NEW YORK, March 3, 2021 /PRNewswire/ — The automotive electric vacuum pump market is expected to grow by USD 1.28 billion during 2021-2025, expanding at a CAGR of over 8%. Get a Free Sample Report Delivered Instantly
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Automotive Electric Vacuum Pump Market: Improved fuel efficiency of vehicles to drive growth
Mechanical vacuum pumps used in automobiles are directly connected to engines and they constantly remain functional even when brakes are not applied. This increases fuel consumption in vehicles. Hence, automobile manufacturers are replacing mechanical vacuum pumps with electric vacuum pumps as they help in improving the fuel-efficiency of the vehicles. This is one of the major factors driving the growth of the global automotive electric vacuum pump market.
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As per Technavio, the rising sales of vehicles equipped with electric vacuum pump-enabled brake boosters will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Automotive Electric Vacuum Pump Market: Rising Sales of Vehicles Equipped with Electric Vacuum Pump-Enabled Brake Boosters
Factors such as emerging consumer needs, new vehicle launches, and improving socio-economic conditions in developing countries have created intense competition in the global automotive industry. This is forcing automakers to increase their focus on improving the performance, fuel efficiency, and safety and comfort levels of vehicles. These factors are helping automakers to attain a competitive edge over their competitors. Braking systems play an important role in the performance of vehicles as they directly impact the fuel efficiency and emissions in vehicles. Hence, automobile manufacturers are increasingly adopting electric vacuum pump-enabled brake boosters are in modern vehicles. Such developments in the automotive industry are expected to positively influence the growth of the global automotive electric vacuum pump market during the forecast period.
«The use of advanced materials in electric vacuum pumps and the presence of stringent regulations and standards related to emissions will further boost market growth during the forecast period», says a senior analyst at Technavio.
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Automotive Electric Vacuum Pump Market: Segmentation Analysis
This market research report segments the automotive electric vacuum pump market by Application (Passenger cars and Commercial vehicles) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive electric vacuum pump market in 2021, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the continuous increase in demand for vehicles from countries such as China, India, and Southeast Asian economies.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Report: www.technavio.com/report/automotive-electric-vacuum-pump-market-industry-analysis
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SOURCE Technavio
