Global automotive vacuum pump market is anticipated to reach USD 12,233.8 Million by the end of 2024 from USD 7,684.5 Million in 2018. The global automotive vacuum pump market is expected to flourish at a CAGR of 8.6% in the terms of value during the time period i.e. 2019-2024. The commercial vehicle market is expected to grow slightly in the upcoming years. The automotive industry is seeing strong investments which is expected to spur the growth of automotive vacuum pump market. Apart from this, the presence of a large fleet of vehicles on the road in the globe is spearheading current and future growth prospects. Further, growing automotive production will benefit the growth of automotive vacuum pump market.
Growth Drivers – Automotive Vacuum Pump Market
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.
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 be rising in the future.
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, a rising trend for powertrain electrification is another major factor which is likely to escalate the demand for electric vacuum pumps in upcoming years.
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Barriers – Automotive Vacuum Pump Market
Falling Sales of Diesel Engine
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.
The automotive vacuum pump market is segmented by application into passenger cars, light commercial vehicles, and heavy commercial vehicles. The global vacuum pumps for passenger cars market was valued at USD 4,549.9 million in 2018 and is expected to reach USD 7,114.7 Million by the end of 2024, growing at a CAGR of 8.2% between 2019 and 2024. According to OICA, total passenger car production registered a growth of 1.5% and reached to 73.4 million units in 2017. Further, rising demand for vehicles in developing nations is driving the demand for various automotive components such as the vacuum pump. Further, it is anticipated that production and sales of electric passenger cars will increase at an exponential rate in the upcoming years. This will further fuel the growth of automotive vacuum pump market.
In terms of region, the report offers an analysis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe, especially Germany & Spain, will play an important role in the growth of global automotive vacuum pump market. The European auto industry is a global leader in terms of vehicle sales & production. Presence of a large number of assembly and production plants in the region will boost the demand for automotive vacuum pump in upcoming years. Additionally, Europe is the leading consumer of high-performance cars. The auto manufacturers are continuously integrating advanced technologies such as electric vacuum pumps in the vehicle to increase their performance level. Also, the demand for cleaner, safer and quieter is increasing in Europe and due to this, the sales and production of EV & hybrid vehicle are increasing enormously in the region. 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.
The report also covers detailed competitive analysis of major market players of the global automotive vacuum pump market, such as Rheinmetall Automotive AG, HELLA GmbH & Co. KGaA, WABCO, Fuxin Dare Automotive Parts Co. Ltd., Mikuni Corporation, Nabtesco Automotive Corporation, Ningbo Tuopu Group Co. Ltd., Bosch Automotive Aftermarket, Magna International Inc. and Zhejiang VIE Science & Technology Co., Ltd., among others. The automotive vacuum pump market is witnessing a wide range of industry activities such as acquisition, mergers, and expansion across the globe.
- Passenger Cars
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of the Middle East & Africa)
The report profiles various major market players such as
• Rheinmetall Automotive AG
• HELLA GmbH & Co. KGaA
• Fuxin Dare Automotive Parts Co. Ltd.
• Mikuni Corporation
• Nabtesco Automotive Corporation
• Ningbo Tuopu Group Co. Ltd.
• Bosch Automotive Aftermarket
• Magna International Inc.
• Zhejiang VIE Science & Technology Co., Ltd.,
• Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides a company’s positioning and market share in automotive vacuum pump market.
Timeline Considered for Analysis:
- 2013 to 2018: Historical Trend
- 2018: Base Year
- 2019: Estimated Year
- 2019 to 2024: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global automotive vacuum pump market by the following segments:
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Automotive Vacuum Pump Industry Report
• What is the overall market size in 2018? What will be the market growth during the forecast period i.e. 2019-2024?
• Which region would have a high demand for the product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?