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Automotive Fuel Tank Ventilation System Market: Upcoming Demands & Growth Analysis
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The global automotive fuel tank ventilation system market is expected to undergo positive growth over the forecast period. Innovation and development of novel products such as electronic fuel tank venting system, which has capabilities to be deployed in any vehicle, be it economic cars, luxury and sports model, LCV or HCV, are expected to bolster the market growth. The advanced electronic fuel tank ventilation system uses software to control its operation.
Global automotive fuel tank ventilation system market is expected to witness healthy growth over the span of next 10 years, owing to the positive macro-economic environment. Automotive industry performed well in the recent past and decent growth is expected during the upcoming years. With the increasing focus of automotive regulatory authorities on weight reduction and fuel efficiency, the market for automotive fuel tank ventilation system is expected to be driven by major OEMs investing in research and development of advanced products. Furthermore, steady increase in vehicle sales in developed and developing nations is expected to supplement sales of automotive fuel tank ventilation system. On the other hand, owing to the highly fragmented nature of the market, there exists intense price pressure on the supply side, which is furthermore affected by availability of counterfeit products in the market.
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By region, Asia Pacific is expected to be the major market for automotive fuel tank ventilation system in terms of demand. Asia Pacific also holds a noteworthy position in the global market in terms of vehicle production; China, India and Japan are expected to remain key contributors to the growth of the market over the forecast period. ASEAN countries and South Korea are expected to be the next major markets for automotive fuel tank ventilation system market. Followed by Asia Pacific, Europe is expected to be the next big market for the automotive fuel tank ventilation system over the forecast period. In North America, the U.S. is expected to dominate the automotive fuel tank ventilation system market, followed by Canada. In terms of aftermarket sales, Asia Pacific is expected to hold significant position in the global automotive fuel tank ventilation system market throughout projection span.
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