Surge in the demand for different types of vehicles across developed and developing countries is projected to drive the growth opportunities in the global fuel pumps market during the forecast period, 2021-2031. Mechanical, electric, and turbo fuel pump are some of the key product types available in the market.
An upcoming study by Transparency Market Research (TMR) offers 360-degree analysis of the global fuel pumps market. Thus, the fuel pumps market survey delivers in-depth analysis of the growth drivers, growth restraints, present and historical trends, and threats of the market. In addition, it sheds light on the ongoing R&Ds, challenges, and recent developments in the fuel pumps market. Moreover, the research report on the fuel pumps industry delivers dependable data on the production, share, volume, revenues, and sales of fuel pumps.
In the TMR review, data and analysis on the global fuel pumps market is demonstrated in the form of segments such as product type and region. The main motive of this segmentation is providing the market data and analysis in easy-to-understand way.
Fuel pumps are gaining impetus in the recent years owing to their ability to serve varied key purposes including the fuel injection to the engine, maintain ideal pressure between engine and carburetor, and prevent fuel overheating. Earlier models of automobiles were completely dependent on the gravitational force for fuel injection activities. With surge in the technological developments and increase in industrialization across many developed and developing countries, the demand for fuel pumps is expected to increase in the forthcoming years.
The demand for turbo pumps is being rising for use in jet engines, notes a TMR study. This aside, the sales of electric fuel pumps is prognosticated to rise in the forthcoming years owing to surge in pressure from government authorities on fuel efficiency in automobiles, states a TMR analysis on the global fuel pumps market.
Owing to regulations introduced by several government bodies including Global Protocol for Community-Scale Greenhouse Gas Emission Inventories (GPC), automakers are compelled to follow strict carbon emission standards. These factors are prognosticated to lead to surge in the demand for next-gen fuel pumps globally in the near future.
Improving the fuel efficiency of automobiles can lead to varied advantages including ease of engine startup, optimal power output, low maintenance, and reduced costs of automobiles. Rise in the understanding on these advantages is leading to increase in the adoption of technologically advanced fuel pumps. This aside, surge in the prices of fuel globally is driving the growth prospects in the global fuel pumps market, note analysts of a TMR review.
The global fuel pumps market is fairly fragmented in nature. The presence of many players makes the competition levels in the market for fuel pumps highly intense. Hence, companies are executing diverse strategies such as joint ventures, mergers, acquisitions, collaborations, and partnerships in order to maintain the leading position in the market.
The list of key players in the global fuel pumps market includes:
In terms of region, the global fuel pumps market shows existence in many regions including Europe, Asia Pacific, North America, and rest of the world. The players are prognosticated to gain notable business opportunities in Asia Pacific and RoW during the forecast period owing to rapid expansion of the automobile and automotive markets in these regions. Moreover, the presence of many emerging economies including India and China is creating lucrative prospects in the regional market.