What is the COVID-19 impact on the fluid transfer system market?

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 driven by the implementation of stringent emission norms around the globe, growing demand for luxury vehicle models, increasing adoption rate of after-treatment devices in diesel engines.

View Detail TOC @ https://www.marketsandmarkets.com/Market-Reports/fluid-transfer-system-market-163311077.html

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.

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).

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=163311077

Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: newsletter@marketsandmarkets.com
Phone: 18886006441
Address: 630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth emerging opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of globalFortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. MarketsandMarkets's™ flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.