Home > Pressrelease > Automotive Electric Vacuum Pump Market to cross $1.8 Bn by 2032
Automotive Electric Vacuum Pump Market to cross $1.8 Bn by 2032
- Published Date: March 6, 2023
Automotive Electric Vacuum Pump Market size is expected to reach USD 1.8 billion by 2032, according to the recent research report by Global Market Insights Inc.
Growing sales of passenger vehicles will contribute to the automotive EVP industry growth. Features of passenger vehicles such as appealing design, small size and affordable prices have attracted robust sales of more demand among customers. Increasing living standards and the rising middle-class population in emerging economies are influencing passenger vehicle sales. The availability of reasonably priced vehicle alternatives is altering consumer buying behavior. The technological developments and consumer desire for autonomous vehicles will fuel market expansion.
Government regulations to promote the sales of electric vehicles
The automotive electric vacuum pump market from the EV segment is anticipated to register 6.2% CAGR from 2023 to 2032. Government authorities are pressurizing automakers to invest in the development of EVs to reduce greenhouse gas emissions to meet climate change targets. Several authorities are providing incentives through programs and plan to promote the production of battery electric vehicles. By providing tax cuts and other advantages, governments around the world are enticing people to switch to electric vehicles.
Growing development in the transportation and logistics sector
The industry size from the HCV vehicle type is predicted to surpass USD 35 million by 2032 due to the expansion of the logistics sector across emerging nations. Robust growth in the road transport and logistics verticals in Asia Pacific and Latin America will accelerate the demand for HCVs. The strong need for high ground clearance and payload capacity of passenger and cargo transportation in a variety of terrain conditions will complement product use.
Browse key industry insights spread across 400 pages with 275 market data tables & 19 figures & charts from the report, “Automotive Electric Vacuum Pump Market Size By Application (Brake, Engine), By Vehicle (Passenger Cars, LCV, HCV), By Propulsion Type (ICE, EV), By Sales Channel (OEM, Aftermarket), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032” in detail along with the table of contents:
Requirement for high performance breaking system by OEMs
The OEM automotive electric vacuum pump market is estimated to amass USD 1.5 billion by 2032. OEMs are focusing on developing advanced vacuum pumps to improve vehicle braking efficiency. To improve braking performance of vehicles, automobile manufacturers are using refined parts that reduce noise and deliver more friction. The consumer demand for low-noise braking systems and their choice for a comfortable driving experience will increase with time. The rising level of awareness regarding personal safety while driving among consumers will drive the industry development.
New automotive standards and initiatives in Europe
The Europe automotive electric vacuum pump industry is set to record over 3.6% CAGR from 2023 to 2032. The reliance on electric vehicles throughout the region is predicted to offer valuable sector growth. The expanding vehicle production and the strong consumer demand for advanced passenger cars in the region are on the rise. Apart from this, government initiatives to develop vehicles with fewer carbon emissions are predicted to promote the market progression.
Competitive landscape of the global automotive electric vacuum pump market
Some of the leading companies in the automotive electric vacuum pump business scenario are HELLA GmbH & Co. KGaA, Dalian Haina New Energy Auto Parts Manufacturing Co., Ltd., Tuopu Group, Continental AG, Rheinmetall Automotive AG, SDTec Co., Ltd., YT STABLE TECH. CORP, Mikuni Corporation, and Nagman, among others. Rising automobile sales and consumer spending on new vehicles is complementing the demand for these pumps.