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Global Automotive Vacuum Pump Market Aided by Automotive Pump market, Expected to Grow at a CAGR of 6.5% During 2021-2026

According to a new report by EMR titled, ‘Global Automotive Vacuum Pump Market Report and Forecast 2021-2026’, the market is majorly being driven by automotive pump market. The automotive pump industry is expected to grow at a CAGR of 6.5% in the forecast period of 2021-2026.

The rapid adoption of electric vehicles has been providing momentum to the automotive vacuum pump market. The greater degree of vacuum pressure that can be provided with automotive vacuum pump in short time can support the improvement of vehicle performance. The advanced automotive vacuum pumps are also able to reduce the noise to a bare minimum level which enhances the comfort of the electric vehicles the automotive vacuum pump can also allow more fuel savings for the automotive by reducing the drivetrain resistance. These factors boost the demand for automotive vacuum pump industry.

In the vehicle type segment, passenger cars are one of the leading markets for automotive vacuum pump. The reason is attributed to the large demand and production for passenger cars especially in the developing regions with growing income levels and the strict government regulations for fuel efficiency. The pandemic has also led to more people opting for private vehicles instead of using the public transport systems because of the threat of virus transmission. The heavy commercial vehicle will also witness significant growth in the upcoming years owing to the swift expansion of transportation sector.

The key players in the market have been increasingly spending on the research and development to improve the product capabilities and better integrate it with the automotive. HELLA GmbH & Co. KGaA (OTCMKTS: HLLGY) is one of the major players in the automotive vacuum pump industry. In August 2019, HELLA announced the integration of LED headlamps and new electric vacuum pumps (UP5) to the electric vehicle in the new e.GO Life. The new generation electric vacuum pump will assist the braking function. The increasing development and usage of new automotive vacuum pump will propel the automotive vacuum pump in the forecasting years.

Market Analysis by Type, Vehicle Type, Sales Channel and Regions:

  • The types of product are classified into electric and mechanical.
  • The vehicle types of the market are passenger vehicle, light commercial vehicle, and heavy commercial vehicle.
  • The sales channel for the industry are divided into aftermarket and OEM.
  • The regional markets for automotive vacuum pump include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rapid growth of automotive sector is driving the market demand for automotive vacuum pump.
  • The increasing population, disposable income, and urbanization has been providing impetus to the growth of industry.
  • The rapid adoption of electric vehicles will fuel the market growth.
  • The advancements in technology because of R&D investments will bolster the demand for the industry.

Key Offerings of the report:

  • The EMR report gives an overview of the global automotive vacuum pump industry for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecasted (2021-2026) markets for the type, vehicle type, sales channel, and major regions of automotive vacuum pump industry.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global automotive vacuum pump market are HELLA GmbH & Co. KGaA, Rheinmetall Automotive AG, Continental AG, MS Motorservice International GmbH, Robert Bosch GmbH and Youngshin Precision, Co. Ltd among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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