Global Automotive Electric Fuel Pumps Market 2019-2023
About this market
The global automotive industry has witnessed a transition in the fuel delivery system department. The penetration rate of carburetors and mechanical fuel injection systems is quickly diminishing, and that of electronic fuel-injected vehicles is increasing as such vehicles deliver high performance and superior mileage and reduce emissions. This is driving the growth of the global automotive electric fuel pumps market. Electronic fuel injection system is being increasingly used in modern vehicles, as it improves their power output, performance, and fuel efficiency. This is driving the demand for such vehicles among consumers who are more aware of technical specifications than before. Technavio’s analysts have predicted that the automotive electric fuel pumps market will register a CAGR of almost 7% by 2023.
Growing penetration rate of gasoline direct injection system
The automotive fuel injection system market witnesses' greater developments year-on-year. The growing need for superior performance, fuel economy, and energy efficiency has led to advance developments in automotive fuel injection technology.
High cost of electric fuel pump
Electric fuel pump use in automobiles is a crucial part of the fuel system and the vehicle as it feeds the precise amount of fuel into the intake manifold at high pressure. Therefore, a faulty electric fuel pump adversely affects the performance of the engine and should be replaced on priority to attain optimum performance. However, the electric fuel pump is a costly to replace and are available at high price in the aftermarket.
For the detailed list of factors that will drive and challenge the growth of the automotive electric fuel pumps market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies. The global automotive industry is experiencing intense competition due to factors such as emerging consumer needs, growing number of vehicles launches, and improving socio-economic conditions in developing countries. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
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