Automotive Carbon Canister Market Share Is Likely to Attain A Global CAGR Worth 4% To Reach The Worth USD 1,714 Million During 2021-2027
The Automotive Carbon Canister market share is likely to attain a global CAGR worth 4% during 2021-2027. For the continuous period, the market is expected to attain a global market value worth USD 1,714 million by 2027. For the previous market revenue that ended in 2019, the market closed its operations by reaching a global figure worth USD 876 million.
An automotive activated carbon canister is a device that stores and captures vehicle fuel vapor and releases purified air under the action of heat, thereby protecting the atmosphere and the surrounding environment from unburned fuel vapor. The carbon canister is located at the bottom of the fuel tank that helps to collect exhaust gas, including hydrocarbons and carbon dioxide. The tank contains activated carbon to absorb the gases and purify them to be reused in the engine's combustion process.
The arrival of the novel coronavirus has a significant economic impact on the Automotive Carbon Canister market share functioning. The financial and industrial market sectors have been impacted since the outbreak like travel, tourism, aviation, production, and manufacturing were the worst affected. The IMF and the World Bank expected the worst recession during 2019-2020. The extending lockdowns, halt of the market functioning, and stoppage of economic activities are likely to decline the global market demand.
However, the smooth functioning of the global demand and supply chain will help the market play a steady role in promising better growth during the forecast period of 2021-2027.
According to the World Health Organization, the global automotive industry accounts for approximately 35% of total air pollution. In addition, the decline in the air quality index of global emerging economies is a factor hindering the environment. Henceforth, with the context given by WHO, many companies worldwide are strategizing and planning to upgrade emissions control devices.
The Automotive Carbon Canister market revenue is likely impacted by the restraints that challenge the market from growing in 2021-2027. Stringent regional government regulation about emissions is anticipated to hike the sales of automotive vapor canisters during the forecast period. The Ministry of the Environment (MOE), Infrastructure and Transport (MLIT), and the Ministry of Land have set Japan's evaporation emission limits. It is approximately four standards of two grams of emission per day.
Additionally, in North America, the government of the U.S. has implemented regulations for emissions such as EPA stage II enhanced and CARB LEVII. However, this emission standard may hamper the sales of new vehicles for a few years. But, after installing the charcoal canister, they will also support the global warming reduction program.
There has been a massive increase in the demand for composites materials in various market applications that will help expand the automotive carbon canister market share during 2027. Due to strict transportation emission standards, automakers worldwide, especially in developing countries, focus on making lightweight, fuel-efficient, and compact cars. In addition, due to potential fuel shortages and climate change, government agencies worldwide have introduced strict fuel economy standards, thereby encouraging automakers and consumers to start favoring energy-efficient vehicles. This fact is projected to boost the activated carbon canisters market.
The Automotive Carbon Canister market report helps get a deep and qualitative understanding of the global market functioning to help make better investment decisions from the investor's and buyers' end. The report covers an in-depth discussion of the dynamics available to the market in terms of both drivers and restraints.
The market report helps in the analysis of the basis on which the global market has been segmented and the potential of these segments to make a difference to the final market valuation of the operations during the forecast period.
The market aims to draw a competitive market landscape of the market players and the recent developments of the players that will help in the Automotive Carbon Canister market size expansion.
The Automotive Carbon Canister market has been divided all across the globe based on the following:
Based on the absorbing material:
Based on the vehicle type
Based on the sales channel
Based on the Region
The market has been divided worldwide based on the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.
The Automotive Carbon Canister market has been divided all across the region based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share is likely to be held by the Asia-Pacific region owing to the presence of countries like South Korea, Japan, China, and India, which are regarded as the main junction of the automobile, electrical, and defense industry and hence drives the market demand in this region. Moreover, increasing urbanization and industrializations are other factors that create more market demand.
The North American region holds the second-largest market share in the global market due to countries like the US, Canada, and Mexico that have an extensive automobile sector and drive the market demand in this region. Moreover, increasing investment in various power generation, aerospace, and automobile projects creates more market demand. The growing presence of various major key players also drives the automotive carbon canister market demand in this region.
The European region holds the third-largest market share in the global market is held by the European region owing to the presence of a well-established technologically advanced infrastructure that requires more power generation and hence creates more growth opportunities in this region. Moreover, there has been an increase in the market investments that are coupled with increased expenditure in the automobile sector drives the market demand in this region.
The Latin American region and the Middle East and African region show a minor market share due to inadequate infrastructure in both these regions.
The most prominent major key players in the Automotive Carbon Canister market all across the globe are mentioned below:
These major key players adopt various strategies to endure their market position in the Automotive Carbon Canister market in the global market by going for mergers, and acquisitions, collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the Automotive Carbon Canister market all across the globe.
For Instance, in July 2020, Ingevity Corporation is famous for providing carbon materials, engineered polymers, and specialty chemicals. Recently, the company has announced its new product, 'Powder Activated Carbon, which can be used even after the run out of gases and when the vehicle is in a halt position. The company has made a claim to recover 10000 metric tons of fuel each day using their new product. Continental AG has developed an Active Purge Pump system for pumping out the used gases from the engine and filtering it to 90% pure for adequate air circulation in the engine and reusing the gases to increase the efficiency of the system, thus increasing the overall air-fuel balance of the system. Countries are now focusing on earning carbon credits, which is expected to boost the activated carbon canister's market growth during the forecast period.
Renowned automobile manufacturers such as Volkswagen, Daimler, Volvo, BMW, Jaguar Land Rover, and others have announced manufacturing of electric vehicles owing to the increasing demand for emission-less vehicles in the coming year.
This global Automotive Carbon Canister market research report includes the following components mentioned below:
This global market research report contains characteristics that drive the growth of the Automotive Carbon Canister market in the global market and the factors that restrict its growth in the global market. The technical analysis of the global market during the forecasted period is mentioned. The impact of the COVID 19 on the Automotive Carbon Canister market in the global market is mentioned. The future growth rate in the Automotive Carbon Canister market during the review period is estimated and mentioned.
|Market Size||2027 Significant Value|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Sales Channel, Vehicle Type, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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|
|Key Market Opportunities||
|Key Market Drivers||
Automotive Carbon Canister market is predicted to grow at 4% through forecast period of 2021-2027.
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
The forecast period for Automotive Carbon Canister market research report is 2021-2027.
Global Automotive Carbon Canister market is dominated by APAC region.