEVs use a variety of lines, including those for air suspension, brakes, and engine cooling. Thus, with growth of such electric vehicles, the fluid transfer system market may witness a landscape change in the coming years.
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Due to the implementation of stringent emission norms, adoption of aftertreatment devices, such as DPF and SCR, has increased significantly. DPF lines have witnessed a significant growth in recent years; however, SCR lines are expected to grow in the coming years. 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. Diesel is very prevalent in heavy vehicles like trucks and buses. The major factors driving the growth of truck production are increasing industrialization, growing logistics activities, and expanding the e-commerce industry. Trucks face increasingly stringent emission regulations which has propelled the truck manufacturers to install advanced aftertreatment devices like DPF and SCR to abide by emission standards. This has created opportunity for the growth of fluid transfer system like DPF and SCR lines. Thus, in the coming years, after-treatment line manufacturers can tap these unexplored opportunities to increase their market share.
Passenger cars are expected to have the largest market share in on-highway vehicle type segment for fluid transfer system. Passenger Cars holds the largest share in overall vehicle production and the demand is growing in developing countries, which increases the demand for brake lines, AC lines, fuel lines and others. Also, the demand for the mid and premium range SUVs is rising globally. The SUVs have powerful engines and are installed with advanced comfort features. This boosts the demand for engine and transmission cooling lines. Also, in full size SUVs, the 3rd row seats are provided with AC vents to increase the comfort experience of passengers. This requires an extra AC line fitment, thus adds to the growth of the AC lines. Furthermore, with the reduction in emission limits, the shift for gasoline and electric passenger cars has grown globally. For instance, according to ACEA, in 2021, nearly 40% of new cars registered in European Union were petrol powered. Thus, for better mileage and power, the implementation of turbocharged engines in gasoline vehicles has gone up which has created growth opportunity for turbo cooling lines in the passenger cars. Thus, the above mentioned growth factors assist passenger cars to be a strong potential market for the growth of fluid transfer system.
Asia Pacific is the largest fluid transfer system market in the coming years. Stringency in emission standards is the primary factors expected to drive fluid transfer system market. For instance, China implemented China 6a in January 2021 & plans to implement China 6b by 2023, In 2020, India adopted BS VI. The market in the region is also anticipated to significantly benefit from the strong ongoing use of TGDI technology in major automotive markets, such as China. Due to the increasing vehicle production in countries like China, India, and Japan with cutting-edge technology, the fluid transfer system market is predicted to grow during the forecast period.
The fluid transfer system market is indeed predicted to grow during the forecast period due to rising sales of electric vehicles as a result of stringent emission regulations and the trend toward lightweight automobiles. DPF and SCR line usage, especially in disesl vehicles, is expected to grow in tandem with the adoption of after-treatment devices. More prospects for fluid transfer system manufacturers are envisioned as fluid transfer system materials continue to evolve for better performance.
Key Market Players:
The fluid transfer system market is dominated by global players and comprises several regional players. The key players in the fluid transfer system market are Cooper Standard (US), Kongsberg Automotive (Switzerland), TI fluid systems (UK), Continental AG (Germany), Akwel (France), Gates Corporation (US), Hutchinson (France), Lander Automotive (UK), Tristone (Germany), and Castello Italia (Italy).
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