Automotive Active Purge Pump Market Value Will Exhibit a Nominal Uptick in 2020 as Corona Virus Outbreak Prevails as a Global Pandemic, Says FMI in a Revised Report
Sales of automotive active purge pump is likely to set to witness a quantum leap at a CAGR of over 63% through 2026, as per the latest research study by FMI. Automotive active purge pump sales will continue to be highly influenced by the emission-related norms and race among automakers across the globe to comply with the same.
According to the FMI report, rising cognizance of emission control and scramble for fuel efficiency among motorists are likely to spur revenue growth of automotive active purge pump market. Poor air quality on account of fossil fuel combustion remains a chief concern across urban cities, triggering demand for installation of automotive active purge pumps for effective emission control.
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Prominent organizations, such as WHO, state that urban air pollution remains a pressing issue and effective emission control can help in tackling the aforementioned. This, in turn, is likely to result in intensified demand for effective automotive equipment for emission control, including automotive active purge pumps, unveils the FMI study.
“Rising governmental intervention for effective emission control and growing number of initiatives for curbing vehicular emissions are likely to create untapped potential for growth of automotive active purge pump market. Opportunities are imminent for the manufacturers in automotive active purge pumps market with the growing proliferation of hybrid vehicles” finds the FMI analysis.
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Non-Metal Automotive Active Purge Pumps to Outsell Metal Variants
As per the report, automakers continue to show noticeable preferences for non-metal automotive active purge pumps over the metal variants. The high demand for non-metal automotive active purge pumps can be ascribed to cost-effectiveness and easy availability, unlike the metal automotive active purge pumps. Pervasive trend of ‘light-weighting’ in the automotive space is creating a massive shift toward non-metal components over metallic ones, which is another chief aspect boosting demand for non-metal automotive active purge pumps among end-users.
Demand for effective automotive active purge pumps via aftermarket is likely to witness sheer proliferation during the assessment timeperiod, finds the FMI analysis. The emergence of novel technologies and subsequent shifts in customer demands are stimulating the aftermarket players to undergo a ‘self-analysis’ of their foothold in the fast-changing automotive ecosystem. Rising awareness of emission-control and its importance is boosting automotive active purge pump sales in aftermarket, as the existing vehicles are being equipped with these pumps for better compliance with hydrocarbon emission regulations.
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Asia Pacific to Emerge as a Potential Market with the Regional ‘Makeover-Ready’ Automotive Industry
According to the FMI report, Europe remained lucrative market vis-à-vis automotive active purge pump sales during the assessment period. However, Asia Pacific is likely to emerge as another lucrative region, with a booming automotive industry going through significant ‘makeovers’ to be compliant-ready vis-à-vis emission control. Moreover, adoption of technologies across both of these regions and burgeoning vehicle production are some of the broad factors contributing to the regional market growth.
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, says the FMI report.
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