The rise in the sales of commercial vehicles and demand for fuel-efficient vehicles are driving the growth in Global Automotive Electrical Pump Market in the forecast period, 2022-2026.
According to TechSci Research report, “Automotive Electrical Pump Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Type (Fuel Pump, Steering Pump, Water Pump, Vacuum Pump, Others), By Vehicle Type (Passenger Car, LCV, M&HCV), By Demand Category (OEM vs Replacement), and By Region”, the global Automotive Electrical Pump market is anticipated to grow at a rate of significant CAGR for the forecast period, 2022-2026. An electric fuel pump is used to pump fuel from the gas tank to the injectors. The electric fuel pump is generally placed inside the fuel tank, but sometimes if the need arises can be placed outside the fuel tank. It includes a float that sends the electrical signal to the fuel gauge situated on the instrument panel.
However, the growing sales of electric vehicles owing to the regulatory emission standards may restrain the global Automotive Electrical Pump market growth for the forecast period.
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The global Automotive Electrical Pump market is segmented on the basis of type, vehicle type, demand category, regional distribution, and company.
On the basis of type, the Global Automotive Electrical Pump market is divided into the fuel pump, steering pump, water pump, vacuum pump, and others. The fuel pump segment is expected to dominate the market for the forecast period, 2022-2026. The existence of an efficient delivery system to deliver the fuel from the fuel tank and the engine is essential to ensure the proper functioning of the automobile. Market players are investing huge amounts for research and development activities to increase fuel efficiency and performance and decrease the size of the fuel tank to boost vehicle performance.
On the basis of vehicle type, the Global Automotive Electrical Pump market is divided into passenger car, LCV, and M&HCV. The passenger car segment is expected to hold the largest market share in the next five years. The growing shift towards vehicle ownership and the surge in the purchasing capacity of the consumers is driving the demand for passenger cars around the globe. The rise in the demand for passenger cars in developing countries and the availability of easy financing assistance to increase the affordability of consumers to buy cars is expected to accelerate the demand for passenger cars.
On the basis of demand category, the Global Automotive Electrical Pump market is bifurcated into OEM and replacement. The OEM segment is expected to account for major market share for the forecast period. The large-scale manufacturing of automobiles is fueling the installation of Electrical Pumps in automobiles. The pre-installed Electrical Pumps have superior quality and offer warranty and after-sales services, which is expected to boost the global Automotive Electrical Pump market demand. OEM continuously invests in technological advancement to develop superior fuel pump design and the electronic devices used in the automobile. The availability of many choices in passenger and commercial vehicles with improved aesthetic appearance and range of the vehicle is expected to fuel the global Automotive Electrical Pump market demand.
On the basis of regional analysis, the Asia-pacific region is expected to dominate the global Automotive Electrical Pump market for the forecast period. The presence of a large number of automobile part manufacturers and the high demand for various automobiles in developing countries like China, India, South Korea, Japan are the major contributing factors for the high demand for the global Automotive Electrical Pump market in the region. The rise in the sales of passenger cars and commercial vehicles in the region due to the improving economic conditions and the high demand for fuel-efficient vehicles is expected to boost the demand for the global Automotive Electrical Pump market during the forecast period.
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“The growing adoption of the plug-in hybrid electric vehicle around the globe to control carbon emissions into the environment is expected to fuel the demand for the Automotive Electric Pump as it uses both electricity and internal combustion engine-powered generators. The manufacturing of passenger cars using plug-in hybrid electric vehicle technology is expected to witness a hike as they are highly efficient and less harmful to the environment. The increase in the manufacturing of commercial vehicles such as buses, motorcycles, buses, utility trucks due to the surge in trade activities and demand for efficient supply chain is expected to propel the global Automotive Electrical Pump market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Automotive Electrical Pump Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Type (Fuel Pump, Steering Pump, Water Pump, Vacuum Pump, Others), By Vehicle Type (Passenger Car, LCV, M&HCV), By Demand Category (OEM vs Replacement), and By Region”, has evaluated the future growth potential of Global Automotive Electrical Pump and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Automotive Electrical Pump market.
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