The global automotive fuel injection system market was valued at $59,588.3 million in 2015, and it is expected to grow at a CAGR of 7.9% during 2016 – 2022. The increasing need for fuel efficient vehicles and stringent emission control norms are expected to drive the demand for automotive fuel injection system over the forecast period. Serious issues related to environmental pollution has cropped up mainly because of industrial emission and automotive emission; mainly carbon monoxide and sulfur dioxide emitted by vehicles. Extraction and use of conventional fuels such as petroleum products is increasing. Hence, there is an increasing demand for vehicles with better fuel efficiency and lower emission.
In many countries, governments have imposed stringent emission control norms to reduce the greenhouse gases emission from the vehicles. In 2011, global CO2 emission stood at 31.6 gigatons, with 23% of these emissions coming from all transport sectors. According to the Corporate Average Fuel Economy regulations, all vehicles plying in the U.S. need to have average fuel efficiency of 54.5 miles per gallon by 2025. As per the European government CO2 emission regulation, the total CO2 emission from new passenger cars should be decreased from 130 gram (g) per kilometer (Km) travel in 2013 to 95g per Km travel by 2020.
Asia-Pacific has been the largest market for automotive fuel injection system market, accounting 48.7% of the global market in terms of value in 2015. Asia-Pacific is expected to be the fastest growing region in the global automotive fuel injection system market, registering a CAGR of 8.4% during 2016 – 2022. The major reason for the growth of the market in the region includes increased vehicle production and strict emission norms. The production volume for passenger car and light commercial vehicles (LCV) in Asia-Pacific accounted for more than 50% of the global production. The increasing production in the region is complimented by intensifying demand for passenger cars and LCVs in the region. The improving economy and standard of living in countries such as China and India have resulted in increased sales volume of automotive. The high automotive production volume in Asia-Pacific has made it an attractive fuel injection system market.
News Courtesy: P&S Market Research