Pumping up the Automotive Industry: An In-Depth Analysis of the Global Automotive Fuel Transfer Pumps Market
The size of the automotive fuel transfer pumps market was USD 1,831 million in 2021, and it will grow at a rate of 5.8% in the years to come, to reach USD 3,041 million by 2030, according to a report of P&S Intelligence.
Electric-technology-based pumps led the industry in the recent past, due to their improved performance and higher efficiency in comparison to mechanical pumps.
Furthermore, electric pumps offer numerous benefits, including improved pressure regulation, a lower wear and tear risk, and high strength. These devices are capable in operating at pressures between 30 and 40 pounds per square inch.
Vehicles featuring advanced injection systems make use of such pumps as these components are relatively safe and supply fuel to the engine proficiently, with a low loss of power. Electric vacuum fuel transfer pumps too help in the lessening of emissions of carbon dioxide from engines.
So, the acceptance of electricity-based injecting machines is relatively high, ensuing an increase in the price of an automobile. With the increasing awareness around the benefits, consumers are requiring automobiles fortified with electric pumps for transfer of gasoline.
Hence, most of the vehicles currently are fortified with this component, and this trend will continue in the years to come.
The automobile fuel transfer pumps market was dominated by APAC and it will register the highest CAGR, of above 6.4%, in the years to come. The development of the automotive industry in China has grabbed the attention of numerous international automakers. Home to the major auto sector globally, the nation experiences a boom in the integration of components, transferring fuel from the tank to the engine.
Furthermore, the nation’s rapid embrace of hybrid vehicles has formed an increase in the sales of car, which bids a lot potential to auto component makers in the Peoples Republic.
Additionally, the requirement for fuel transfer pumps in the MEA will expand at a high rate in the years to come. The growing expenditure on technological progressions and the increasing requirement for passenger cars and LCVs are contributing to the speedy expansion of the domain in MEA. The regional governments also have formulated policies for encouraging financial investments in the auto industry.
Moreover, Europe was the second-largest buyer of these kind of components. This was because of the existence of giant automakers in Europe, which will also have a positive effect on the industry in the future. This would be, in part, owing to an increase in the requirement for green vehicles, including PHEVs and conventional hybrids in France, Germany, and Italy.