Market Research Future (MRFR) has published a cooked research report on the “Global Automotive Pumps Market”that contains the information from 2019 to 2032.
The Automotive Pump market is estimated to register a CAGR of 4.7 % during the forecast period of 2024 to 2032.
MRFR recognizes the following companies as the key players in the global Automotive Pump market— Continental AG, Valeo, Robert Bosch, BorgWarner, Aisan, Mahle, Aisin Corporation, Rheinmetall AG, Trico, and Milkuni Corporation.
Market Highlights
The global Automotive Pump market is accounted for to register a CAGR of 4.7 % during the forecast period and is estimated to reach USD 23,105.6 million by 2032.
An automotive pump is a mechanical or electrical gadget that helps circulate fluid in automotive to enable its proper working. In automobiles there are many types of pumps which are used for performing a variety of tasks these include fuel pumps, water pumps, oil pumps and power steering pump. Fuel pump is responsible for supply of fuel from the tank to the engine and maintain a constant pressure for it to burn. The water pump for circulation of water to avoid heat build up in the engine and the oil pump for supply of oil for taking the heat and further supply that to all parts of the engine. The power steering pump supplies power by means of hydraulic pressure that supports steering and thereby control of the vehicle. Contemporary automotive pumps, for the most part, are electrically activated; this improves their efficiency and minimizes emissions. Pump operation is very sensitive to the performance, safety and durability of a vehicle.
Since the blending of fuels is gradually increasing because of the growing concern of fuel-efficient automobiles, the demand for automotive fuel pumps is also on a rise. In addition, the development of the automotive pump market is also driven by stringent emission norms the drive innovation and growth in the automotive pump market and the engine downsizing trends increasing demand for sophisticated automotive pumps. But, change to electric vehicles affects the automotive pump market as a threat and the change to electric power steering decreases the market for traditional hydraulic pumps is also a threat for the automotive pump market. The strategies formulated by some of the manufacturers such as collaborations and acquisition and also the integrating advanced technology into the production systems is expected to contribute to the development of such a large growth prospect for the market in the coming years.
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Segment Analysis
The global automotive pump market has been segmented based on Technology, Product, Vehicle Type, and Application.
Based on Technology, the global Automotive Pump Market has been segmented into Mechanical, and Electrical. Mechanical dominated the market in 2023. The market for mechanical automotive pumps sees regular demand in view of continued application for internal combustion engines, even though electrification in the automobile industry remains a factor affecting its course. Besides, it is also a critical part of modern automotive engineering because of continued innovations in design and materials that are significantly contributing to improving performances and increasing the lifespan of mechanical pumps.
Based on Product, the global Automotive Pump Market has been segmented into Fuel Pump, Oil Pump, Steering Pump, Water Pump, Fuel Injection Pump, and Other. Oil Pumps are further segmented into electric oil pumps, and others. In 2023, the fuel pump segment accounted for the largest market share. Market estimates predict that the demand will have a progressive increase due to the shift toward fuel systems that are more efficient, coupled with increasing electrification of vehicles.
Based on Vehicle Type, the Global Automotive Pump is segmented into Passenger Cars, Light Commercial Vehicle, Heavy Commercial Vehicle, and Others. In the Automotive Pump market, the passenger car segment remains high in year 2023. The growth in the passenger car segment is driven by increased consumer demand for personal vehicles, combined with ongoing improvement in automotive technologies.
Based on Application, the global Automotive Pump Market has been segmented into Body Interior, Engine HVAC, and Powertrain. Powertrain segment dominated the market in 2023. The powertrain segment supports the operation and efficiency of the engine with fuel-injection pumps, oil pumps, and water pumps. These water, oil, and fuel-injection pumps are very vital in terms of maintaining the performance of an engine at an optimum level by ensuring proper fuel delivery and lubrication. The demand for advanced power train pumps is increasing as the automotive industry is shifting toward greener, more fuel-efficient technologies
Regional Analysis
By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East and Africa and South America. North America consists of the U.S, Canada, and Mexico.
North America has key automobile manufacturers and suppliers driving innovation in pumping technologies. Growing fuel efficiency and an enhanced concern toward emission reductions have resulted in increased adoptions of electric and hybrid vehicles, driving specialized pumping needs. Connected cars and smart technologies also drive the future course for design and functionality related to automotive pumps. Strong distribution networks and a well-established aftermarket segment add to the growth in the market. Based on these factors, North America is expected to continue holding a leading position in the global automotive pump market, led by critical technologies and consumer interest in high-performance vehicles.
With growing stringency in environmental regulations and an intense focus on sustainability, Europe remains the key market for automotive pumps. The presence of great automotive hubs, such as Germany, France, and the UK, encourages creating a very competitive environment. Moreover, another influencing factor for the European market is rising trends for autonomous vehicles that incorporate state-of-the-art pump systems for the realization of optimum performance. The European automotive pump market will see significant growth in view of the evolving automotive industry towards electrification and sustainability, supported by regulatory frameworks and consumer preference.
Key Findings of the Study
- The global Automotive Pump market is expected to reach USD 23,105.6 million by 2032, at a CAGR of 4.7% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market.
- Based on Technology, the Mechanical segment was attributed to holding the largest market in 2023.
- Continental AG, Valeo, Robert Bosch, BorgWarner, Aisan, Mahle, Aisin Corporation, Rheinmetall AG, Trico, and Milkuni Corporation among others are some of the players in the market.
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Companies Covered | 15 |
Pages | 128 |
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