Automotive Fuel Transfer Pumps Market To Touch USD 3,041 Million by 2030

The size of the automotive fuel transfer pumps market was USD 1,831 million in 2021, and it will grow at a rate of 5.8% in the years to come, to reach USD 3,041 million by 2030, according to a report of P&S Intelligence.

Electric-technology-based pumps led the industry in the recent past, due to their improved performance and higher efficiency in comparison to mechanical pumps.

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Furthermore, electric pumps offer numerous benefits, including improved pressure regulation, a lower wear and tear risk, and high strength. These devices are capable in operating at pressures between 30 and 40 pounds per square inch.
So, the acceptance of electricity-based injecting machines is relatively high, ensuing an increase in the price of an automobile. With the increasing awareness around the benefits, consumers are requiring automobiles fortified with electric pumps for transfer of gasoline.

Hence, most of the vehicles currently are fortified with this component, and this trend will continue in the years to come.

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The automobile fuel transfer pumps market was dominated by APAC and it will register the highest CAGR, of above 6.4%, in the years to come. The development of the automotive industry in China has grabbed the attention of numerous international automakers. Home to the major auto sector globally, the nation experiences a boom in the integration of components, transferring fuel from the tank to the engine.

Moreover, Europe was the second-largest buyer of these kind of components. This was because of the existence of giant automakers in Europe, which will also have a positive effect on the industry in the future. This would be, in part, owing to an increase in the requirement for green vehicles, including PHEVs and conventional hybrids in France, Germany, and Italy.

It i8s due to the increasing demand in the automotive industry, the demand for automotive fuel transfer pumps market will increase quite rapidly in the future

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This release was published on openPR.