Automotive Electric Vacuum Pump Market Analysis

Automotive Electric Vacuum Pump Market Analysis

The industry size from the passenger cars segment is predicted to cross USD 1.3 billion by 2032. The passenger vehicle sector is set to hold a major market share fuelled by rising car sales. In 2021, more than 3.3 million passenger cars were sold in the United States. The recent increase in sales and the demand from emerging economies has elevated the demand for automobile parts and components in the manufacturing sector. New R&D activities are being conducted to maximize the performance of automotive electric vacuum pump components and reduce vehicle weight to promote efficiency, which should boost sector growth.

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Automotive electric vacuum pump market from the brake application type will observe 3.2% growth during 2023 to 2032. To improve productivity and brake performance under regular and emergency circumstances, industry participants are making R&D investments and working on research projects. In 2022, Brakes India launched the 22.5-inch lightweight monobloc single-piston air disk brake at the IAA Transportation 2022 in Hannover. Such developments by the players are projected to augment the business statistics.

Automotive electric vacuum pump market from the ICE propulsion type is anticipated to reach USD 1 billion by 2032. The demand for passenger and commercial cars is rising in both developed and developing economies, which will likely lead to growth in the sales of ICE vehicles. For example, in 2021, commercial vehicle sales in the United States amounted to 12.1 million units with a 5.05% increase from the previous year.

The lack of EV infrastructure is a key reason for the expansion of ICE vehicle sales. The increased production of shale gas and the growing acceptance of gasoline-powered cars will drive the need for electric vacuum pumps. Furthermore, a number of strict government rules and regulations coupled with the need for more effective technologies would trigger product uptake.

The APAC automotive electric vacuum pump market is estimated to amass USD 900 million by 2032 due to its extensive automobile production. Despite the COVID-19 pandemic, there were considerable surge in sales of automobiles in China and India. Many Asian countries are providing subsidies to people who purchase new energy vehicles. For instance, municipal authorities in Shenzhen, China, are providing subsidies of up to USD 5,000 for each New Energy Vehicle (NEV) to boost the city's declining auto sales because of the COVID-19 pandemic.