Fast.MR has presented a detailed report on “Automotive Vacuum Pump Market - By Application (Passenger Cars, Light Commercial Vehicle and Heavy Commercial Vehicle), & Global Region - Market Size, Trends, Opportunity, Forecast 2018-2024” which includes the major application, advantages, and key market trends that are fostering the growth of the market during the forecasted span of 6 years. The research takes a step forward and analyzes the key competitors and global regions that are holding the market share of Automotive Vacuum Pump Market in terms of revenue.
Global automotive vacuum pump market is anticipated to reach USD 12,233.8 Million by the end of 2024 from USD 7,684.5 Million in 2018. The global automotive vacuum pump market is expected to flourish at a CAGR of 8.6% in the terms of value during the time period i.e. 2019-2024. The commercial vehicle market is expected to grow slightly in the upcoming years. The automotive industry is seeing strong investments which is expected to spur the growth of automotive vacuum pump market. Apart from this, the presence of a large fleet of vehicles on the road in the globe is spearheading current and future growth prospects. Further, growing automotive production will benefit the growth of automotive vacuum pump market.
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Growth Drivers – Automotive Vacuum Pump Market
Rising Sales of Electric Vehicles
In recent years, electric vehicles have witnessed dynamic market uptake across the globe especially in countries such as China, France, Germany and Norway. Further, ongoing electrification of vehicles coupled with the use of electric vacuum pumps in electric cars, recreational EV vehicles, hybrid cars, and other high-performance vehicles are expected to bolster the growth of automotive vacuum pump market in upcoming years.
Growing Automotive Aftermarket Industry
Over the last decade, the automotive aftermarket industry has been growing remarkably parallel to the automotive industry. According to Automotive Aftermarket Products Expo (AAPEX), global automotive aftermarket industry has grown to USD 740 Billion. Since the average age of vehicles is increasing, the demand for automotive components including vacuum pumps in the aftermarket will also be rising in the future.
In recent years, automotive vacuum pumps have gone through numerous technological advancements. The manufacturers are continuously advancing their products in order to improve their performance, durability and power efficiency. Further, rapidly changing automotive environmental policy is also making manufacturers t0 develop products that can fulfill meet strict new requirements. Also, a rising trend for powertrain electrification is another major factor which is likely to escalate the demand for electric vacuum pumps in upcoming years.
Barriers – Automotive Vacuum Pump Market
Falling Sales of Diesel Engine
Although the sales of new vehicles are surprisingly rising across the globe, diesel vehicles market is witnessing continuous plummet in terms of sales and demand across the globe. Governments across the globe are more concerned about the environment and are implementing new and strict air quality and emissions standards to control pollution occurring from vehicles. Since diesel fuel contains slightly more carbon and due to this diesel engine cars are becoming responsible for carbon emission. Governments are promoting CNG & EVs and are encouraging consumers to adopt these vehicles over diesel cars. Many governments have also restricted the sales of those diesel vehicles that failed to meet the latest emissions standards. Since a diesel engine is a major application of automotive vacuum pumps and fall in sales of diesel vehicles is going to emerge as the major barrier in the growth of global automotive vacuum pump market in upcoming years
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of the Middle East & Africa)
The report profiles various major market players such as
- Rheinmetall Automotive AG
- HELLA GmbH & Co. KGaA
- Fuxin Dare Automotive Parts Co. Ltd.
- Mikuni Corporation
- Nabtesco Automotive Corporation
- Ningbo Tuopu Group Co. Ltd.
- Bosch Automotive Aftermarket
- Magna International Inc.
- Zhejiang VIE Science & Technology Co., Ltd.,
- Other Major & Niche Players
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