Artificial Intelligence driven Marketing Communications
Key Companies Covered are Hella GmbH & Co. KGaA, Robert Bosch GmbH, Rheinmetall Automotive AG, Continental AG, Mikuni Corp, Tuopu Group, Youngshin Precision Co., Ltd. and other players .
The globalautomotive EVP (Electric Vacuum Pump) marketsize is anticipated to reachUSD 2.40 billion by 2026on account of the increasing demand for more efficient vehicles worldwide. Automotive electric pumps help to provide more power to the driver of the vehicle by monitoring the change in the brake booster tank space created by vacuum sensors. The implementation of EVPs is on the rise owing to the safety regulations imposed by various governments about driving safety. As per a recently published report by Fortune Business Insights titled,“Automotive EVP (Electric Vacuum Pump) Market Size, Share and Industry Analysis, By Electric Vehicle Type (BEV, HEV, PHEV), By Vehicle Type (Passenger Car, LCV, HCV) and Regional Forecasts, 2019-2026,”the market value stood atUSD 1.11 billion in 2018.It will rise at aCAGR of 10.2%between 2019 and 2026.
An Overview of the Impact of COVID-19 on the automotive EVP (Electric Vacuum Pump) market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on the Automotive EVP (Electric Vacuum Pump) Market:
Market DriversIncreasing Demand for Mobility Services to Aid in Expansion of Market
The rise in popularity and adoption of electric vehicles worldwide is a major automotive EVP market growth driver. Besides this, the development of EVs with engine-independent vacuum generation for brake boosters is expected to augment market growth. Besides, these vacuum pumps are capable of boosting the efficiency of the engine by preventing improper braking, reducing the level of carbon emissions, and preserving fuel, thereby promoting the market. Furthermore, the increasing demand for mobility services on a global basis is expected to add impetus to the market in the forthcoming years.
Browse Summary of this Research Insights with Detailed TOC:
Competitive Landscape:Players Investing Heavily in RandD to Develop Efficiently and Advanced Electric Vaccum Pumps
A few players operate the market for the automotive electric vacuum pump. These vendors are aiming to satisfy the increasing demand of consumers concerning consistent and smooth brake, and overall reliable performance. Thus, players are investing in research and development of various types of EVPs such as UP5.0, UP32, UP30, AND UP28 promising enhanced performance. Such initiatives will help players gain momentum in the market and earn high automotive electric vacuum pump market revenue in the forthcoming years.
List of the Key Companies Operating in the Automotive EVP (Electric Vacuum Pump) Market are:
Regional Segmentation:Asia Pacific to Dominate the Market Owing to Increasing Adoption of Electric Vehicles
Geographically, the global automotive electric vacuum pump market is widespread into the region of Europe, North America, Asia Pacific, and the Rest of the World. Each of these regions is further categorized based on nations. Among these, Asia Pacific is dominating the market with the most significant number of automobile production and sale in the region. This, coupled with the increasing adoption of electric vehicles in nations such as Japan and China. Besides this, Original Equipment Manufacturers (OEMs) are strategizing on multiplying production volume and introducing rapid technological advancement into industries in developing nations such as China and India.
Europe will emerge as the second-largest and witness notable growth owing to stringent regulations imposed on controlling emission levels and the rise in the adoption of electric vehicles in this region.
On the other side, North America will hold a significant automotive electric vacuum pump market share on account of the presence of popular manufacturing companies for automobiles and the increasing need to introduce fuel-efficient measures in them, especially for the pickup trucks.
Quick Buy – Automotive Electric Vacuum Pump Market Research Report:
Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Automotive EVP (Electric Vacuum Pump) Market Size to Reach USD 2.40 Billion by 2026; on Account of Rising Safety Regulations Imposed by Governments, Fortune Business Insightsâ„¢