Automotive Vacuum Pump Market: Global Size, Share, Trends, Growth and Forecast 2022-2032
Automotive Vacuum Pump Market: Overview and Definition
Rising Production & Sales of New Vehicles Around the World is Likely to Drive the Global Automotive Vacuum Pump market at 8.6% CAGR during 2020 & 2025.
Global automotive vacuum pump market accounted for USD 8.5 billion in 2021 and is estimated to reach USD 19.8 billion in 2032, registering a compound annual growth rate (CAGR) of 8.6% between 2022 and 2032.
Growing Automotive Sector
The automotive sector is growing steadily at a global level. However, on a regional basis, the industry is witnessing remarkable growth in emerging markets such as China, Brazil & others. The production & sales of vehicles are rising enormously as the demand for passenger cars among the population is strengthening with time. The consumers have more buying power than ever before and are spending well on vehicles in order to improve their standard of living.
Rising Sales of Electric Vehicles
In recent years, electric vehicles have witnessed dynamic market uptake across the globe especially in countries such as China, France, Germany, and Norway. Further, ongoing electrification of vehicles coupled with the use of electric vacuum pumps in electric cars, recreational EV vehicles, hybrid cars, and other high-performance vehicles are expected to bolster the growth of automotive vacuum pump market in upcoming years.
In recent years, automotive vacuum pumps have gone through numerous technological advancements. The manufacturers are continuously advancing their products in order to improve their performance, durability and power efficiency. Further, rapidly changing automotive environmental policy is also making manufacturers t0 develop products that can fulfill meet strict new requirements. Also, the rising trend for powertrain electrification is another major factor which is likely to escalate the demand for electric vacuum pumps in upcoming years.
Growing Automotive Aftermarket Industry
Over the last decade, the automotive aftermarket industry has been growing remarkably parallel to the automotive industry. According to Automotive Aftermarket Products Expo (AAPEX), global automotive aftermarket industry has grown to USD 740 Billion. Since the average age of vehicles is increasing, the demand for automotive components including vacuum pumps in the aftermarket will also rise in the future.
Rising Demand for High-Performance Cars
Vacuum pumps eventually improve performance, durability and power efficiency of cars. Consumers with high net worth income these days are preferring high-performance vehicles. Manufacturers are also looking forward to integrating every possible technology to improve their vehicle’s performance in order to boost the company’s sales. Rising installation of vacuum pumps in passenger cars is likely to foster the growth of the global automotive vacuum pump market over the estimated period i.e. 2019-2024.
Barriers in Market
Although the sales of new vehicles are surprisingly rising across the globe, diesel vehicles market is witnessing continuous plummet in terms of sales and demand across the globe. Governments across the globe are more concerned about the environment and are implementing new and strict air quality and emissions standards to control pollution occurring from vehicles. Since diesel fuel contains slightly more carbon and due to this diesel engine cars are becoming responsible for carbon emission. Governments are promoting CNG & EVs and are encouraging consumers to adopt these vehicles over diesel cars. Many governments have also restricted the sales of those diesel vehicles that failed to meet the latest emissions standards. Since a diesel engine is a major application of automotive vacuum pumps and fall in sales of diesel vehicles is going to emerge as the major barrier in the growth of global automotive vacuum pump market in upcoming years.
In terms of geography, the automotive vacuum pump market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe automotive vacuum pump market was held at USD 3,360.8 million in 2018 and is anticipated to reach USD 5,184.3 million by the end of 2024. Europe automotive vacuum pump market accounted for a market share of 43.7% in 2018 and further, is expected to stand at a market share of 42.5% by the end of 2024.
The key players profiled in the report include Rheinmetall Automotive AG, HELLA GmbH & Co. KGaA, WABCO, Mikuni Corporation, and other major key players. These market players have adopted different business strategies, such as acquisition, product launch, merger, and partnership to stay competitive in the global market. For instance, WABCO Holdings entered into a multi-year agreement to supply vacuum pumps across all Mahindra & Mahindra’s major engine platforms.