Chicago, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Fluid Transfer System Market size is estimated to grow from USD 19.1 billion in 2022 to reach USD 25.0 billion by 2027, at a CAGR of 5.6% over the forecast period, according to a new report by MarketsandMarkets™.
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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.
The need for a superior cabin comfort experience influences the demand for AC lines during the forecast period.
An increase in superior cabin comfort experience has propelled the growth of the AC lines market ever-increasing. Air conditioning has become a common system found in almost every passenger car worldwide. The rising demand for mid- & full-size SUVs and luxury vehicles with enhanced cabin comfort will drive the AC market mainly for the rear compartment and 2nd & 3rd row in case of SUVs. Furthermore, there is an increasing push from regional bodies to mandate cabin air conditioning in heavy commercial vehicles. For example, the European Commission mandated the use of cabin AC in all commercial trucks, and the Indian government has proposed to mandated the fitment of air conditioning in HCVs. However, these are yet to be fully realized. Thus, there is tough competition between automakers to provide enhanced comfort. This competition has increased pressure on OEMs to deliver technologically advanced automotive air conditioning systems. These factors are expected to drive the AC market and, in turn, propel the AC lines market during the forecast period.
The passenger cars segment is predicted to be the largest-growing segment for fluid transfer systems during the forecast period
The passenger car segment is predicted to hold the largest Fluid Transfer System Market share during the forecast period. The growing demand for passenger cars equipped with advanced engine technologies for increasing efficiency like the TGDI technology is expected to significantly drive the sales of passenger car turbo coolant lines. Furthermore, the demand for mid and full-sized SUVs with separate rear air conditioning and the growing installation rate of air brakes and air suspension, especially in premium-end vehicles for better comfort and luxury, will boost the fluid transfer market during the forecast period.
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The Asia Pacific would be the largest-growing Fluid Transfer System Market from 2022 to 2027
The Asia Pacific is estimated to be the largest growing market for fluid transfer systems from 2022 to 2027, as the upcoming emission norms in the Asia Pacific are among the major driving factors influencing the Fluid Transfer System Market. For instance, China implemented China 6a in January 2021 & plans to implement the 6b in 2023. Similarly, India implemented BS VI norms in 2020. At the same time, the demand for luxury cars has been increasing considerably. The increase in demand for vehicles, especially premium passenger cars, especially SUVs, has accentuated the need for cabin comfort and luxury and enhanced the demand for better air conditioning systems and suspension technologies. For instance, in China, the growing popularity of premium vehicles is attracting huge investments from domestic and foreign companies. Premium brands such as Mercedes-Benz and Audi have recorded growing demand. Japan and South Korea have a significant share of fluid transfer system devices in passenger cars due to the high market share of D, E, and F-segment cars that require air suspension technologies and turbochargers. The large production of SUVs in the Asia Pacific offers tremendous growth opportunities for regional and foreign OEMs to come up with the latest and advanced models to fulfill the regional demand of customers. Also, the OEMs are also shifting focus on direct injection engines for gasoline cars (TGDI) to meet the upcoming emission norms. This trend is expected to grow rapidly during the forecast period. Thus, the region’s market for fluid transfer systems is expected to grow significantly in the coming years.
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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