4.7% CAGR growth in the Automotive Purge Valve Market due to the environmental benefits of evaporative emission control systems - Technavio
NEW YORK, Jan. 28, 2024 /PRNewswire/ -- The automotive purge valve market is estimated to grow by USD 973.87 million from 2023 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 4.7% during the forecast period. However, the growth momentum will progress. The environmental benefits of evaporative emission control systems are a key factor driving growth. Global environmental pollution and the resulting rise in global warming are major concerns, with the automotive industry being a significant contributor. To address this, Original Equipment Manufacturers (OEMs) are implementing evaporative emission control systems in vehicles. Gasoline vehicles, which predominate the industry, pose risks due to their highly combustible nature and the presence of benzene, which can be hazardous when exposed to sunlight and exhaust gases.
Technavio has segmented the market based on Application (Passenger vehicles and Commercial vehicles), Distribution Channel (OEM and Aftermarket), and Geography (APAC, Europe, North America, South America, and Middle East and Africa).
- The passenger vehicles segment is estimated to witness significant growth during the forecast period. The growth of the passenger vehicle segment is fueled by increasing sales in developing economies like China, India, and Southeast Asia, alongside a rise in hybrid vehicle sales. Stringent emission norms are also contributing. Developments in evaporative emission control systems, further drive revenue. However, passenger vehicles remain a significant source of environmental pollution in the automotive industry.
By geography, the global market is segmented into APAC, Europe, North America, South America, and Middle East, and Africa.
- APAC is estimated to contribute 49% to the growth of the global market during the forecast period. The growth in the region is influenced by key countries like China, Japan, South Korea, and India. Factors such as emission standards and environmental concerns drive the adoption of evaporative emission control devices, contributing to growth. China and India, with their rapidly growing automotive demand, are pivotal to the region's automotive industry.
- The increasing focus on fuel efficiency is a major trend.
- Reliability issues with purge valves are one of the key challenges hindering the growth.
Applications
The purge valve plays a crucial role in automotive emissions control, particularly in managing evaporative emissions and fuel vapor. It is an essential component of the vehicle's emission control system, ensuring compliance with environmental regulations and vehicle emission standards. Integrated with on-board diagnostics (OBD) and vapor recovery systems, the purge valve contributes to reducing automotive pollution and maintaining fuel efficiency. This component is part of the automotive fuel system and works in conjunction with the evaporative canister and other fuel system components to control exhaust emissions effectively. It is a critical part of automotive technology, impacting vehicle performance and environmental compliance. The purge valve is a key component in automotive engineering and is essential for maintaining environmental standards and regulatory compliance in vehicle maintenance.
What are the key data covered in this report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2024 and 2028
- Precise estimation of the size and its contribution on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of vendors
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Sizes
Five Forces Analysis
Segmentation by Application
Segmentation by Distribution Channel
Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
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SOURCE Technavio
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