Global Automotive Electric Vacuum Pump Market 2019-2023| 16% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Jun 12, 2019--
The global automotive electric vacuum pump market is expected to post a CAGR of close to 16% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global automotive electric vacuum pump market from 2019-2023 (graphic: Business Wire)
A key factor driving the growth of the global automotive electric vacuum pump market is the improved fuel efficiency of vehicles due to the use of an electric vacuum pump. Vendors in the market are supplying electric vacuum pumps to many automotive manufacturers across the globe as they are more fuel efficient compared to mechanical vacuum pumps. Several prominent vendors are expanding their offerings by manufacturing cost-effective electric vacuum pumps to cater to the needs of the automotive industry. Thus, the development of electric vacuum pumps that allow engine-independent vacuum generation for brake boosters will foster market growth during the forecast period.
As per Technavio, the use of advanced materials in electric vacuum pumps will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive electric vacuum pump market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global automotive electric vacuum pump market: Use of advanced materials in electric vacuum pumps
The use of advanced materials in electric vacuum pumps has gained prominence in recent years. Prominent market suppliers are continuously working toward bringing innovations and improvements in the manufacture of electric vacuum pumps. Several developments and enhancements in material solutions aid in the overall efficiency of the electric vacuum pumps, in turn, leading to superior vehicle performance. Vendors are also introducing innovative materials to extend the life of electric vacuum pump vanes. Thus, the growing deployment of innovative materials for the manufacture of electric vacuum pumps will drive market growth during the forecast period.
“Market players are introducing materials with enhanced wear rate predictability. The market participants are increasingly installing in-house application test devices to simulate real-life conditions. Also, the adoption of in-house testing applications allows companies to deliver materials across the globe without compromising on performance,” says a senior research analyst at Technavio.
Global automotive electric vacuum pump market: Segmentation analysis
This market research report segments the global automotive electric vacuum pump market by application (passenger vehicles and commercial vehicles) and geographic regions (APAC, Europe, North America, South America, and MEA).
APAC led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. The market growth in APAC can be attributed to the high sales volume of automobiles in the region. Continuous increase in demand for vehicles from countries including India and China, will further stimulate the global automotive electric vacuum pump market growth in the forthcoming years.
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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