Feb 04, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Automotive Electric Vacuum Pump Market.
It was estimated prior to this unanticipated outbreak that the Automotive Electric Vacuum Pump Market was expected to grow at a CAGR of 4.6% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Automotive electric vacuum pumps (EVP) offer sufficient vacuum for the pneumatic operation of the brake booster and other components. They enhance the fuel efficiency of the vehicles, resulting in carbon-savings.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the vehicle type, the market is segmented as PCV, LCV, HCV, and two-wheelers. PCV is expected to witness significant growth rate in the market during the forecast period owing to the frequent launch of passenger car vehicle models along with multiple offers provided by vehicle manufacturers. In addition, increasing investments by the premium and luxury car manufacturers to manufacture new products with enhanced features, and the increasing penetration of direct fuel injection systems in vans and pickup trucks are further expected to drive the automotive electric vacuum pump market growth during the forecast period.
Based on the propulsion type, the market is segmented as ICE and EV. The electric vehicle segment is estimated to account for the major share of the market during the forecast period on account of the growing production and sales of new energy vehicles in recent years coupled with the demand from the aftermarket segment. Furthermore, demand for new energy vehicles, such as BEV and PHEVs, is projected to increase in emerging economies, further driving the market growth during the forecast period.
Based on the sales channel type, the market is segmented as OEM and aftermarket. The OEM segment is estimated to be the leading position type in the market owing to the increasing production of EVs globally to lessen carbon emissions. The production of electric vehicles across the globe was affected by the onset of the COVID-19 pandemic. The impact is estimated to fade away from 2021, restarting the electric vehicle production and restoring the demand for EVPs.
In terms of regions, Asia-Pacific is estimated to be the leading region in the market owing to huge automotive and electric vehicle production in China. Automotive manufacturers are implementing a wide range of advanced fuel-efficient technologies to reduce carbon emissions, the direct fuel injection system is one of them. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Key players operating in the global Automotive Electric Vacuum Pump market are-
Hella KGaA Hueck & Co.
Ningbo Tuopu Group
Wenzhou Lvxiang Electric Vehicle Co., Ltd.
Youngshin Precision, Co., Ltd
YT STABLE Tech. Corp.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Automotive Electric Vacuum Pump analysis report discusses the following heads in great detail:
Market structure: Overview, industry life cycle analysis, supply chain analysis
COVID-19 Impact Assessment
Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
Market trend and forecast analysis
Market segment trend and forecast
Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
Attractive market segments and associated growth opportunities
Strategic growth opportunities for the existing and new players
Key success factors