Press release
Fuel Cell Surge Tank Market Industry Share, and Regional Growth Analysis 2030
COVID-19 Impact on the Global Fuel Cell Surge Tank Market
COVID-19 has had a negative impact on the market's growth. In order to manage the spread of COVID-19 government-imposed lockdowns resulted in the halted manufacturing process and disrupted supply chains. This led to a lack of availability of raw materials to manufacture FCST, and a lack of demand from end-user industries resulted in ideal stock, which results in hampering the growth of the market amid the pandemic. However, the online platform played a crucial role in keeping the market's growth steady during the pandemic by enabling product providers to reach their customers online.
Scope of the Global Fuel Cell Surge Tank Market
The study categorizes the fuel cell surge tank market based on standard fittings, type, distribution channel at the regional and global levels.
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By Standard Fittings Outlook (Sales, USD Million, 2017-2030)
Pump Out -8AN Male
Return -6AN Male
Vent -8AN Male
By Type Outlook (Sales, USD Million, 2017-2030)
With Pump
Without Pump
By Distribution Channel Outlook (Sales, USD Million, 2017-2030)
Online Channel
Offline Channel
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By Region Outlook (Sales, USD Million, 2017-2030)
North America
US
Canada
Mexico
Europe
Germany
Italy
France
UK
Spain
Poland
Russia
Slovenia
Slovakia
the Netherlands
Belgium
Norway
Denmark
Czech Republic
Sweden
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Indonesia
Malaysia
Thailand
Vietnam
The Philippines
Singapore
Australia & New Zealand
Rest of Asia Pacific
South America
Brazil
Argentina
Colombia
Rest of South America
The Middle East & Africa
Saudi Arabia
UAE
South Africa
Northern Africa
Rest of MEA
Online segment is projected to account for the largest market share by Distribution Channel
Based on distribution channel, online channel accounts for the major market share in 2021 due to COVID-19 and global lockdown, retailers, suppliers, and others adopted online platforms. The online channels enable product suppliers to reach more customers, showcase their digital shelf, and lure customers with discounts and rewards. Such factors propel the segment's growth in forthcoming years. In addition, the surging e-commerce industry creates lucrative opportunities for product suppliers to embark on their online presence.
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Asia Pacific accounts for the highest CAGR during the forecast period
On a regional basis, North America accounts for the major market share in 2021. However, the Asia Pacific is estimated to witness the highest CAGR during the forecast period. The emerging and evolving automotive industry will pave the way for the market's growth in the forthcoming years. For instance, according to the India Brand Equity Foundation, the sales of passenger vehicles have increased from 3.08 million units (26.6%) to 2.43 million units in 2020. The total count of commercial cars sold was 677,119, up 34% from 505,102 in 2019. Hence, the growing automotive industry will create lucrative opportunities for the market's growth in the forthcoming years.
Global Fuel Cell Surge Tank Market Players
The fuel cell surge tank market has high competitive rivalry due to the presence of various well-established market players, such as:
Fuel Safe Systems
PremierAutoTrade
Radium Engineering LLC
Nuke Performance
Aftermarket Industries
Taizhou Yibai Auto Parts Industry Co., Ltd
Others
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