The Global Floor Pump Market was valued at USD 890.1 Million in 2019 and is projected to reach USD 1,151.5 Million by 2027, expanding at a CAGR of 3.9% during the forecast period. A floor pump is the basic type of pump which functions via hand operated piston. This piston helps draw air into the pump through a value during the up-stroke during the down-stroke, the piston displaces air from the pump into the tire. There are over 350 brands of pumps in India registered under Bureau of Energy Efficiency. Submersible pump sets are among the leading pump categories followed by open well submersible pump sets and electric moonset pumps. Major users of industrial pumps include cement, steel and Oil & gas industries as well as public water supply. Small and medium sized pumps in ratings between 0.25-25 hp are used in agriculture and domestic housing. Pumps in rating of up to 500hp are used across industries and categories with 500 hp rating and above are used for municipal / irrigation projects and power plants.
Market Dynamics
Rising industrial activities in emerging economies is the key factor which will fuel the global floor pumps market. Pumps usage in bicycle, automation, and other domestic activities helps drive market growth. Advancements in automation technology owing to their rising demand in various end-use sectors boost the demand for floor pumps. However, fluctuation in the prices of raw material hinders the market. Increased awareness among people increases growth of the market in upcoming period.
Segmental Outlook
Based on types, the global floor pump market is categorized as manual, electric, and others. The manual segment is anticipated to expand at a CAGR of 3.1% during the forecast period, as the adoption of manual pumps is high by bicycle owners. The electric segment is estimated to hold 22.1% share of the market in 2019, as electric pumps have a warranty of a minimum of two years. These pumps are primarily used for automotive and inflatables, where high pressure is required and with minimum efforts.
Regional Outlook
In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is a promising region for the market. The region constituted 22.8% share of the market in 2020. The market in the region is projected to expand at a CAGR of 2.3% during the forecast period, due to increasing disposable income and rising government initiatives.
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Competitive Landscape
- Key players in the market include Lezyne, Topeak, Blackburn, Bell, Schwinn, Intex, Giant, Giyo, SILCA, Specialized, BioLogic, Campagnolo. These companies are considered key manufacturers of floor pump based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, and geographical expansion where the potential opportunity for the floor pump is added in the company’s capacity. For instance, in January 2019, SILCA, a manufacturer of premium bicycle pumps and accessories, collaborated with Rocket Espresso to increase product innovations.
- In February 2019, SILCA acquired Hirobel Cycling Solutions. The latter is best known for its a unique clamping system that is safe for carbon fiber frames. Rather than produce a redundant competitor to an existing successful product, SILCA opted to buy the company – and even move production alongside other SILCA products in Indianapolis, IN.
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