Global Automotive Electric Vacuum Pump Market Set for Significant Growth, Expected to Reach $31.19 Billion by 2028
Automotive Electric Vacuum Pump Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Automotive Electric Vacuum Pump Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 27, 2024 /EINPresswire.com/ -- The automotive electric vacuum pump market has experienced rapid growth in recent years, expanding from $18.28 billion in 2023 to $20.53 billion in 2024, at a compound annual growth rate (CAGR) of 12.3%. This growth can be attributed to stringent emission reduction regulations, the shift towards electric and hybrid vehicles, performance enhancements in automotive systems, reduced engine size and weight, and the integration of advanced safety features.
Rapid Growth Expected in the Forecast Period
The market is poised for continued expansion, projected to reach $31.19 billion by 2028, growing at a CAGR of 11.0%. Factors driving this growth include investments in sustainable automotive solutions, evolving consumer preferences, the proliferation of automotive electrification, and increasing regulatory emphasis on vehicle safety. Major trends in the forecast period include the development of dual-function pump systems, adoption of regenerative braking systems, customized solutions for electric vehicles (EVs), silent operation with reduced vibration, and compact modular pump designs.
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Key Players and Strategic Movements
Leading companies such as Robert Bosch GmbH, Denso Corporation, Continental AG, and Magna International Inc. are pivotal in shaping the market landscape. These players focus on strategic partnerships to innovate and manufacture electric vacuum pumps essential for braking systems in both EVs and internal combustion engine (ICE) vehicles. For instance, Advik Hi-Tech's collaboration with Entecnia Consulting enhances its technological capabilities in electric vacuum pumps, aimed at reducing CO2 emissions and catering to OEMs entering the electric vehicle market.
Market Segmentation
The automotive electric vacuum pump market is segmented based on:
• Product Type: Diaphragm Type, Leaf Type, Swing Piston Type
• Propulsion Type: Electric Vehicle (EV), Internal Combustion Engine (ICE)
• Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
• Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Regional Insights: Asia-Pacific Leading the Market
Asia-Pacific emerged as the largest region in the automotive electric vacuum pump market in 2023 and is expected to maintain its dominance throughout the forecast period. The region benefits from robust automotive manufacturing activities and increasing adoption of electric vehicles, driving the demand for electric vacuum pumps.
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Automotive Electric Vacuum Pump Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Automotive Electric Vacuum Pump Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive electric vacuum pump market size, automotive electric vacuum pump market drivers and trends, automotive electric vacuum pump market major players, competitors' revenues, market positioning, and market growth across geographies. The automotive electric vacuum pump market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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