Selbyville, Delaware, March 24, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the automotive electric vacuum pump market which estimates the market valuation for automotive electric vacuum pump will cross US$ 1 billion by 2027. The increasing need for alternative or additional vacuum for the operation of various engine applications, such as vacuum for direct fuel injection and to improve fuel efficiency, will drive the demand for automotive electric vacuum pumps.
Automotive electric vacuum pump manufacturers are constantly improving the operational efficiency of their products in an attempt to have a proper vacuum even in extreme conditions such as driving at extreme altitudes and during cold start. To cater to this demand, various manufacturers are developing electric vacuum pumps, which are operational only when breaks are applied, which in turn, increases the efficiency of the driveline.
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Market participants are focusing on forward integration, in terms of services such as design, final assembly, and installation of the product, as aftersales is one of the significant strategies to gain consumer trust. Automotive electric vacuum pumps are expected to have significant demand in the aftermarket during the forecast period.
The HCV segment will observe around 6% CAGR in automotive electric vacuum pump market driven by the growing construction and logistics industries across Asia Pacific and Latin America. Cost-effectiveness is a key benefit that will improve the industry growth during the forecast period.
In 2020, North America held over 15% of the automotive electric vacuum pump market share. The large electric vehicle production and sales in North America will drive the regional market demand. In 2020, electric vehicle sales in the U.S. were over 300 thousand. Moreover, OEMs are adopting a wide array of advanced fuel-efficient technologies in gasoline engine vehicles, which will further penetrate the product demand.
The key market players in the automotive electric vacuum pump market are focusing on collaborations or partnerships with vehicle manufacturers for product development and direct sales of the product. For instance, in 2020, Rheinmetall Automotive received a contract worth USD 280 million from a renowned international carmaker, to produce electric vacuum pumps for plug-in hybrid electric vehicles.
Some major findings of the automotive electric vacuum pump market report include:
- Asia Pacific is likely to hold a significant share in the global automotive electric vacuum pump market due to large electric vehicle production and fleet in emerging countries including China, Japan, and South Korea.
- The aftermarket segment is growing at a considerable rate owing to increasing electric vehicle sales. Since automotive electric vacuum pumps are irreparable, replacement is the only option, further driving demand for the product in the aftermarket segment.
- The availability of mechanical vacuum pumps at lower costs along with carbon emission of less than 0.4 g per km may hinder the market during the study time frame.
- The ICE propulsion type is expected to observe significant growth across emerging economics due to increasing direct fuel injection systems in new cars.
- The ongoing COVID-19 has affected the global ICE and EV production owing to strict lockdown by numerous government authorities globally. Moreover, the average shutdown duration of automotive electric vacuum pump components production facilities globally is around 20 - 30 working days, which has significantly affected the automotive electric vacuum pump industry value chain.
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Partial chapters from the report table of contents (ToC):
Chapter 3 Global Automotive Electric Vacuum Pump Industry Insights
3.1 Industry segmentation
3.2 COVID-19 impact on automotive electric vacuum pump industry
3.3 Industry ecosystem analysis
3.3.1 Raw material supply
3.3.2 Value addition at each stage
3.3.3 Vendor matrix
3.3.3.1 List of key component suppliers
3.3.3.2 List of key automotive electric vacuum pump manufactures
3.3.3.3 List of key/potential customers
3.4 Pricing analysis (including COVID-19 impact)
3.4.1 Regional price trends
3.4.2 Cost structure analysis, 2020
3.5 Innovation & sustainability
3.5.1 Technology landscape
3.5.2 Future trends
3.6 Regulatory landscape
3.6.1 U.S
3.6.2 Europe
3.6.3 China
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Increasing adoption of direct fuel injection technology in gasoline vehicle
3.7.1.2 Growth in passenger vehicle sales
3.7.1.3 The increasing adoption of EVs is likely to surge the industry proliferation
3.7.2 Industry pitfalls & challenges
3.7.2.1 Prohibitive cost of electric vacuum pump compared to other counter parts
3.7.2.2 Lower efficiency to generate vacuum may restrict the product demand
3.8 Electric vehicle statistics, 2020
3.9 Growth potential analysis, 2020
3.10 Porter’s analysis
3.11 Competitive landscape
3.11.1 Top player’s analysis, 2019
3.11.2 Strategy dashboard
3.12 PESTLE analysis
3.13 COVID-19 impact on automotive industry
Chapter 4 Automotive Electric Vacuum Pump Market, By Propulsion Type
4.1 Global automotive electric vacuum pump market insights, by propulsion type
4.2 EV
4.2.1 Global market estimates and forecasts, 2017 - 2027
4.2.2 Market estimates and forecast, by region, 2017 - 2027
4.3 ICE
4.3.1 Global market estimates and forecasts, 2017 - 2027
4.3.2 Market estimates and forecast, by region, 2017 - 2027
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.