Automotive Electric Vacuum Pump Market to Reach $31.19 Billion by 2028
Rising Electric Vehicle Adoption and Technological Advancements Propel Growth at a CAGR of 11.0%
The global automotive electric vacuum pump market has witnessed significant growth, projected to rise from $18.28 billion in 2023 to $20.53 billion in 2024, marking a CAGR of 12.3%. This surge can be attributed to stringent emission reduction regulations, the transition to electric and hybrid vehicles, performance enhancements in automotive systems, and the drive to reduce engine weight and size.
Forecasted to continue its upward trajectory, the market is expected to reach $31.19 billion by 2028, growing at a CAGR of 11.0%. This growth will be fueled by increased investments in sustainable automotive solutions, shifting consumer preferences, and the rising trend of automotive electrification. Key trends on the horizon include the development of dual-function pump systems, adoption of regenerative braking systems, customized pump solutions for EVs, and advancements in pump designs for silent operation and reduced vibration.
Driving Efficiency Surge in Electric Vehicle Adoption Boosts Market:
The surge in electric vehicle adoption is a significant driver for the automotive electric vacuum pump market. Electric vehicles, powered by electric motors drawing energy from batteries, have seen a remarkable uptake. As reported by the International Energy Agency in May 2022, electric car sales doubled in 2021, reaching a record 6.6 million units, bringing the global electric vehicle count to around 16.5 million by the end of 2021. Automotive electric vacuum pumps enhance engine efficiency by reducing the load on the engine lubrication system, allowing for more compact pump designs.
Competitive Landscape:
Major players in the automotive electric vacuum pump market include Robert Bosch GmbH, Denso Corporation, Continental AG, Magna International Inc., and Aisin Seiki Co. Ltd., among others. These companies are continually innovating to meet market demands and maintain their competitive edge. For instance, Atlas Copco AB recently launched the GHS VSD+ range of vacuum pumps, featuring improved performance, a smaller footprint, and an innovative regulator preparing for Industry 4.0 integration.