The global automotive fuel transfer pumps market was valued at $49,052.6 million in 2015, and it is expected to grow at a CAGR of 4.7% during 2016 – 2022. Changing consumer preferences and technological advancements are expected to drive the demand for automotive fuel transfer pumps over the forecast period. The ongoing technological advancements such as interactive safety systems, self-driving cars and vehicle connectivity are expected to change the global scenario of the automotive industry over the forecast period. Currently, automobiles are being launched with smart features and technology that abide with the latest standards such as safety, emission, performance and quality. The demand of such products with superior comfort features is also increasing.
In past ten years span, the manufacturing companies are actively engrossed in the integration of various technologies such as automatic transmission, gasoline turbochargers, gasoline direct injection and power steering. To fulfill these requirements, dedicated automotive fuel transfer pumps are required for the efficient operation of automobile. With the rapidly changing dynamics of automotive industry, these technologies are likely to augment the growth of global automotive fuel transfer pumps market.
The global automotive fuel transfer pumps market is witnessing increasing adoption of electric pumps, growing demand for smart automobiles and the replacement of gasoline port fuel injection by gasoline direct injection technology. This is expected to positively impact the market growth over the forecast period.
The global automotive fuel transfer pumps market is exhibiting consistent growth in the adoption of electric pumps, on account of their better performance and increased efficiency as compared to mechanical pumps. Electric pumps offer various benefits such as enhanced pressure regulation, less prone to wear & tear and high durability. The adoption of electric pumps is comparatively high, resulting in increase in vehicle pricing. With the growing awareness about the benefits of electric pumps, the demand for automobiles equipped with electric pumps has been increasing; however, this attribute requires extra cost. Majority of the vehicles nowadays are equipped with electric pumps and this trend is likely to continue over the forecast period.
News Courtesy: P&S Market Research