The new report by Expert Market Research titled, ‘Global Automotive Pump Market Share, Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive pump market, assessing the market based on its segments such as types, vehicle types, technologies, displacements, EV types, off-highway vehicle types, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 15.8 Billion
• Forecast CAGR (2023-2028): 5.9%
Increasingly severe emission norms governing fuel efficiency, increasing vehicle production, and utilising advanced pumps to control vehicular emissions across the globe are the major factors fuelling the global market growth. Automotive pumps are mainly used for transferring automotive fluids in vehicles; though, these are being increasingly used to improve fuel efficiency and vehicle performance.
The increasing demand for environment-friendly solutions has influenced manufacturers to develop well-organised pumps. The global automotive pump market is further being driven by the increasing technological advancements in the automotive pump market like gasoline direct injection. The global market is demanding more passenger vehicles due to changes in the lifestyle of consumers, and the rising population is the factor for the growth of the automotive pumps market.
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Automotive Pump Industry Definition and Major Segments
An automobile pump is a necessary component of any vehicle. Automotive pumps work by mechanically raising, compressing, or transporting fluids and promoting fluid circulation throughout the vehicle’s working system. They are found in a wide range of automobile systems, from radiators to steering wheels.
The various types of automotive pump are:
- Fuel Pump
- Water Pump
- Windshield Washer Pump
- Steering Pump
- Transmission Oil Pump
- Fuel Injection Pump
- Vacuum Pump
- Headlight Washer Pump
The different types of vehicles are:
- Passenger Car (PC)
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Based on technology, the market is divided into:
- Electric Pump
- Mechanical Pump
By displacement, the market includes:
- Fixed Displacement
- Variable Displacement
The several types of electric vehicles are:
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Vehicle (PHEV)
Based on off-highway vehicle type, the market includes:
- Construction Equipment
- Mining Equipment
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Automotive Pump Market Trends
Increasing vehicle production and rising vehicle electrification are the driving factors in the market. The fuel injection pumps market is projected to show the fastest growth during the forecast period due to the increased demand for fuel-efficient vehicles. The forthcoming severe emission standards are expected to propel the growth of the automotive fuel injection pump market across the globe. The demand for transmission pumps has rapidly risen in the past few years and controls the automotive pumps market. This growth can be accredited to the rise in the production of automatic transmission systems in developed and developing nations. For efficient operation, applications such as cooling, lubrication, and fuel injection require pumps. Thus, the rising demand for HEV segment vehicles is expected to inflate the demand for automotive pumps and contribute to the growth of the global market.
Key Market Players
The major players in the market are Aisin Corporation, BorgWarner Inc., DENSO Corporation, Johnson Electric Holdings Limited, Robert Bosch GmbH, Rheinmetall AG, and Continental AG, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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