Acumen Research and Consulting, Recently Published Report On “Automotive Active Purge Pump Market Size, Share, Trends, Growth and Forecast 2019-2026”
LOS ANGELES, July 04, 2019 (GLOBE NEWSWIRE) — The global automotive active purge pump market is expected to grow at the CAGR of 67.3% during the forecasted period 2019-2026 and is expected to reach over USD 4.1 Billion by 2026.
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The global automotive active purge pump market is majorly driven by increasing demand for the automotive vehicles across the globe and rising environment concern. Increasing spending of the people, continuously increasing population and changing standard of living, and increasing government support for the new startups have supported the growth of the automotive active purge pump market across the globe. Economic fluctuations are simply fluctuations in the level of the national income of a country representing growth or contraction. Overall, automotive active purge pump market is the dependent market on the automotive industries. The market trends get change as per the change in automotive industries. Currently, an economic condition of all major countries is nearly stable. However, in African countries due to economic fluctuations, the market is expecting a steady growth. Though in 2015 and 2016 the economies of the countries like America, U.K, India and others are disturbed which has disturbed the market growth. However, they have overcome this in 2017 and 2018. Currently the automotive active purge pump market is expecting a very healthy growth in this region owing to the increasing demand for the automotive vehicles, and increasing per capita income of the people.
On the other hand, raw material will limit the automotive active purge pump and high cost of the active purge pumps will slow the market growth during the forecasted period. Increasing environmental concern have also limit the use of the material used in manufacturing of the automotive active purge pump market.
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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.
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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.
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.
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