Automotive Electric Vacuum Pump Market Report 2024 (Global Edition)

MARKET DYNAMICS: KEY DRIVERS

Increasing car production and sales eventually drives the automotive electric vacuum pump market growth

The need for automotive electric vacuum pump is directly impacted by the expansion of the worldwide automotive industry. The market for contemporary tools and equipment used in automotive workshops and service facilities is driven by the growing number of vehicles on the road and the resulting demand for maintenance, repairs, and servicing. According to OICA (International Organization of Motor Vehicle Manufacturers), global motor vehicle production in 2022 was over 85 million units, up 6% from the previous year. An increase in car manufacturing corresponds directly to increased demand for electric vacuum pump. 
Some of the top automotive industry-related statistics include; the US car manufacturing market was worth $104.1 billion in the US.  Also, The Indian automotive sector contributed 7.1% to the overall GDP and 49% to the manufacturing GDP in 2021. Additionally, 105 billion items related to motor vehicles and parts were exported in 2021 from the US These were the second largest in exports. According to a recent survey by published by the European Automobile Manufacturer Association the global car sales have increased by around 9% in the first three quarter of 2023.The Europe market witnessed sales growth of 20.4% from January to September in 2023. http://(https://www.acea.auto/figure/world-motor-vehicle-production/). Thus, increasing car production and sales eventually drives the automotive electric vacuum pump market growth.

The rise in use of electric vehicles (EVs) and increasing sales of pre-owned vehicles drive demand for the automotive electric vacuum pump market

The rise of electric cars (EVs) in the automobile business affects demand for specific garage equipment. In 2023, global electric vehicle (EV) sales climbed by 31% to 13.6 million units. Fully electric vehicles (BEVs) accounted for 9.5 million of total sales, with PHEVs making up the remainder (predicted by Rho Motion)
Electric vehicles amounted to some 14 percent of global passenger car sales in 2022, which was a rise of around 5.3 percentage points year-over-year. Electric vehicle sales have rapidly increased since 2017, when they rose above one percent of the market, and have particularly accelerated since 2020.http://(https://www.statista.com/statistics/1371599/global-ev-market-share/)
The Asia-Pacific region was the leading market for battery-electric vehicles, propelled by the Chinese new energy vehicle market. Automakers worldwide will have to focus on clean fuel sources and sustainable supply chains. In 2020, Volkswagen started delivering its electric ID.4 model and consistently ranked among the best-selling EV brands. By 2022, the Volkswagen Group was the fourth leading EV automaker worldwide. http://(https://www.statista.com/topics/1010/electric-mobility/#topicOverview)
Pre-owned vehicles, commonly known as used cars, are those that have been previously owned and utilized by individuals or businesses before being made available for resale. Automotive Electric Vacuum Pump plays a crucial role in the pre-owned vehicle market by facilitating the inspection, diagnosis, and maintenance processes. These tools are utilized to identify and address any issues, ensuring that the vehicles meet safety and performance standards before being reintroduced to the market. For instance, data from Cox Automotive, a US-based system software company, indicates that total used car sales reached 40.9 million vehicles in January 2022. Moreover, daily sales increased by 1.44 million units in 2023, reflecting a 6% growth from the previous year. As a result, the upward trajectory in pre-owned vehicle sales is a significant driver behind the expansion of the Automotive Electric Vacuum Pump market. http://(https://www.coxautoinc.com/market-insights/estimated-monthly-used-vehicle-saar-and-volume/). Thus, the rise in use of electric vehicles (EVs) and increasing sales of pre-owned vehicles drive demand for the automotive electric vacuum pump market.

Restraints

The high cost of the vehicles is projected to hinder the automotive electric vacuum pump market

The substantial initial outlay for specialized tools and machinery is one of the main obstacles for starting off in the garage equipment industry. Due to the high initial expenditures of new equipment, garage owners—especially those operating smaller businesses or on a tight budget—may require assistance in making this investment. The average cost of garage equipment is between $15,000 and $25,000. For purchase and installation, lifts typically cost approximately USD 4,000, whilst tire changers can cost anywhere from USD 688 to USD 888 for two pieces. Depending on the complexity of the instrument, advanced diagnostic equipment for auto repair can range in price from a few thousand to tens of thousands of dollars. Complicating the issues brought on by high initial equipment costs could be restricted access to capital and financing options. Thus, the high cost of the vehicles is projected to hinder the automotive electric vacuum pump market.

