Automotive Pumps Market is Expected to Reach USD 21.26 Billion By 2028

Automotive Pumps Market Size- USD 12.66 Billion in 2020, Market Growth- CAGR of 6.60%, Market trends- advancement of automotive technologies

NEW YORK, NY, UNITED STATES, February 10, 2022 /EINPresswire.com/ -- Increasing demand for fuel efficient vehicles, stringent government emission regulations will drive the market at a high CAGR during the forecast period.

The automotive pumps market was valued at USD 12.66 Billion in 2020 and is expected to reach USD 21.26 Billion by year 2028, at a CAGR of 6.60% CAGR during the forecast period (from 2018 – 2028). The growth of the automotive pumps market is majorly driven by the key factors, including the growing implementation of stringent environmental regulations, rising vehicle production and demand, and increasing vehicle electrification. Further, the rising in the adoption of advanced automotive technologies such as gasoline direct injection and automatic transmission is also driving the growth of the automotive pumps market.

Automotive pumps are one of the critical components of the entire automotive system where pumps transfer pressurized automotive fluids to different vehicle components such as the lubrication system, fuel system, coolant system, transmission system, and steering system. Based on the function, automotive pumps are categorized as the oil pump, fuel pump, steering pump, transmission pump, windshield washer pump, and vacuum pump, and others.

The Asia Pacific region is projected to be the largest market by 2026. The region includes some of the rapidly growing economies of the world, such as India and China. Further, the Asia Pacific region is the major market for the automotive industry as the growing purchasing power of customers has prompted the demand for automobiles in the region. Also, the increasing demand for commercial vehicles and passenger cars in the region are propelling the growth of the market. Concerns over ecological imbalance caused by vehicle emissions have increased in the past decade in countries such as India, China, Malaysia, and Thailand. These issues have forced major automakers to shift focus toward more fuel-efficient vehicles. Hence, Asia Pacific is anticipated to show higher growth in the market over the forecast period. Moreover, the rising demand for commercial vehicles in emerging economies of the region is likely to fuel the growth of the Asia Pacific market during the forecast period. The low replacement rate is one of the key factors restraining the growth of the automotive pumps market. With the advancement of technology, the replacement rates of automotive pumps are expected to be further lowered. This implies the low potential for automotive pumps in the aftermarket manufacturers globally.

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Many companies like Aisin Seiki (Japan), Delphi (UK), Denso (Japan), Johnson Electric (Hong Kong), Bosch (Germany), KSPG (Germany), Magna (Canada), SHW (Germany), and ZF (Germany), and others are operating in the automotive pumps marketplace

Further key findings from the report suggest-

• Due to the better operating efficiency, electric pumps are expected to witness a surged growth during the forecast period and it will slow down the growth and usage of mechanical pumps
• Steering pumps are widely used in hydraulic and electro-hydraulic power steering systems of the vehicle; however, with the advancements in technology of steering systems, hydraulic and electro-hydraulic steering systems are getting substituted by Electric Power Steering (EPS) system. The electric power steering system (EPS), which requires an electric motor and sensors, excludes the need for a steering pump.
• To reduce the dependency on the internal combustion engine to create a require vacuum for braking, suppliers and auto-makers are shifting towards electric vacuum pumps
• Continental AG (Germany based automotive supplier) has revealed details of its new active purge pump (APP) technology to meet stricter hydrocarbon evaporation legislation around the globe
• Asia Pacific region is estimated to hold for the major market share in the automotive pumps market
• Growing demand for hybrid electric vehicles segment is projected to inflate the demand for overall automotive pumps and propel the growth of the global market

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/automotive-pumps-market

For the purpose of this study, Reports and Data have segmented the industry by Type, by Technology, by Displacement, by Vehicle type, by Propulsion, by Channel and by Region:

Automotive Pumps Market by Type (Revenue, USD Million; 2018–2028)

• Fuel Pump
• Fuel Injection Pump
• Water Pump
• Windshield Pump
• Steering Pump
• Transmission Oil Pump
• Vacuum Pump
• Headlight Washer Pump
• Braking System

Automotive Pumps Market by Technology (Revenue, USD Million; 2018–2028)

• Electric
• Mechanical
• Turbo Pumps

Automotive Pumps Market by Displacement (Revenue, USD Million; 2018–2028)

• Variable Displacement
• Fixed Displacement

Automotive Pumps Market by Vehicle Type (Revenue, USD Million; 2018–2028)

• 2 Wheeler
• 4 Wheeler

Automotive Pumps Market by Propulsion Type (Revenue, USD Million; 2018–2028)

• Gasoline Operated
• Electric Powered

Automotive Pumps Market by Channel (Revenue, USD Million; 2018–2028)

• OEM
• Aftermarket

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Regional Outlook (Revenue in USD Million; 2016–2026)

• North America
• Europe
• Asia Pacific
• Rest of the World

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Tushar Rajput
Reports and Data
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