New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),” Automotive Carbon Canister Market Research Report: By Type, By Sales Channel, By Vehicle Type and Region - Forecast till 2027”, the global market will reach USD 1714 million at a 4% CAGR by 2027.
Automotive Carbon Canister Market Analysis
Due to rigorous transportation pollution standards, automakers worldwide, particularly in emerging nations, are focusing on producing lightweight, fuel-efficient, and small vehicles. Furthermore, in response to the possibility for fuel shortages and climate change, governments throughout the world have already implemented severe fuel efficiency rules, encouraging both automakers and consumers to begin favoring fuel-efficient automobiles. This is expected to fuel the need for automobile activated carbon canisters.
Key Players
Eminent players profiled in the global automotive carbon canister market report include,
- Roki
- Kayser Automotive Systems
- Futaba
- Langfang Huaan Automobile Equipment
- Delphi Automotive PLC
- Asian Industry
- Stant
- Hengbo Holdings
- Korea Fuel-Tech
- and Tianjin Gelin Lifu New Technology.
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Rise in Vehicular Emission Regulations to offer Robust Opportunities
Automotive pollution standards in fact are a set of quantitative restrictions on the amount of air pollutants that can be released from a vehicle in a certain time frame. These requirements are intended to meet air quality standards while also protecting human health. Regulatory authorities around the world have established rigorous standards and rules on automotive carbon emissions. As this product reduces high capacity hydrocarbon emissions from the vehicle, it is anticipated to fuel the automotive activated carbon canisters industry.
Challenges
Preference for Battery Vehicles to act as Market Challenge
Increased consumer knowledge of the benefits of purchasing greener automobiles has led to a preference for battery-powered electric vehicles, which are environmentally benign because they emit no hazardous emissions. Automobile activated carbon canisters are no longer required in battery-powered electric automobiles. This is a major element that is likely to limit demand for automobile activated carbon canisters.
Report Scope:
| Report Metrics | Details |
| Market Size | 2027: USD 1714 million |
| CAGR during 2021-2027 | 4% |
| Forecast | 2021-2027 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Rapid industrialization and urbanization PPE kits, and masks to cater to high demand |
| Key Market Drivers | Increasing air pollution Rising usage of electric vehicles |
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Restraints
Growing Need for Luxury Cars to act as Market Restraint
The growing need for luxury cars having track door systems coupled with the adoption of sports cars having two doors over four may act as market restraints over the forecast period.
Automotive Carbon Canister Market Segmentation
The global automotive carbon canister market has been bifurcated based on type, sales channel, and vehicle type.
By type, the global automotive carbon canister market is segmented into large capacity carbon canister and small capacity carbon canister.
By sales channel, OEM will lead the market over the forecast period. To reduce fuel emissions, the government has established severe standards and made it necessary for all automotive OEMs to install carbon canister devices in their vehicles. Because of increased emission concerns and rigorous regulatory requirements, the carbon canister market is also experiencing substantial growth in the aftermarket. Furthermore, rising consumer awareness of air pollution is fueling the growth of this market.
By vehicle type, passenger cars will dominate the market over the forecast period. People's disposable income is increasing, urbanization is increasing, people's standard of life is improving, and people's desire to own private cars is increasing, which will eventually have a favorable impact on passenger car sales and manufacturing.
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Automotive Carbon Canister Market COVID-19 Analysis
The introduction of a new coronavirus has a substantial economic influence on the operation of the Automotive Carbon Canister market share. Since the epidemic, the financial and industrial market sectors have been damaged, with travel, tourism, aviation, production, and manufacturing suffering the most. The IMF and World Bank predicted that the worst recession will occur in 2019-2020. Extending lockdowns, halting market functioning, and halting economic activity are all likely to reduce worldwide market demand. The flawless operation of the worldwide demand and supply chain, on the other hand, would assist the market play a consistent role in guaranteeing improved growth.
Automotive Carbon Canister Market Regional Analysis
APAC to Head Automotive Carbon Canister Market
The Asia-Pacific region is expected to hold the biggest market share due to the existence of nations such as South Korea, China, Japan, and India, which are regarded as the primary junction of the car, electrical, and military industries and hence drive market demand in this area. Furthermore, increasing urbanization and industrialization are factors that contribute to increased market demand. In the carbon canister industry, Asia Pacific is predicted to have the greatest market share. The presence of key OEMs, namely in India and China, is a crucial factor contributing to Asia Pacific's supremacy in this industry. Increased industrialization and high population rates are driving up sales and manufacture of passenger cars in this region. As a result, the carbon canister market is expanding.
North America to Have Admirable Growth in Automotive Carbon Canister Market
The North American area has the second-largest market share in the global market due to countries such as the US, Canada, & Mexico, which have a strong vehicle industry and drive market demand in this region. Furthermore, increased investment in power generating, aerospace, and vehicle projects also increases market demand. The expanding presence of numerous main important players in this area further boosts the automotive carbon canister market demand.
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Europe to Have Favorable Growth in Automotive Carbon Canister Market
Because of the presence of a well-established technologically advanced infrastructure that requires more power generation and thus generates more growth potential in this region, the European region owns the third-largest market share in the global market. Furthermore, market investments have expanded, which, together with increased expenditure in the vehicle sector, promotes market demand in this region. Europe is predicted to have the third-largest market share. Stringent pollution standards in this region are a crucial element that is predicted to keep it in second place.
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