Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Automotive Electric Vacuum Pump Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global automotive electric vacuum pump market is on an upward trajectory, showcasing a significant surge as it grows from a value of $16.26 billion in 2022 to an expected $18.28 billion in 2023, marking a robust compound annual growth rate (CAGR) of 12.4%. In the face of global economic uncertainty heightened by the Russia-Ukraine conflict, the market reflects resilience, fueled by the escalating adoption of electric vehicles and relentless technological innovations.
The Asia-Pacific region reigned supreme in the automotive electric vacuum pump landscape in 2022, dominating global share, with major industry players investing in state-of-the-art solutions. Groundbreaking product launches, such as Elmo Rietschle's V-VCS oil-lubricated rotary vane pump, epitomize the industry's push towards reducing maintenance needs and operating costs while improving performance and noise reduction.
- Advancements in electric vehicle technology have generated a ripple effect, bolstering demand for innovative automotive electric vacuum pumps.
- The intensifying focus on clean and efficient transport solutions continues to drive investment and development in the electric vehicle sector.
By 2027, projections indicate that the market could reach an impressive $28.03 billion, cruising at a CAGR of 11.3%. The significant growth is stimulated by: Increasing Electric Vehicle Sales:
Electric vehicles (EVs) are charging ahead, with sales numbers hitting record highs. Energy-efficient motors and enhanced battery technologies have paved the way for a new era of automotive design, wherein electric vacuum pumps play a pivotal role in reducing engine load and enhancing overall vehicle performance. As consumer interest in EVs continues to climb, so does the need for specialized components like electric vacuum pumps.
Product Innovation: Industry leaders are persistently innovating to provide high-performance solutions tailored to evolving market needs. Cutting-edge technologies are shaping the future of vacuum pumps, enabling more compact designs that contribute to engine efficiency and vehicle performance.
Market Segmentation: The automotive electric vacuum pump market flourishes across diverse segments, including diaphragm, leaf, and swing piston types. The varied propulsion types span electric vehicles and internal combustion engines, with vehicle categories encompassing passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Distribution channels for these innovations include both original equipment manufacturers (OEM) and the aftermarket sector. The scope of the automotive electric vacuum pump market is far-reaching, encompassing sales of compact, high-power, and high-performance models. The market value captures the factory gate revenues generated from goods sales, along with any correlated services provided by manufacturers.
Recent market activities, such as ADVIK Hi-Tech Private Limited's acquisition of Hanon Bangalore Operations, underscore a strategic move towards a more comprehensive product portfolio, promising further market consolidation and expansion. This latest automotive electric vacuum pump market report offers an in-depth analysis of current and future market scenarios, arming stakeholders with valuable insights and data necessary for informed decision-making in a rapidly evolving industry landscape.
A selection of companies mentioned in this report includes
- Robert Bosch GmbH
- Denso Corporation
- Continental AG
- Magna International Inc.
- Aisin Seiki Co. Ltd.
- Valeo SA
- TRW Automotive Holdings Corp.;MAHLE GmbH
- Atlas Copco
- Hella GmbH & Co. KGaA
- Rheinmetall Automotive AG
- Ingersoll Rand
- MANN+HUMMEL Group
- Delphi Technologies
- The Johnson Electric Group
- Ningbo Tuopu Group Co. Ltd.
- Cooper-Standard Holdings Inc;Mitsuba Corporation
- Dorman Products Inc.
- TRICO Group
- Holly Inc
- Mikuni Corp.
- SHW AG
- Hitachi Astemo Americas Inc.
- Pricol Limited
- Advik Hi Tech Pvt Ltd
- Pierburg;Nagman Instruments & Electronics Private Limited
- WABCO Holdings Inc.
- Woosung Vacuum Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/p54nqe
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