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Albany, New York, Sept. 19, 2019 (GLOBE NEWSWIRE) -- 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.
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.
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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.
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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.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Automotive Active Purge Pump Market (Material Type - Metal, Non Metal; Components - Dc Motor, Sensors, Actuator, Valves; Manufacturing Process - Cutting, Vacuum Forming, Injection Molding; Sales Channel - OEMs, Aftermarket; Vehicle Type - Passenger Vehicle, Commercial Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2018-2026”.
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The Global Automotive Active Purge Pump Market has been segmented as below:
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