Automotive Pumps Market Research Report and Growth Analysis 2022 By product (Fuel Pump, Oil Pump, Steering Pump, Water Pump, Fuel Injection Pump and other), By Technology (Mechanical, electrical) By Vehicle type (Passenger car, LCV, HUV, two wheeler ) – Forecast 2030
Automotive Pumps Market Overview
The global automotive pumps market is growing at a rapid pace. The market growth attributes to the booming automotive industry lead to increased demand for automotive pumps. Besides, the increase in vehicle production, emission norms, and the adoption of advanced technologies drive the growth of the market. New technologies such as gasoline turbocharged direct injection and automatic transmission are primarily used to improve the performance of the vehicles.
Moreover, rising trends such as the shift towards electrification and improved fuel efficiency escalate the market demand on the global platform. According to Market Research Future (MRFR), the global automotive pumps market is projected to reach exponential heights by 2030, registering an impressive CAGR 4.1% during the anticipated period (2022 – 2030). Growing demand for environment-friendly services has ensured manufacturers to plan for efficient automotive pumps.
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Additionally, the increasing demand for fuel-efficient vehicles significantly pushes the automotive pump market sales. Besides, the wide-spread usages of pump technology across vehicle types such as passenger cars, LCV, HUV, two-wheelers, and others boost market growth. Rapidly increasing population, industrialization, urbanization supports the growth of the market. Improving economic conditions undoubtedly, contribute to market growth, expanding the consumer’s purchasing power.
Also, the expansion of distribution channels is expected to provide an impetus to the market growth during the forecast period. On the flip side, high costs of these pumps and rising focus on battery-driven vehicles are some of the primary factors forecasted to hamper the growth of the automotive pumps market. Nevertheless, technological innovations expected in the recent future would support market growth throughout the review period, presenting cost-competitive solutions to reduce the overall cost of these pumps.
Global Automotive Pumps Market – Regional Analysis
The Asia Pacific region leads the global automotive pumps market. The largest market share attributes to the burgeoning automotive industry and the availability of innovative technologies. Besides, the presence of several notable players and increased production capacity in terms of volume and new facilities drive the regional market growth.
Countries like China and India hold significant shares in the regional market, growing with the demand for lightweight vehicles with enhanced fuel efficiency. The APAC automotive pumps market is projected to retain its dominance throughout the estimated period.
Europe region is another lucrative market for automotive pumps. The market is especially driven by the presence of the well established automotive industry in the region. Moreover, innovation in the ICT segment is referred to as a key growth driver for the growth in this region. Substantial investments by the existing major industry players in R & D activities required for product and technology developments fuel the demand in the automotive pumps market.
North America also holds a substantial share in the global automotive pumps market. Factors such as the spurring demand from the automotive sector in the region fuel the sales in the market. The North American automotive pumps market is estimated to increase at a significant pace during the assessment period.
Global Automotive Pumps Market – Competitive Analysis
Highly competitive, the automotive pumps market appears fragmented due to the presence of several well-established players. Industry players run programs featuring easy lookup on an online application catalog that can be accessed through the world. They strive to offer an extended range of OE-quality automotive pumps for replacement and import vehicle applications, from motor mounts to hose assemblies.
To gain a larger competitive share, industry players initiate strategic approaches such as mergers & acquisitions, innovation, brand reinforcement, and expansion. Due to the expected innovations and improvements in product, service, and product innovations, the market is soon expected to witness an intensified competition.
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Industry/ Innovations/ Related News
July 06, 2020– Rheinmetall Automotive AG (Germany), a renowned international carmaker, announced gaining a major order for China’s electrical vacuum pumps. The order extends to a lifetime volume of €250 MN to manufacture components by Pierburg Huayu Pump Technology (PHP), a Shanghai-based joint venture company of Rheinmetall Automotive.
The pumps would be installed in plug-in hybrid electric vehicles (PHEV) in the Chinese plants of the customer. After lowering production volume during March and April 2020 due to the coronavirus outbreak, the Shanghai plant of PHP is 100% operational, and the customer demand for the pumps is nearly on schedule again.
By Vehicle Type
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.