Automotive Pumps Market- Elevating Demand for Fuel Efficient Vehicles to Accentuate Growth
With the ascending demand for vehicles providing fuel efficiency, a recent observation quotes that the demand for electric systems has also revved up by a large margin. Extensive activities of research & development are being carried out to facilitate the shift from traditional mechanical systems to electric systems, with an objective of making the vehicle highly economical. A major stride which is observed to bode well for the market is integration of ECU modules to control electric automotive pumps. The assimilation of ECU helps the electric automotive pumps to appropriately adapt to a particular situation, thereby facilitating fuel economy. This is poised to be a major factor overpowering the demand curve of automotive pumps. Similarly, other significant product developments are poised to swell the demand of automotive pumps amid the customer marketplace. For instance- Bosch intelligent fuel injection system has the ability to self-calibrate and sprays only the requisite amount of fuel required for seamless combustion. This, in turn, enhances efficiency quotient of the fuel and revitalizes demand of automotive pumps.
With a history of exponential growth, the automotive industry is raising requirements for high fuel efficiency, low emissions, and enhanced reliability. Environmental sustainability is of primary concern and the automotive industry is trying its level best to comply with the regulatory standards for emission. The use of electric pumps helps furnishing the aforementioned requirements, thanks to reduced friction hydraulic losses & power on-demand.
Automotive Pumps Market- Will Electric Vehicles Bring Disruption to Automotive Pumps?
The introduction of stringent & uncompromising norms by government agencies pose major challenges for conventional internal combustion engines, which expel toxic gases. Automotive industry across regions such as America & EMEA is proactively adopting electric vehicles by virtue of rising fuel prices, surging environmental concerns, and high maintenance as well as purchasing costs of internal combustion engine vehicles. So, the rise in demand for electric vehicles is foreseen to have a profound impact on automotive pump market. As the sales of electric vehicles (EV) will increase in the coming decades, a paradigm shift from gasoline to battery power will invite dramatic changes to the automotive pumps industry.
Automotive Pumps Market- Trends Revolutionizing the Industry Landscape
Increase in production & rising electrification of vehicles, growing implementation of environmental regulations, and swelling adoption of advanced automotive technologies like gasoline direct injection and automatic transmission are some of the prominent factors transforming the growth of global automotive pumps. Moreover, concerns of engine performance, compliance with strict regulations regarding emissions, and accelerating demand of consumers for fuel-efficient vehicles are some of the factors adding to the growth trajectory.
With an objective to sustain their revenues, manufacturers are envisioned to integrate features like advanced fuel injection systems such as Gasoline Turbocharged Direct Injection (GTDI) in the pre-existing framework, thereby opening up potential avenues for vacuum pumps. Adoption ratio of electric power steering is lowering the revenue share of pump assisted steering systems. This sort of replacement by electric motor is anticipated to have an adverse impact on demand of automotive pumps.