Transparency Market Research has published a new report on the global automotive electric vacuum pump market for the forecast period of 2019–2027. According to the report, the global automotive electric vacuum pump market is projected to reach ~US$ 4 Bn by 2027, expanding at a CAGR of ~15% during the forecast period.
Global Automotive Electric Vacuum Pump Market: Key Insights
- According to the report, the global automotive electric vacuum pump market is expected to expand steadily at a CAGR of ~15%, due to the rise in the adoption of electric vehicles.
- The U.S., Germany, and China are anticipated to emerge as key countries leading the global automotive electric vacuum pump market.
- The global automotive electric vacuum pump market is expanding at a consistent pace, owing to a rise in vehicle production across the globe, coupled with a surge in the dependency of society on automobiles, which boosts the aftermarket of brake systems and brake boosters, and ultimately, the aftermarket for electric vacuum pumps, owing to increasing concerns about vehicle safety.
Expansion of Automotive Electric Vacuum Pump Market
- Rising demand for superior braking performance and increased consumer awareness about vehicle safety are driving the automotive electric vacuum pump market. Electric vacuum pumps provide on-demand, safe, and effective braking, and hence, are preferred in braking systems.
- Electric vacuum pumps can be utilized for vehicles with lower engine power that generate pneumatic boost required for safe braking. Electric vacuum pumps lower the energy requirement of the vehicle due to their on-demand operation. The integration of an electric vacuum pump minimizes the load on the engine, and consequently, improves the fuel-economy of the vehicle. Rise in consumer demand for fuel-efficient vehicles is expected to boost the demand for automotive electric vacuum pumps.
- Increasing stringency in emission norms is compelling automakers to adopt fuel-efficient technologies and electric vehicles, thereby fueling the demand for electric vacuum pumps.