The automotive electric vacuum pump market is anticipated to exceed USD 1 billion by the end of 2027. Growing necessity for an additional or alternative vacuum for the effective functioning or different engine applications like a vacuum for direct fuel injection and improving fuel efficiency are some key factors responsible for the increasing usage of automotive electric vacuum pumps.
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One of the crucial benefits of using HCV systems is its cost effectiveness. These systems are prominently found in vehicles used for logistics and construction applications. With growing population and rising economy, there are significant investments being made in developing an advanced infrastructure in Asia Pacific and Latin American nations.
This has subsequently increased the demand for HCV systems in these regions. These are some reasons owing to which the HCV segment is anticipated to register a CAGR of 6% over the forecasted timeframe.
The COVID-19 pandemic has forced governments across the world to implement strict lockdown which has significantly affected the production of electric vacuum pumps. Owing to these factors, the market will witness a slight dip in its growth over the forecasted timeframe.
However, with the introduction of vaccination programs, production plants are now operating at a full potential which will help in compensating the financial losses owing to lockdown in upcoming years.
The North America automotive electric vacuum pump market recorded a revenue share of over 15% in 2020. This can be credited to the increasing sales and production of electric vehicles in the region. Over 300 thousand electric vehicles were sold in the United States in 2020.
In addition, OEMs are implementing a wide range of novel technologies for managing the fuel efficiency of gasoline engine vehicles. All these factors will significantly contribute to the growing consumption of automotive electric vacuum pumps.
On the other hand, the demand for automotive electric vacuum pumps is also set to rise across Asia Pacific. The expansion is attributed to massive EV production and fleet in various developing economies like Japan, China, and South Korea.
Manufacturers of automotive electric vacuum pumps are consistently attempting to enhance the operational efficiency to provide vacuum pumps that can function in extreme conditions like cold starts and driving at steep altitudes. Also, multiple manufacturers have started to develop electric vacuum pumps that are activated by the application of brakes. This system increases the driveline efficiency.
In addition, automotive electric vacuum pump market players are emphasizing on forward integration when it comes to services like product design, installation and final assembly. This is mainly because having an efficient aftersales service helps in building trust amongst consumers. Considering all these factors, the market for automotive electric vacuum pumps will proliferate over the stipulated timeframe.
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Some Point from Table of Contents:
Chapter 5 Automotive Electric Vacuum Pump Market, By Vehicle
5.1 Global automotive electric vacuum pump market insights, by vehicle
5.2 Passenger Cars
5.2.1 Global market estimates and forecasts, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3.1 Global market estimates and forecasts, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 – 2027
5.4.1 Global market estimates and forecasts, 2017 - 2027
5.4.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 6 Automotive Electric Vacuum Pump Market, By Application
6.1 Global automotive electric vacuum pump market insights, by application
6.2.1 Global market estimates and forecasts, 2017 - 2027
6.2.2 Market estimates and forecast, by region, 2017 - 2027
6.3.1 Global market estimates and forecasts, 2017 - 2027
6.3.2 Market estimates and forecast, by region, 2017 – 2027
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