Automotive Electric Fuel Pumps Market Worth $18.44 Billion By 2025
The global automotive electric fuel pumps market size is estimated to reach a value of USD 18.44 billion by 2025, progressing at a CAGR of 5.0% from 2019 to 2025, according to a new study by Grand View Research, Inc. An automotive electric fuel pump is used to pump fuel from tanks to injectors, which further sprays fuel into engine with high pressure. Surging demand for high fuel-efficient pumps to reduce the overall fuel consumption in vehicles along with rise in global vehicle production and sales is anticipated to propel the market over the forecast period.
An electric fuel pump is widely used in vehicles, owing to its numerous benefits such as high product reliability, power output, and fuel efficiency as compared to mechanical fuel pumps. The adoption of automotive electric fuel pumps among original equipment manufacturers (OEMs) in modern vehicles has increased significantly as the product ensures accurate injection pressure and flow of fuel to engine. Moreover, stringent government regulations to produce fuel-efficient and low carbon emission vehicles are expected to create remarkable growth opportunities for the market during the forecast period.
Prominent market players such as Robert Bosch GmbH, Denso Corporation, Delphi Automotive, and Continental AG are increasingly focusing on partnership agreements with automobile manufacturers to supply electric fuel pumps to enhance their overall market presence and profitability. Besides, a few key market players are expanding their production facilities in developing countries to avail the product at affordable costs to OEMs and aftermarket consumers. For instance, in 2013, Continental AG started its new production plants for fuel pumps in India to supply the products to its key clients such as Volkswagen Group.
Despite numerous product benefits, increasing production of counterfeit products, coupled with rapidly growing adoption of electric vehicles, is likely to hinder the growth of the automotive electric fuel pumps market over the forecast period.
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Further key findings from the study suggest that:
- The passenger car segment is poised to dominate the market in terms of revenue throughout the forecast period. Increasing personnel mobility requirements and soaring need for fuel efficient passenger vehicles can contribute to the growth of the segment
- Turbine style electric fuel pumps held the leading revenue share in the market in 2018 as they offer higher operational efficiency, lower noise emission, and can deliver accurate pressure measure, driving higher performance of vehicles
- Macroeconomic condition and regulation such as mining ban in India may affect the demand of heavy commercial vehicles (HCVs). Increasing demand for LCVs, particularly in rural areas, is anticipated to unfold new growth opportunities for the segment
- The Asia Pacific automotive electric fuel pumps market is estimated to experience the highest growth in terms of value during the forecast period. Rising demand for passenger vehicles in developing countries such as India, China, and Korea is escalating the growth of the segment
- According to Valeo Group, the number of vehicles produced in China has doubled since 2007, with more than 23 million vehicle productions in 2014, which accounted for 27.0% of the global production
- The key industry participants include Denso Corporation, Delphi Automotive PLC, Continental AG, General Motors Company, Pricol Limited, and Robert Bosch. Other prominent vendors include Visteon Corporation, Federal-Mogul Corporation, Daewha Fuel Pump Ind., Ltd., and ACDelco.