According to the new market research report "Automotive Pump Market by Type (Fuel Pump, Water Pump, Vacuum Pump, Fuel Injection Pump, Steering Pump, & Headlight Washer Pump), Technology, Displacement, Vehicle Application, Electric Vehicle & Region â Global Forecast to 2025", Published by MarketsandMarketsâ˘, Automotive Pump Market is projected to grow at a CAGR of 6.9% from USD 12.7 billion in 2020 to USD 17.7 billion by 2025.The major factors driving the growth of the market are fluctuating fuel prices that have increased the demand for fuel-efficient vehicles and increasing pressure on automakers to comply with the emission norms.
Infrastructural development in emerging countries is expected to drive the growth of commercial vehicles, which in turn would boost the demand for automotive pumps.Browse in-depth TOC on "Automotive Pump Market"196 â Tables65 â Figures231â PagesDownload PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=242990293By Technology: Electric segment is the fastest-growing segment of the Automotive Pump Market during the forecast periodElectric pumps, which work with the help of electric motors, are gradually replacing mechanical pumps.
In Europe, during the third month of 2020, demand for new heavy trucks declined significantly by 38.0%.
This brought total registrations down to 54,168 heavy trucks so far in 2020, or 26.9% less than last year.
Although, the situation is expected to recover in the coming years as the manufacturing plants are reopened in China, Japan, and other countries.Request FREE Sample Report @Â https://www.marketsandmarkets.com/requestsampleNew.asp?id=242990293Rest of the World (RoW): Brazil is expected to be the fastest-growing country in the Rest of the World region by 2027The RoW region is estimated to be the fastest-growing market during the forecast period.
The region comprises some of the fastest developing economies of the world such as Brazil, Iran, and South Africa.