Electric Vacuum Pump Market Set to Surge with a CAGR of 7.5% by 2030, Reveals MarkWide Research Report
According to a new report published by MarkWide Research, titled, “Aftermarket Electric Vacuum Pump Market”, the global aftermarket electric vacuum pump market is poised for substantial growth, projected to register a robust CAGR of 7.5% during the forecast period from 2023 to 2030. The report analyzes and forecasts the market size, share, and trends, providing insightful information to industry stakeholders and market enthusiasts.
The rising adoption of electric vehicles (EVs) and the increasing focus on emission reduction and fuel efficiency are key factors driving the demand for aftermarket electric vacuum pumps. These pumps play a critical role in maintaining the optimal functioning of various vehicle systems, including brake systems and emission controls. As governments worldwide implement stringent emission regulations, automakers are compelled to enhance the efficiency of vehicle components, thereby amplifying the demand for electric vacuum pumps in the aftermarket.
One of the primary drivers contributing to the growth of the aftermarket electric vacuum pump market is the increasing sales of electric vehicles. As the global automotive industry undergoes a transformative shift towards sustainable mobility solutions, the demand for electric vacuum pumps is expected to surge. These pumps are integral in electric and hybrid vehicles for brake assist systems, ensuring safety and performance equivalent to traditional internal combustion engine vehicles.
The report segments the aftermarket electric vacuum pump market based on vehicle type, sales channel, and region. Passenger cars, commercial vehicles, and two-wheelers are the major vehicle types considered in the study. Among these, the passenger car segment holds a significant share, owing to the rising disposable income of consumers and increasing urbanization.
In terms of the sales channel, the aftermarket electric vacuum pump market is bifurcated into authorized service centers and independent retailers. The authorized service centers segment dominates the market due to the assurance of genuine products and services offered by OEMs, instilling trust among consumers. However, the independent retailers segment is anticipated to witness notable growth, supported by the expansion of the automotive aftermarket sector.
Geographically, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa constitute the key regions analyzed in the report. Asia Pacific stands out as a prominent market for aftermarket electric vacuum pumps, attributed to the surging automotive industry, rapid urbanization, and increasing awareness about sustainable transportation. Additionally, North America and Europe are expected to showcase considerable growth due to the escalating adoption of electric vehicles and stringent emission norms.
Key market players operating in the aftermarket electric vacuum pump landscape are profiled in the report, providing insights into their product portfolios, market strategies, and recent developments. The competitive landscape is characterized by collaborations, partnerships, and product innovations aimed at gaining a competitive edge in the evolving market.
In conclusion, the global aftermarket electric vacuum pump market is set to experience significant growth in the coming years, driven by the increasing adoption of electric vehicles and the need for efficient brake and emission control systems. MarkWide Research’s report offers a comprehensive analysis of market trends, size, and shares, equipping industry participants with valuable insights for strategic decision-making.