In a dynamic automotive landscape, the global market for automotive electric fuel pumps is set to surge to a staggering $29.1 billion by 2030, according to the latest insights from ResearchAndMarkets. This robust growth, projected at a CAGR of 6.1% from 2023 to 2030, reflects a paradigm shift driven by an increasing emphasis on fuel efficiency and the escalating production and sales of vehicles worldwide.
At the heart of this transformative trend is the pivotal role played by automotive electric fuel pumps, responsible for efficiently channelling fuel from tanks to injectors, ensuring optimal engine performance. As the demand for high fuel-efficient pumps rises, there is a collective push to curtail overall fuel consumption in vehicles, aligning with global initiatives for sustainability.
According to the report, the surge in adoption of electric fuel pumps over traditional mechanical counterparts stems from their inherent advantages, including heightened reliability, superior power output, and enhanced fuel efficiency. Original Equipment Manufacturers (OEMs) are increasingly integrating these pumps into modern vehicles, ensuring precise injection pressure and fuel flow to engines. This surge in adoption is further fueled by stringent Government regulations mandating the production of fuel-efficient, low-emission vehicles.
Key industry players such as Robert Bosch GmbH, Denso Corporation, Delphi Automotive, and Continental AG are strategically partnering with automobile manufacturers to fortify their market presence and boost profitability. Notably, some market leaders are expanding their production facilities in developing nations, a move aimed at providing cost-effective electric fuel pumps to both OEMs and aftermarket consumers. Continental AG, for instance, established new production plants in India in 2013, enhancing its capacity to supply fuel pumps to major clients like the Volkswagen Group, the report noted.
Despite the plethora of benefits associated with electric fuel pumps, challenges loom on the horizon. The rise in counterfeit products and the accelerated adoption of electric vehicles present hurdles that the automotive electric fuel pumps market must navigate in the coming years.
Segmentation Dynamics: The global market is segmented into brushed DC and brushless DC, with the brushed DC segment claiming the lion's share of 63.8% in 2022, especially prevalent in heavy commercial and passenger vehicles.
Technology Trends: Turbine style dominates the market, capturing a revenue share of 67.8% in 2022 and expected to grow at a rapid CAGR of 6.3% during the forecast period.
Application Insights: Among various applications, the Light Commercial Vehicles (LCVs) segment emerged as the leader, accounting for 63.3% of revenue in 2022 and projected to exhibit the fastest CAGR of 6.3%.
Regional Momentum: The Asia Pacific region, particularly countries like India, China, and Korea, is anticipated to witness the highest growth, driven by a rising demand for passenger vehicles in these developing nations.
As the automotive industry steers towards a greener and more efficient future, the global automotive electric fuel pumps market stands as a beacon of innovation and sustainability, propelling vehicles into the next era of performance and eco-conscious driving, the report added.
Courtesy: ResearchAndMarkets. Photo is representational; Courtesy: Denso.