Global Market Insights Inc. Released a report indicating that the automotive electric vacuum pump market can go beyond $1 billion in value for the next six years. The high demand for equipment with efficiency in refilling vehicles is what is projected to be the driving factor for this new trend.
The developers of automotive electric vacuum pumps have been incessantly redesigning the equipment to increase its operational efficiency. Other factors that have accelerated the determination to develop the best equipment in this category is the desire to run the car at extreme altitudes and in the cold seasons. The developers realized that they could improve the efficiency of the electric vacuum pumps by linking them with the breaks to ensure that the action of breaks activates the pumps to work effectively.
Market stakeholders in this industry are keen on the advancement of other features like the design, installation of this technology, and final assembly of the vehicle, including the addition to make the drive as convenient as possible. Automotive electric vacuum pumps will witness a surge in their demand if the projected trends in this market take shape. The report explained that the HVC section would record about 6% CAGR in the automotive electric vacuum pump market, which will be steered by the expanding construction and logistics firms through the Asia Pacific and Latin America.
Cost-effectiveness, which the equipment provides, is also going to factor in the growth of the industry in the estimated period. Last year, North America hosted 15% of the automotive electric vacuum pump market share. Additionally, the massive electric vehicle production and sales in North America will propel the regional market need for the equipment. The electric vehicle sales in the US grew to 300000 units, a trend that is geared to minimize the greenhouse gas emissions coming from the transportation sector. Moreover, OEMs are taking up new technologies in the development of modified gasoline engine vehicles to ensure that the product settles in the market effectively.
The developers of the automotive electric vacuum pumps decided to utilize partnerships and contractual agreements with car manufacturers to ensure that they promote their product in the market and have a reliable market for it. A perfect example is a deal which Rheinmetall Automotive closed with a mega automaker to supply electric vehicle vacuum pumps for the company’s plug-in hybrid electric vehicles. The deal will be offering the company $280 million to deliver quality products for their models.