Automotive EVP Market is Expected to Grow With a CAGR of 6.1% During the Forecast Period 2018-2025, Says Esticast Research and Consulting
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As per the report “Automotive Electric Vacuum Pump (EVP) Market By Type (Diaphragm Type, Leaf Type, Swing Piston Type), By Application (EV Cars, Hybrid Cars, Diesel Vehicles ), Industry Trends, Estimation & Forecast, 2017-2025″,
In 2017, the diesel vehicles segment generated the highest revenue share in the global automotive EVP market. Among major regions, Europe was the highest revenue generating market, holding nearly 38% of the market share, in 2017.
“Surging government initiatives to spread awareness regarding vehicle safety and global warming is propelling the customers to opt for fuel efficient vehicles that are equipped with electric vacuum pumps. As a result the OEMs are drifting their focus towards optimizing the efficiency of their vehicle products by incorporating highly advanced and latest electric vacuum pumps in them. According to the regulations imposed by the government of various nations, it has become mandatory to incorporate electric vacuum pumps in them for safety issues.”
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Stringent government regulations and constantly hiking global warming is motivating the OEMs to focus upon the development of more advanced vacuum pumps which can offer both fuel efficiency and emission control in vehicles. As per a research electric vacuum pumps can increase the fuel efficiency of a vehicle by 1.6% to 2.5%. Hella, a major market player, recently launched a new electric vacuum pump which is capable of increasing a vehicle’s fuel efficiency, resulting in CO2 savings of up to 2g CO2/km as compared to the mechanical pumps.
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EV cars segment is anticipated to exhibit the highest CAGR of 12.5% during the forecast period due to the inefficiency of such cars to generate vacuum
The surging sales of electric vehicles (EVs) is a major factor which is stimulating the growth of global automotive EVP market. Electric motors incorporated in electric vehicles are not efficient enough in generating vacuum for a proper braking system, hence in EVs, electric vacuum pumps have become a necessity. According to the data revealed by the International Energy Agency, in 2016, approximately 2 million electric cars were sold across the globe. The main three markets were the U.S., China, and Europe, accounting for more than 90% of the global EV sales. Such impressive statistics are expected to boost the demand of EVP in electric vehicles, especially in the above mentioned regions.
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Asia-Pacific to grow with an impressive growth rate during the forecast period, owing to the emerging economies in the region
In terms of region, Asia-Pacific is expected to project the highest CAGR of 6.9% during the forecast period 2018-2025. The region accounts for various emerging economies such as India, China, South Korea, and few others. Approximately 90% of the electric vehicle manufacturers in South Korea incorporate electric vacuum pumps. China, the major market of EVs accounted for nearly 40% of the global EV sales in the year 2016. Moreover, India is also focusing on replacing all diesel cars with electric cars by the end of 2030. Such rising demand for electric vehicles in Asia-Pacific is expected to render lucrative opportunities to the market players active in the global automotive EVP market.
SOUTH AMERICA AUTOMOTIVE EVP MARKET SIZE BY TYPE, 2013-2025
KEY FINDINGS OF GLOBAL AUTOMOTIVE EVP MARKET, 2017-2025
* Diaphragm type segment is expected to exhibit the highest growth rate of 6.2% during the forecast period 2018-2025.
* EV cars segment is anticipated to grow with an impressive CAGR of 12.5% during the forecast period.
* Automotive EVP market experiences a declining price trend of automotive electric vacuum pumps.
* Europe garnered the lions share in the global automotive EVP market by holding approximately 38% of the market share.
EUROPE AUTOMOTIVE EVP MARKET SHARE OF KEY MARKET PLAYERS, 2017
Some key market players are Hella, Continental, Youngshin, Tuopu Group, and VIE.