The fluid transfer system market is projected to grow to USD 29.6 billion by 2027 from USD 17.5 billion in 2019, at a CAGR of 6.8% during the forecast period. The major driving factors for the fluid transfer system market are stringent emission norms, fuel efficiency regulations, and increasing adoption rate of SCRs in diesel engines around the globe. The increasing vehicle production drives the demand for fluid transfer system. However, increasing sales of BEVs are acting as restraints for the fluid transfer system market.
The fluid transfer system market is dominated by global players and comprises several regional players such as Cooper-Standard (US), Kongsberg (Switzerland), Contitech (Germany), Akwel (France), Hutchinson (France), Lander automotive (UK), Tristone (Germany), Castello Italia (Italy), Gates (US), and TI fluid systems (UK). The key strategies adopted by the major players in the fluid transfer system market between 2017 and 2019 are expansion, acquisition, partnership, and new product (service) developments.
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Cooper-Standard adopted the strategies of expansion, new product development, partnership, and merger & acquisition to retain its leading position in the fluid transfer system market.
On the other hand, Kongsberg adopted new product developments. In May 2018, the Company developed a high-temperature hose range for the automotive market. Moreover, the company received an award from two-passenger car manufacturers for battery coolant lines.
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