Opportunities

Digitalisation and EVs are Providing Lucrative Growth Opportunities for the Automotive Electric Vacuum Pump Market Expansion

The rate at which automotive systems are becoming more digitalized is increasing, making the usage of digital diagnostic tools necessary for the diagnosis and maintenance of systems like ADAS. The need for diagnostic and calibration tools for features like instrument consoles, airbags, sensors, and digital locks is growing as automotive systems become more digitalized. Leading Original Equipment Manufacturers' expenditures in the development of digital and autonomous vehicle technologies are anticipated to significantly increase this need. As a result, there will be a higher need for basic auto manufacture and maintenance, as well as for automotive electric vacuum pump. Aside from this, the advent of IoT-based sensors is driving up market sales, thus OEMs are being pushed to incorporate state-of-the-art features in electric vacuum pumps. Furthermore, as electric vehicles also need adequate engineering to work effectively, the growing popularity of these vehicles is opening up lucrative opportunities. For instance, in 2023, The Government assistance, cost reductions, consumer awareness, and breakthroughs in battery technology all contributed to the growing popularity of electric cars (EVs) in India. Sales of electric vehicles increased by 155% to 1.17 million units in the 2023 fiscal year. Digital solutions are being used by auto stores to improve operational efficiency and offer distinctive experiences. This includes real-time tracking for effective delivery routes, individualized customer care, and omnichannel shopping. As technology develops, EV dealers have the ability to revolutionize the automobile retail landscape by facilitating more convenient sales. http://(https://timesofindia.indiatimes.com/blogs/voices/catering-to-growing-ev-demand-how-digitalisation-is-transforming-automotive-retail-in-india/)
 

How did COVID–19 Impact the Automotive Electric Vacuum Pump Market?

Due to factory closures, a decrease in car manufacturing, and the unavailability of workforce during the initial lockdowns, the COVID-19 pandemic had a detrimental effect on the market. But as regulations loosened in the first half of 2021, the market picked up steam again. Since the majority of consumers began using personal vehicles to suit their daily commuting demands, used car sales and consumer propensity toward vehicle maintenance have been the primary drivers of consumer demand in the automotive sector. For instance, Global auto sales fell to 63.8 million in 2020; a small recovery is anticipated in 2021, when sales are expected to reach 66 million. The United States, China, and Europe are predicted to have the fastest rise in light vehicle sales between 2021 and 2022, although this will not make up for the region's 21% decline in sales between 2019 and 2020. The decrease in the auto production thus decreased the demand for Automotive Electric Vacuum Pump. This had a major impact on the growth of the market during pandemic.http://(https://www.statista.com/topics/1010/electric-mobility/#topicOverview)
While the COVID-19 pandemic has led to an increase in consumer interest in the EV market, recent studies in the United States found that around four-fifths of the country’s states were not considered accessible markets for consumers interested in purchasing an EV. To curb these accessibility issues, some governments have put financial subsidies at purchase in place, though the effectiveness of these programs also depends on customers’ access to them. For instance, The car industry will get £73.5 million from the UK government to protect jobs and advance green technologies. Funding will be provided to ten projects nationwide to develop innovative technologies, such as recyclable batteries, improved electrical systems, and ultra-lightweight components, for the upcoming generation of electric cars, vans, and taxis. In addition to protecting over 14,000 research and manufacturing jobs in the UK, this investment will help the automotive industry recover from the coronavirus epidemic by facilitating the production of a larger number of low-emission automobiles, commercial vehicles, and componentry in the country. The increased investment will support the creation of extremely lightweight and highly efficient parts and move the automobile sector farther away from fossil fuel-based technology. http://(https://www.gov.uk/government/news/735-million-to-boost-green-economic-recovery-in-automotive-sector)

 

Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.

The Global Automotive Electric Vacuum Pump Market is witnessing significant growth in the near future.

In 2023, the Diaphragm Type segment accounted for noticeable share of global Automotive Electric Vacuum Pump Market and is projected to experience significant growth in the near future.

The Electric Vehicle segment is expected to expand at the significant CAGR retaining position throughout the forecast period.

Some of the key companies Robert Bosch GmbH , Continental AG and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.

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