Automotive Fuel Vent Valve Market: Introduction
- Fuel has a tendency to expand its volume when heated and shrink when cooled. This causes the fuel level in an automobile to change, even when the vehicle is stationary, which creates the need for the fuel tank to breathe in order to relive the vacuum and pressure formed inside the tank due to a change in the volume of the fuel.
- Insufficient venting can cause various issues in the fuel system, ranging from vapor-lock to fuel spills. An automotive fuel vent valve enables the fuel tank to release pressure or vacuum when fuel is being pulled from the tank or filled. These valves also have a rollover protection feature to avoid spillage during accidents.
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Key Drivers of Automotive Fuel Vent Valve Market
- Growing per capita GDP and disposable income of the global population has led to a rise in number of vehicles in use. International Organization of Motor Vehicle Manufacturers (IOCA) stated that motorization rate was 471 per 1000 inhabitants in 2015. It is anticipated to increase in the near future. Rise in transportation and logistics activities have further boosted the number of on-road commercial vehicles. Rapid increase in sales of automobiles and miles driven has led to an increase in the demand for fuel vent valves from OEMs as well as the aftermarket segment, thereby driving the automotive fuel vent valve market across the globe.
- Transportation is a leading cause for a rise in the levels of pollution worldwide. The U.S. Environmental Protection Agency states that transportation emissions contribute to 28% of the total greenhouse gases emitted in the country. Amidst these rising environmental concerns, transportation regulatory agencies in the U.S., China, Australia, the European Union and several other countries have introduced stringent emission norms that compel OEMs to reduce fuel consumption and tail pipe emissions. Fuel vent valves ensure optimal pressure balance inside the fuel tank, thus delivering the required amount of fuel for combustion, which reduces the extra amount of fuel drawn by the engine and subsequently, minimizes emissions. Thus, growing concerns regarding fuel economy and emissions are boosting the global automotive fuel vent valve market.
Challenges in Automotive Fuel Vent Valve Market
- The traditional fuel valve vent emits the vapors of fuel directly to the atmosphere, thus causing a rise in pollution levels of HCs. This is a major challenge to automotive fuel vent valves. Evaporative emission control systems are being incorporated in the latest vehicle models to tap and utilize these fuel vapors. These systems contain an electrically controlled fuel tank isolation valve (FTIV) that directs the flow of fuel vapors from the tank toward the carbon canister. This valve is equipped with mechanical bypasses to release the cumulated pressure or vacuum from the fuel tank if it exceeds a certain range. These new technologies are anticipated to overcome the drawbacks of HC emission and propel the global automotive fuel vent valve market in the near future.
Impact of COVID-19 pandemic on Automotive Fuel Vent Valve Market
- The recent pandemic of COVID-19 has disrupted automotive supply chains, thus creating a shortage of raw materials and components. Moreover, the decline in sale of vehicles amidst lockdowns imposed by governments further hampered the demand for fuel vent valves. However, the demand for automotive fuel vent valves across the globe is anticipated to increase, as governments are easing restrictions and companies are restarting their operations with precautionary measures. Furthermore, mass vaccination drives initiated across countries such as the U.S., and Canada are expected to assist industries gain momentum.
Europe to hold significant share of global Automotive Fuel Vent Valve Market
- The presence of leading automobile manufacturers in major countries across Europe, such as Germany and Italy, is fuelling the share held by the region in the global automotive fuel vent valve market. Furthermore, stringent vehicle emission norms, such as the EURO 6 standard introduced in 2014, are further increasing the demand for automotive fuel vent valves in order to reduce HC emissions and fuel consumption.
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Key Players Operating in Automotive Fuel Vent Valve Market
The global automotive fuel vent valve market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global automotive fuel vent valve market are:
- Crown Automotive Sales Co. Inc.
- Fraenkische Rohrwerke Gebr. Kirchner GmbH & Co. KG
- Fuel Safe Systems
- Newton Equipment Ltd
- Perko Inc.
- Rheinmetall Automotive AG
- Stant Corporation
- Tank’s Inc.
- UNICK CORPORATION
- Vitesco Technologies
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