DUBLIN, Feb. 23, 2021 /PRNewswire/ -- The "Fluid Transfer System Market by Type (Brake, Fuel, AC, Air Suspension, DPF, SCR, Transmission Oil, Turbo Coolant, Engine & Battery Cooling, Air Brake), Material (Al, Rubber, Nylon, Steel, Stainless Steel), On & Off-Highway, EV and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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 major driving factors for the fluid transfer system industry are stringent emission norms, fuel efficiency regulations, growing demand for premium vehicles and increasing adoption of after-treatment devices in diesel engines around the globe. However, increasing sales of electric vehicles due to attractive government incentives are expected to impact ICE fluid transfer system market.
The automotive industry plays a crucial role in building the global economy. However, the COVID-19 outbreak disrupted the whole automotive supply chain on a global scale in the first 6-7 months of 2020. The pandemic presented an uncertain recovery timeline for the automotive industry due to lockdown implementation and shutdown of manufacturing facilities in various parts of the world.
The automotive industry faced four major challenges amid COVID-19 - limited supply of vehicle parts, drop in new vehicle sales, the shutdown of production facilities, and decline in working capital. As the fluid transfer system market is dependent on vehicle production, this market is expected to be impacted due to this outbreak. However, with growing normalcy and momentum in vehicle production, the fluid transfer system market is expected to pick up pace in the coming years.
Agricultural tractors are estimated to be the largest and fastest-growing market for the off-highway vehicle segment
The factors that drive the agricultural tractor market are increasing mechanization in the agriculture industry worldwide, lack of skilled farm labor, increasing labor cost, and the growing need for operational efficiency and profitability. Subsidies and other financial support provided by regional governments on purchase of farm equipment are also boosting the fluid transfer system market for agriculture tractors. Thus, considering the abovementioned factors, the agriculture tractor fluid transfer market is expected to grow significantly in the coming years.
Rubber is expected to be the largest material segment of the fluid transfer system market
Rubber hoses are the most commonly used types. Rubber hoses can be classified into two types, viz., synthetic rubber, and natural rubber. These are used for fuel lines, AC lines, Brake lines, turbo coolant hoses, and transmission cooling hoses. Natural rubber breaks down when exposed to oil, but synthetic rubber has much better chemical resistance, elasticity, resilience, which makes it a better alternative for natural rubber.
Rubber hoses are also being increasingly used in engine cooling hoses, mainly EPDM rubber. Properties of rubber such as hot and cold temperature sustainability, high tear strength, and most importantly, lower costs are the driving forces for the growth of the rubber market in the fluid transfer system material market.
Asia Pacific is expected to be the largest market for fluid transfer system
The upcoming emission norms in Asia Pacific are the biggest driving force for the growth of fluid transfer system market. For instance, China implemented 6a & 6b, India implemented BS VI in 2020. These norms will increase the adoption of DPF, SCR, air suspension and consequently, the market for fluid transfer system.
Also, the demand for premium vehicles is likely to increase, which is expected to further strengthen the growth of fluid transfer system applications such as front and rear air conditioning. Also, the growing sales of vehicles equipped with TGDI technology, particularly in China, is expected to drive turbo coolant lines market. Thus, considering the above-mentioned factors, Asia Pacific is expected to be the largest fluid transfer system market.
Increase in Stringency in Tailpipe Emission Limits
Updated Engine Technologies and Engine Downsizing
Stringent Emission Norms to Mandate Aftertreatment Devices
Increasing Vehicle Production
Growing Popularity of Electric Vehicles May Impact Ice Fluid Transfer System Market
Vehicle Electrification/Alternate Fuel Vehicles Anticipated to Create New Revenue Pockets
Increasing Demand for Lightweight Vehicle Parts
Demand for High Durability Products
Impact of COVID-19
Fluid Transfer System Market: Scenario Analysis
Most Likely/Realistic Scenario
High COVID-19 Impact Scenario
Low COVID-19 Impact Scenario
Value Chain Analysis
Supply Chain Analysis
Gates Introduces New Hydraulic and Innovative Hydraulic Hose for Fluid Power Applications
TI Fluid Systems Supplies Volkswagen Id.3 and Id.4 Battery Electric Vehicles with Industry-First Thermal Technology
TI Fluid Systems
Pirtek Fluid Transfer Solutions
Balcrank Corporation, Inc.
Sanoh Industrial Co., Ltd.
Macnaught Pty Ltd.
Calex Auto Pvt. Ltd.
Kros Otomotiv Sanayi Ve Tic A.S.
For more information about this report visit https://www.researchandmarkets.com/r/p3zlca
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