Technological
advancements and changing consumer preferences are driving the automotive fuel transfer pumps market across the world. In 2015, the market valued
$49,052.6 million, and it is projected to advance at a 4.7% CAGR during the
forecast period (2016–2022). Fuel transfer pumps were initially installed in
vehicles to supply the fuel to the engine from the fuel tank. But with rising
pollution, these are also being used to increase the fuel efficiency and
performance.
Several
types of pumps are available in the market, including fuel supply, fuel
injection, transmission oil, engine oil, and vacuum pumps. Among all, fuel
supply pumps registered the highest sales and revenue in the automotive fuel
transfer pumps market in 2015. Fuel supply pumps transfer the fuel from the
storage tank to the engine, without which vehicles cannot move. Therefore,
owing to their importance in vehicles, these dominated the market and will
continue to do so during the forecast period.
However,
vacuum pumps are expected to advance with the highest revenue and sales volume
CAGR in the market during the forecast
period. Apart from creating vacuum for braking systems, these are also used in
air conditioning and central locking systems. The reason for their rapid growth
would be the changing consumer preferences, which are compelling automotive
manufacturers to offer such advanced systems in their vehicles. Hardly any
personal vehicle nowadays comes without air conditioning, whereas the central
locking system is also gaining rapid popularity.
This
is because with rising disposable income, more consumers are able to afford
vehicles with premium features. In countries such as Brazil, India, and China,
these systems are moving beyond premium and executive cars to be included in
compact as well as mid-segment cars. Further, with the existence of numerous
large automotive makers and consumer base, the competition in the automobile
industry is increasing. To be on top, vehicle manufacturers are equipping their
vehicles with such systems, many of which require fuel transfer systems,
including vacuum pumps.
Another
reason for the growth of the market is
technological advancements. To dominate the competition, automakers are
integrating gasoline turbochargers, automatic transmission, power steering, and
gasoline direct injection in vehicles. The installation of many of these
systems is also a result of strict regulations in many countries with regard to
carbon emissions. For instance, the fuel efficiency increases and fuel
combustion improves with the use of gasoline turbocharged direct injection. So,
as these systems are integrated into more vehicles, the sales of advanced fuel
injection systems are expected to increase.
Hyundai
Motor Company, General Motors, BMW AG, Ford Motor Company, and Volkswagen offer
the technology in their personal vehicles. Just as the gasoline turbocharged
direct injection technology becomes popular in personal vehicles, diesel
turbocharged direct injection systems are being rapidly installed in commercial
vehicles, such as buses and trucks. Such heavy-duty vehicles generate lots of
emissions; therefore, it is becoming necessary to equip them with technologies
that help reduce pollution. Therefore, with the rising commercial vehicle
sales, the automotive fuel transfer pumps industry is predicted to prosper
further.
Across
the world, Asia-Pacific dominated the market during the historical period
(2012–2015) in terms of sales volume as well as revenue, and it is expected to
maintain its dominance during the forecast period. However, the automotive
fuel transfer pumps market is projected to grow the fastest in Middle East
and Africa in terms of value and volume owing to the rapidly surging demand for
passenger cars and increasing technological advancements in automotive
technology.
Hence,
with the growth of the automobile industry in developing countries, the market
for automotive fuel transfer pumps would continue to progress.
