Global Automotive Pump Market 2020-2024 | Developments in the Field of Hydrocarbon Evaporation Control Systems to Boost the Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 6, 2019--
The global automotive pump market size is expected to post a CAGR of over 7% during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive pump market 2020-2024. (Graphic: Business Wire)
Automakers are increasingly focusing on improving the performance, fuel efficiency, and safety while reducing emissions. In addition, automotive manufacturers have also been offering electronic fuel injected vehicles for delivering high performance and superior mileage. Automotive fuel injection systems play a key role in determining a vehicle’s performance, and ensure fuel efficiency and reduction of carbon emissions. Furthermore, automakers have also increased the use of multi-port fuel injection systems in modern vehicles that offer precise flow of fuel into the intake manifold. As a result, the increasing use of electric fuel pumps as an integral part of fuel injection systems is further expected to drive the sales volume of automotive pumps in the forthcoming years.
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As per Technavio, the developments in the field of hydrocarbon evaporation control systems will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Pump Market: Developments in the Field of Hydrocarbon Evaporation Control Systems
Various stakeholders operating in the automotive value chain, along with government councils and institutions, are developing an environmentally sustainable automotive industry. This has led to different innovations in automotive technologies and systems to reduce harmful effects on the environment. Furthermore, vendors in the market are taking initiatives such as the development of electrified solutions such as electric pumps to reduce hydrocarbon evaporative emissions. These continuous developments in the field of hydrocarbon evaporation control systems are expected to drive the automotive pump market growth during the forecast period.
“Factors such as the rising focus of OEMs on developing autonomous vehicles, adoption of new or improved emission standards, and growth of automotive industry in emerging economies are expected to boost the automotive pump market growth during the forecast period, ” says a senior analyst at Technavio.
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Automotive Pump Market: Segmentation Analysis
This market research report segments the automotive pump market by vehicle type (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, MEA, South America).
APAC led the market in 2019, followed by North America, Europe, MEA, and South America respectively. Rising urbanization and globalization coupled with the growing disposable income in economies including China, Indonesia, Singapore, and others have led to an increase in the number of car buyers in these economies. In addition, governments in the APAC countries are aiming toward minimizing fuel consumption and emission of gases from vehicles. As a result, with the rising sales of automobiles with upgraded emission systems, the demand for automotive pumps will also rise in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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PUB: 11/06/2019 03:00 PM/DISC: 11/06/2019 03:01 PM