The global automotive electric vacuum pump market size at a CAGR of close to 16% during the forecast period

NEW YORK, June 24, 2019 /PRNewswire/ -- Global Automotive Electric Vacuum Pump Market:

About this market

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Electric vacuum pumps are used in vehicle braking systems as a source of vacuum for brake boosters. Technavio's automotive electric vacuum pump market analysis considers the application of automotive electric vacuum pumps in passenger vehicles and commercial vehicles. Our analysis also finds the use of automotive electric vacuum pumps in APAC, Europe, MEA, North America, and South America. In 2018, the passenger vehicles segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the presence of stringent regulations related to fuel efficiency will play a significant role in the passenger vehicles segment to maintain its market position. Also, our global automotive electric vacuum pump market looks at factors such as the rising sales of vehicles equipped with electric vacuum pump-enabled brake boosters, increase in vehicle's fuel efficiency with the use of electric vacuum pumps, and the presence of stringent regulations and standards related to emissions. However, the high cost of electric vacuum pumps, vehicle recalls due to the use of faulty electric vacuum pumps, and the decreasing car ownership due to the availability of smart mobility solutions may hamper the growth of the global automotive electric vacuum pump market size over the forecast period.

Global Automotive Electric Vacuum Pump Market:

Overview

Use of electric vacuum pumps improves the fuel efficiency of vehicles

Unlike mechanical vacuum pumps, electric vacuum pumps allow engine-independent vacuum generation for brake boosters. The electric vacuum pumps turn on only when the brakes are applied and remain off otherwise. This results in higher fuel efficiency when compared to mechanical vacuum pumps. Owing to its contribution toward the vehicle's fuel efficiency, automobile manufacturers are increasingly adopting electric vacuum pumps. This is expected to be one of the crucial factors driving the growth of the global automotive electric vacuum pump market size at a CAGR of close to 16% during the forecast period.

The advent of advanced diagnostic solutions to enable quick fault diagnosis and repair of braking systems

The automotive industry is consistently evolving with the advent of new technologies. One of the recent trends in the automotive remote diagnostics is the development of advanced connected technology called the prognosis solution or predictive maintenance. In predictive maintenance, a remote diagnostic center receives information over a network link and prepares an appropriate fault detection and isolation response. This serves as a proactive preventive measure in automobiles, especially in areas such as braking systems. This growing trend in the automotive industry will have a positive impact on the growth of the market.

For the detailed list of factors that will drive the global automotive electric vacuum pump market size during the forecast period 2019-2023, click here.

Competitive Landscape

With the presence of a few players, the global automotive electric vacuum pump market is highly concentrated. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading electric vacuum pump manufacturers, that include Continental AG, Hella GmbH & Co. KGaA, Mikuni Corp., Ningbo Tuopu Group Co. Ltd., Rheinmetall AG, and Youngshin Precision Co. Ltd.

Also, the automotive electric vacuum pump market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all future growth opportunities.

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