Fluid Transfer System Market To Grow USD 28800 Million By 2028 With A CAGR of 5.9% | Valuates Reports
BANGALORE, India, Dec. 1, 2022 /PRNewswire/ -- The Global Fluid Transfer System Market is Segmented by Type (Rubber, Nylon, Steel, Stainless Steel), by Application (Buses, Passenger Car, Trucks): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Energy & Utilities Category.
Due to the COVID-19 pandemic, the global Fluid Transfer System market size is estimated to be worth USD 20460 Million in 2022 and is forecast to a readjusted size of USD 28800 Million by 2028 with a CAGR of 5.9% during the review period.
Major Factors Driving the Growth of the Fluid Transfer System Market:
Due to growth-promoting factors such as modernized engine technology, engine downsizing, strict pollution regulations that require after-treatment devices, and increased demand for luxury automobiles, the fluid transfer system market will expand.
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TRENDS INFLUENCING THE GROWTH OF THE FLUID TRANSFER SYSTEM MARKET:
Larger engines have been replaced by smaller, equally, or even more powerful ones as a result of the car industry's growing emphasis on fuel efficiency and implementation of strict pollution standards. Through the use of variable valve timing (VVT), direct fuel injection, and sophisticated exhaust gas recirculation, engine downsizing improves performance (EGR). Therefore, a small, light and highly sophisticated fluid transfer system is needed for thermal management in the updated and smaller engines. Compact engines, therefore, demand more air and fluid processing. During the forecast period, this will contribute to the increasing growth of the fluid transfer system market.
The car sector has adopted the popular trend of light weighting. Increased use of lightweight materials helps improve fuel efficiency and lowers the cost of operating a vehicle by reducing overall vehicle weight. This factor is expected to further drive the growth of the Fluid Transfer System market. Manufacturers of automobiles and their parts look for novel ways to lighten their products by utilizing materials like aluminum. Furthermore, implementing a new production method is probably going to produce the intended outcomes. For instance, instead of using traditional stamping to create steel components and assemblies, hot stamping or hydroforming techniques can be employed. This process aids in producing lightweight items with comparable or higher strengths.
Additionally, during the projection period, fluid transfer system manufacturing is anticipated to provide Fluid Transfer System market players with lucrative growth prospects due to the use of lightweight materials including plastics, aluminum, and advanced high-strength steel (HSS). As a result, the need for lightweight materials would present a chance for the development of lighter and more effective fluid transfer system components, which would have an impact throughout the course of the projected period.
The global demand for BEVs is increasing quickly as a result of the tightening of emission standards for ICE vehicles. Additionally, since BEVs produce no emissions, they do not require SCR and DPF lines. Due to the lack of an ICE, turbochargers cannot be employed, which also negates the necessity for the turbo coolant lines found in conventional automobiles. BEVs, therefore, have a brake, AC, and suspension lines. Additionally, BEV sales have increased dramatically and are anticipated to increase greatly in the next few years as a result of the alluring government programs. This in turn will fuel the growth of the fluid transfer system market.
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FLUID TRANSFER SYSTEM MARKET SHARE:
Due to the implementation and adoption of current and forthcoming strict emission requirements, Asia Pacific is predicted to be the largest market over the projection period. OEMs have been forced to employ cutting-edge engine technologies as a result. Additionally, the growing installation rate of air brakes and air suspension, particularly in high-end vehicles for better comfort and luxury, and the demand for mid- and full-sized SUVs with separate rear air conditioning will draw the attention of the global tier-1 supplier to new focus segments.
Additionally anticipated market drivers include increased government initiatives to support contract farming, loan waivers, and farm mechanization. Therefore, Asia is anticipated to have the largest fluid transfer system market share during the forecast period as a result of the region's impressive growth in the automotive industry.
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Key Companies:
- Cooper Standard
- Kongsberg
- ContiTech
- Akwel
- Hutchinson
- Lander automotive
- Tristone
- Castello Italia
- Gates
- TI fluid systems
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