Wilmington, Delaware, Aug. 23, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Automotive Electric Vacuum Pump Market by Propulsion Type (EV, and ICE), Vehicle Type (Passenger Car, LCV, and HCV), Sales Channel (OEM, and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the automotive electric vacuum pump market was valued at $1.3 billion in 2023, and is estimated to reach $1.8 billion by 2033, growing at a CAGR of 3.7% from 2024 to 2033.
Prime determinants of growth
The global automotive electric vacuum pump market is experiencing growth due to several factors such as the need for improving the fuel efficiency and durability of vehicles and integration of small signs with intelligent transportation systems. However, malfunctioning of electric vacuum pump and durability problems hinder the market growth. Moreover, growing demand for electric vehicles offers remunerative opportunities for the expansion of the global market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2022 | $1.3 billion |
| Market Size in 2032 | $1.8 billion |
| CAGR | 3.7% |
| No. of Pages in Report | 233 |
| Segments Covered | Propulsion Type, Vehicle Type, Sales Channel, and Region |
| Drivers | Need for Improving the Fuel Efficiency and Durability of Vehicle |
| Technological Advancements in Computer Vision | |
| Opportunities | Surge in Demand for Electric Vehicles |
| Restraint | Malfunctioning of Electric Vacuum Pump and Durability Problems |
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Segment Highlights
By propulsion type, the ICE segment accounted for the largest share in 2023.
Growth in ICE vehicle sales is anticipated owing to growing demand for passenger and commercial vehicles in emerging as well as developed countries.
Sales of ICE vehicles have increased, primarily due to a lack of EV infrastructure. Electric hoover pumps will be required due to the rising production of shale gas and the expanding popularity of gasoline-powered vehicles. Product adoption would also be accelerated by a variety of stringent laws and regulations as well as the demand for better technologies.
By vehicle type, the passenger car segment to maintain its lead position during the forecast period.
By vehicle type, the passenger car segment is anticipated to experience growth in the automotive electric vacuum pump market. Rise in demand for passenger cars and strict government pollution regulations are driving market growth in the region. To reduce pollution and reliance on fossil fuels, many countries in the region, including China, Japan, and South Korea, are promoting the adoption of electric vehicles. Consequently, the demand for automotive electric vacuum pumps is expected to increase. The region's expanding middle class and improving infrastructure are also anticipated to boost demand for high-end electric passenger cars with advanced features like electric vacuum pumps. These factors are expected to fuel market expansion during the forecast period.
By sales channel, the aftermarket segment is expected to grow faster throughout the forecast period
The aftermarket sales channel in the automotive electric vacuum pump (EVP) market is experiencing growth by several factors. Growing demand for EV maintenance and repairs, driven by the increasing number of electric vehicles (EVs) on the road, is boosting aftermarket EVP sales. Technological advancements are leading to the production of high-quality EVPs that offer better performance and durability, attracting consumers seeking reliable replacements.
Regional Outlook
Asia-Pacific is expected to dominate the global automotive electric vacuum pump market due to increase in automobile sales and rise in use of electric vehicles in countries such as?Japan and China. OEMs plan to increase the amount of production while implementing quick technical developments in manufacturing facilities in developing countries such as China and India, among others.
Moreover, the emphasis on sustainability and stringent emissions regulations in countries such as Japan, China, and India are steering automotive manufacturers towards integrating electric vacuum pumps into their vehicles. These pumps play a crucial role in enhancing fuel efficiency and reducing emissions, aligning with the sustainability goals set by governments and environmental agencies across the region.
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Players:
- HELLA GmbH & Co. KGaA
- RheinMetall Automotive AG
- Continental AG
- Youngshein Precision Co., Ltd
- Tuopu Group
- Mikuni Corp.
- Robert Bosch Gmbh
- Johnson Electric
- Luxiang Electric Vehicle Co., Ltd
- Dalian New Energy Auto Parts Manufacturing Co., Ltd.
The report provides a detailed analysis of these key players in the global automotive electric vacuum pump market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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