- 14 November 2019 23:20
Automotive Active Purge Pump Market Surpass Value USD 4.1 Billion by 2026
Automotive industry is experiencing significant developments due to the growing integration of advanced and innovative technologies in this sector. Moreover, to comply with the environment laws, developments are also seen in equipment that help in reducing less carbon emission with the introduction of evaporative emission control system. Automotive active purge pump is one such equipment that helps in reducing hydrocarbon evaporative emissions. This pump falls under the evaporative fuel processing system that was introduced via Continental AG. This is a novel groundbreaking solution helps meeting strict hydrocarbon evaporation rules and regulation across the globe. Significant rise in pollution generating from vehicles has further augmented growth of automotive active purge pump. Pertaining to all these factors, the demand in the global automotive active purge pump market is expected to rise in the coming years.
The global automotive active purge pump market is expected to grow at the CAGR of 67.3% during the forecast period 2019-2026 and is expected to reach over USD 4.1 Billion by 2026.
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As use of automotive active purge pump is of huge importance, it is necessary to have a clear understanding of the growth prospects in this market. To throw light on the key details relating to automotive active purge pump, Transparency Market Research has published on this market, in which all the growth factors, geographical growth, and competitive strategies are thoroughly discussed. Researches of the report have opined that the compound annual growth rate is expected to be 66%, which will be creating humongous opportunities in the global automotive active purge pump market over the forecast period between 2018 and 2026. Revenue generation is this market is expected to cross US$ 1 billion by the end of 2026 and is giving chances for players to maximize their profit margins.
An Oligopolistic Market Structure
With respect to market competition, currently the global automotive active purge pump market is showing oligopolistic characteristics, as the Continental AG introduced active purge pump in 2017. Presently, this market has two major players Agilent Technologies and Continental AG working on developing automotive active purge pump, thus creating a highly consolidated market structure. There are other players as well namely Denso Corporation and Robert Bosch GmbH planning to enter this market. However, in the coming years this market structure can be changed with different companies entering in the market. Additionally, Continental AG is engaged in further R&D activities in the area of evaporative fuel supply system, which is likely to augment sales of automotive active purge pumps in the near future. Development of next-gen active purge system along with expanding regional presence are other strategies of leading players that is supporting the growth in this market.
Strict Emission Standards in Developed Regions Considered as Prime Location for Market Expansion
According to the report, Europe is estimated to be the leading region for the growth in the global automotive active purge pump market. Rising concerns related to environment safety and strict emission standards in the region are considered as key reasons behind the growth of Europe automotive active purge pump market. As these regulations and consciousness among people is rising is projected to be highly beneficial for the growth of this market. Additionally, Europe being the major region of automotive manufacturers is also taken as a key region for the growth different automotive advancements and developments. Furthermore, growing demand for hybrid electric vehicles, mainly in France and Germany, are also projected to boost demand in the global automotive active purge pumps market over the projected tenure.
Manufacturers Focus on Integration of New Advancements & Algorithms to Improve Product Positioning
The leading players operating in the automotive active purge pump market space have been profiled in the automotive active purge pump market report, including Agilent Technologies and Continental AG. Moreover, potential manufacturers in the automotive active purge pump market, including Denso Corporation and Robert Bosch GmbH have also been profiled, wherein their strengths and weaknesses have been discussed in detail. Competition between manufacturers to offer 'better than the rest' products is likely to result into an inflow of new products with enhanced functionalities. Various advancements and algorithms being integrated with products by leading companies are likely to attract end-use interest in brand-specific products.
The global automotive active purge pump market is segmented on the basis of vehicle, material, sales channel and position.
The global Automotive Active Purge Pump market is segmented on the basis of material type, components, manufacturing process, vehicle types, sales channel and position. On the basis of vehicles types the market is segmented into Passenger Vehicle and Commercial Vehicle. On the basis of material type, the global automotive active purge pump market is segmented into Metal and Non Metal. On the basis of sales channel Automotive Active Purge Pump market is bifurcated into OEM, and Aftermarket. Based on component the market is segmented into DC motor, sensors, actuator, valves, and others.
Geographically, the automotive active purge pump market is segmented into Asia Pacific, North America, Europe, and Latin America & Middle East Africa (LAMEA).
North America automotive active purge pump market holds the major largest share in the global automotive active purge pump market owing to well developed automotive sectors, increasing demand for the commercial vehicles, and presence of leading players in the market. The manufacturing is considered as the largest industry in U.S. employing over 12 million workers over different states. In addition the overall manufacturing sector contributed around $2.18 trillion to U.S. economy in 2016. These all factors has led to the increasing in the production of the various automotive active purge pump. Additionally, availability of skilled workforce and favorable government policies are major factors supporting the growth of the market. Europe is a leading market for the automotive active purge pump market. The major market share is hold by the eastern European countries due to low labor cost and cheap raw material prices. A huge number of automotive industries are present in the Europe however, the minors requirement required for the vehicles are imported from Asian countries like China and India.
China dominates the Asia Pacific automotive active purge pump market owing to the presence of huge manufacturing companies. The major driving factor for the automotive active purge pump market in China is increasing demand for the various types of automotive active purge pump from the European countries. The factors favoring the market growth are cheap cost of raw materials, low labor cost, and presence of abundant raw material. Japan automotive active purge pump market is expecting the steady growth during the forecasted period. The major factors for the steady growth are the saturation in the automotive active purge pump market. Automobile industries in Japan is highly saturated which is the major reason the market is growing at a steady pace. South Korea is expected to have the similar scenario for the market as Japan. The manufacturing of the automobile vehicles in this region is decreasing from last 5 years. In last 5 years the automotive vehicles production is decreased by over 20% which is led to decrease in the demand for the automotive active purge pump in domestic market and ultimately steadying the growth of the market in South Korea.
India is expecting a healthy growth for the automotive active purge pump market during the forecasted period owing to the presence of huge number of OEM manufacturing and cheap cost of raw material. Well developed chemical industries, increasing government support and availability of skilled labor force have supported the growth of the market. In near future, the automotive active purge pump market in India is expecting stunning growth as many major automotive players are trying to enter in the market.
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Some of the major players analyzed and profiles in this market include Allied-Nippon Limited, Akebono Brake Company, Robert Bosch Gmbh, Hitachi Chemical Co. Ltd., and Nisshinbo Holdings Inc. Many players are engaged in new product launches to gain competitive edge and serve larger consumer base.