June 11, 2020
As per the report titled ‘Global Fluid Transfer System Market Size study, by Type (Air Suspension Line, Fuel lines, Brake lines, AC lines, Diesel Particulate Filter line, Selective Catalytic Reduction (SCR) Lines, Transmission Oil Cooling Lines and Turbo Coolant Lines), by Material (Nylon, Stainless Steel, Aluminum, Steel, Rubber and Others ), by Vehicle type (Passenger car and commercial vehicle), by Electric & Hybrid Vehicle (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) and Plug-In Hybrid Electric Vehicle (PHEV)), by Off-Highway Vehicle (Agriculture Tractors, Construction Equipment and Mining Equipment) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global fluid transfer system market was worth USD 16.39 billion in 2018 and is projected to record a y-o-y growth rate of 6.8% over 2019-2026.
For those uninitiated, a fluid transfer system includes pipes, hoses, valves, and accessory loading equipment used for transferring fluids particularly oil or fuel in a vehicle. These systems can be integrated into machines or operated independently, and find application in automobiles for fuel injection, engine cooling, air conditioning, and in hoses & valves for directing or controlling the flow. Hence, surging product adoption in manufacturing, shipping, aerospace, and automotive industries will continue to fuel the product demand in the ensuing years.
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Increase in vehicle production across the globe is fueling the growth of global fluid transfer system market. For instance, as per the International Organization of Motor Vehicle Manufacturer (OICA), 73.45 million passenger cars were manufactured in 2017 as compared to 72.10 million units in 2016. Whereas, the number of commercial vehicles worldwide increased from 22.87 million units in 2016 to 23.84 million units in 2017.
On the contrary, lower replacement rate of fluid transfer system may negatively impact the industry growth over the forecast period, claims the study.
As per the regional analysis, global fluid transfer system market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Asia Pacific fluid transfer system market will record tremendous growth over the forecast timeline, owing to increasing vehicle production and favorable government initiatives regarding fluid transfer system in the region.
Some of the renowned industry players include Gates, Tristone, Castello Italia, Hutchinson, TI Fluid Systems, Lander Automotive, Contitec, Akwel, and Cooper Standard.