Global fuel pumps market is expected to grow owing to growing automotive industry due to consistent demand for vehicles. Fuel pumps serve prime goal like maintaining optimum pressure between engine and carburetor, fuel injection to the engine, along with these to prevent overheating of fuel.
There are factors that can possibly impede the development of the fuel pumps market like the high cost of installation and complexity involved in establishing of pumps. Inaccessibility and inconvenience of the fuel pump due to its obscure location inside gas tanks of vehicles is projected to hinder the growth of the fuel pumps market.
Fire and electric hazards are also some issues that may hinder the growth of fuel pumps market in the forthcoming years. However, high speed fuel injection can be attained under all circumstances and in a variation of engine speeds. This aspect is projected to substantially proliferate growth for the global fuel pump market.
Increasing Investments in R&D Intensifies the Advancements
Prominent market players of fuel pumps market increasingly concentrating on partnership agreements with automobile producers. This is to supply fuel pumps to improve their global market profitability and presence. Besides, a few key market players are expanding their production facilities in developing countries to avail the product at affordable costs to original equipment manufacturers (OEMs) and aftermarket consumers. For example, in 2013, a German automotive manufacturing company, Continental AG started its new production plants in India for fuel pumps markets. This plant was started to supply the products to its key clients like Volkswagen Group.
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Developed Regions like North America to Push Demand of the Market
Key geographic regions such as North America and Europe are leading in the global fuel pumps market. Demand from other regions such as Asia Pacific and Middle East is likely to lead the market due to rise in disposable income in developing economies. This trend has been leading to a boom in the automobile industry in Asia Pacific. Emerging African economies are also projected to experience a substantial increase in the fuel pumps market share.