According to a market research study published by Contrive Datum Insights, Asia Pacific led the market is expected to have the highest CAGR over the next five years.
Farmington, March 15, 2023 (GLOBE NEWSWIRE) -- The Global Electric Fuel Pump Market Is Projected To Grow at a CAGR Of 7.2% During the Forecast Period 2022 To 2030. Fuel pumps are parts of an engine that move fuel from the gas tank to the injectors when fuel injection is used. Usually, the pump is part of the sending unit, which also has a float. The fuel gauge on the instrument panel gets a signal from the float. Most electric fuel pumps are put inside the tank, but some can be put outside the tank. Also, an electric fuel pump can be replaced either as a single part or as a whole module. So, the fuel pump helps send gas to the engine. Because of these things, the market for electric fuel pumps will grow in the coming years.
Request Sample Copy of Report “Electric Fuel Pump Market Size, Share & Trends Estimation Report By Type (Gasoline Fuel Pump, Diesel Fuel Pump), By Application (OEM, Aftermarket), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Market Dynamics:
Drivers:
The number of people buying cars and trucks is making the market for electric fuel pumps grow.
Governments are putting in place strict rules to reduce emissions and improve fuel efficiency. Because of this, we need electric fuel pumps that work better.
Progress in fuel pump technology: New and advanced technologies like brushless motors, smart pumps, and high-pressure pumps are driving the growth of the electric fuel pump market.
More people are buying electric cars, which need electric fuel pumps to run. This means that the demand for electric fuel pumps is growing.
Restraints:
High cost at the start: Electric fuel pumps are expensive, and it costs a lot of money to put them in. Small and medium-sized auto companies may find it hard to do business because of this.
Electric fuel pumps don't work with all cars, and making them work with older cars can be expensive.
Market saturation: There is a lot of competition in the market for electric gas pumps, and in some places, the market may be full.
COVID-19 stands for: The COVID-19 pandemic has messed up supply chains and cut down on the number of cars on the road, which has hurt the market for electric fuel pumps.
Opportunities:
Adoption of fuel-efficient technologies: Fuel-efficient technologies like hybrid engines and start-stop systems are driving the need for more efficient electric fuel pumps.
Electric cars are becoming more popular: As the market for electric cars grows, it gives companies that make electric fuel pumps more chances to make money.
Emerging markets: Since more cars are being bought, there is a lot of room for the electric fuel pump market to grow in places like Asia-Pacific and Latin America.
Growth of sales in the aftermarket: As cars get older and need more replacement parts, sales of electric fuel pumps in the aftermarket are likely to rise.
Regional Outlook:
In 2018, Asia Pacific led the market in terms of value, with a share of more than 57.0%. It's expected to have the highest CAGR over the next five years. One of the main things driving growth in the regional market is the strong demand for passenger cars and heavy commercial vehicles from consumers and businesses in key developing countries like India, China, and Korea.
Also, major automakers like Toyota, Hyundai, Honda, and Suzuki have set up manufacturing plants in APAC. This has led to lower prices for vehicles overall, which has led to more people using passenger vehicles in the region.
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Scope of Report:
|
Report Attributes |
Details |
|
Growth Rate |
CAGR of 7.2% from 2023 to 2030. |
|
By Type |
Gasoline Fuel Pump, Diesel Fuel Pump, Other |
|
By Application |
OEM, Aftermarket, Other |
|
By Companies |
Airtex (USA), Denso (Japan), Delphi (Ireland), TI Automotive (USA), AC Delco (USA), Carter Fuel Systems (USA), MS Motorservice (Germany), Joinhands (China), Continental (Germany), Valeo (France), Bosch (Germany) |
|
Regions and Countries Covered |
|
|
Base Year |
2022 |
|
Historical Year |
2017 to 2022 |
|
Forecast Year |
2023 to 2030 |
Key Segments Covered:
Top Market Players:
Airtex (USA), Denso (Japan), Delphi (Ireland), TI Automotive (USA), AC Delco (USA), Carter Fuel Systems (USA), MS Motorservice (Germany), Joinhands (China), Continental (Germany), Valeo (France), Bosch (Germany), and others.
By Type
-
Gasoline Fuel Pump
-
Diesel Fuel Pump
-
Others
By Application
-
OEM
-
Aftermarket
-
Others
Regions and Countries Covered
-
North America: (US, Canada, Mexico, Rest of North America)
-
Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
-
Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
-
The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
-
Latin America: (Brazil, Argentina, Rest of Latin America)
-
Rest Of the World
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CNG Cylinders Market - The Global CNG Cylinders Market Was Estimated To Be Worth $1.5 Billion In 2022 And Is Expected To Reach $2.6 Billion By 2030, Expanding At A Compound Annual Growth Rate (CAGR) Of 5.9% From 2023 Till 2030.
-
Electrostatic Air Filters Market - Global Electrostatic Air Filters Market Is Expected To Reach USD 5.8 Billion By 2030, Growing At A CAGR Of 6.5% During The Forecast Period From 2023-2030.
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About Us:
Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.
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