Press Release

Automotive Pump Market to Grow at a CAGR of 6.56% During the Forecast Period

Increasing demand for automatic transmission is driving the growth in global automotive pump market in the forecast period, 2022-2026

According to TechSci Research report, Automotive Pump Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2016-2026”, The global automotive pump market stood at USD79.35 billion in 2020 and is expected to grow at a steady CAGR of 6.56% during the forecast period on account of rising demand for automatic transmission and growing vehicle fleet.

An automotive pump is a device installed in automobiles for transmitting fluids (liquid or gas) by decreasing or increasing the pressure on fluids. Depending upon the fluid the pump is transmitting and the application of pump, various types of pumps are installed in an automobile like the fuel pump which draws fuel out of the tank through a pipe to the carburetor through a fine grain filter. The global automotive pump market is driven by the growing vehicle usage worldwide, lined with the increasing research and development to produce fuel-efficient automobiles that adhere to emission regulations. Major automotive manufacturers are investing heavily in making state-of-the-art automotive components by integrating smart technologies such as automatic transmission, gasoline direct injection, and gasoline turbocharger, which require automotive pumps for optimum functioning. Manual transmission runs of clutch, while the automatic transmission runs on torque convertor which works on the concept of fluid coupling. For fluid coupling to happen, the required amount of fluid needs to be delivered inside the torque convertor, which is done with the aid of an automotive pump called the transmission pump. The increasing penetration of automatic transmission in vehicles across the world is driving the sales of transmission pumps, which is airing the global automotive pump market growth. Automotive pumps are critical components of an automobile and need to be replaced when needed. The inappropriate working of an automotive pump can lead to 100% engine failure. Oil pump works as the heart of the lubrication system of automobiles. The oil pump draws oil from the oil pan and forces oil around the engine before the oil drops back into the sump and is recirculated back. Working of the oil pump is highly critical for the engine, the misfunctioning of an oil pump can lead to expensive engine failure. As a result, the global automotive pump market is getting a fair share from the aftermarket. But the development in innovative technologies is expected to reduce the replacement ratio of the automotive pumps, which is anticipated to hamper the aftermarket growth of the global automotive pump market.

Browse over 187 market data Figures and spread through 110 Pages and an in-depth TOC on "Global Automotive Pump Market"

https://www.techsciresearch.com/report/automotive-pumps-market/2333.html

Global automotive pump market can be segmented based on by pump type, by technology, by sales channel, by vehicle type, by displacement type and by region.

In terms of pump type, global automotive pump market is segmented into transmission pump, fuel pump, oil pump, steering pump, water pump, windshield washer pump, vacuum pump with majority of market share is taken by the oil pump followed by water pump in year 2020. The oil pump is used for engine lubrication to reduce the wear and tear of an engine and water pumps for cooling the engine. In addition to that, by region, globally the automotive pump market is segmented into Asia Pacific, North America, Europe, South America, Middle East and Africa. Majority of demand for the automotive pumps comes from Asia Pacific and North America, making them leaders of the mainstream market.

The sales of automotive pumps declined in 2020 compared to 2019 as most of the countries across the globe experienced strict lockdown in the second and third quarter of year 2020 as a measure to contain the spread of the COVID-19 virus. The imposition of lockdown across majority of countries resulted in the temporary closing down of all factories, including automotive pump manufacturing facilities, resulting in production loss for global automotive pump market. Furthermore, the governments of most of the COVID-19 affected countries infused norms such as social distancing to limit the number of workers working in at any given point in the same facility. Measures such as lockdown and social distancing hampered the workflow of automotive pump manufacturing facilities temporarily. Nevertheless, in the first quarters of 2021 the market is showing positive signs of recovery and is anticipated to recover by around 2023.

Key players in the automotive pump market include :

  • Aisin Group
  • Robert Bosch GmbH
  • DENSO Corporation
  • ZF Friedrichshafen AG
  • Continental AG
  • Rheinmetall AG
  • Hitachi Ltd.
  • BorgWarner Inc.
  • Johnson Electric Holdings Limited
  • SHW AG

Global automotive pump is fragmented with a lot of well-established players having presence in several countries and Aisin Group holds the highest market share and is among the top five market players globally, Robert Bosch GmbH ranks second in terms of market share in the overall automotive pump market on account of strong presence worldwide even in the emerging countries. Additionally, there are other prominent players such as Denso Corporation, ZF Friedrichshafen AG, Continental AG, Rheinmetall AG, Hitachi, Ltd., BorgWarner Inc., Johnson Electric Holdings Limited, SHW AG, which are holding a significant position in the global automotive pump market.

Download Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=2333

Customers can also request for 10% free customization on this report.

“Asia Pacific is anticipated to hold the largest revenue shares of the market in the upcoming years on the account of largest automobile fleet across the globe. However, North America is giving neck to neck competition. Moreover, increasing installations of automatic transmissions in automobiles is boosting demand for automotive pumps globally. Furthermore, the market's growth is being aided by the quick research and development in the field. Emerging market players are suggested to invest and focus on the research and development of the automotive pumps for the brand establishment. Collaborations and regulated deals with the established market players would help the prospects of the new market player,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.

Automotive Pump Market - Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2016-2026Segmented By Pump Type (Transmission Pump, Fuel Pump, Oil Pump, Steering Pump, Water Pump, Windshield Washer Pump, Vacuum Pump), By Technology (Mechanical Pump, Electrical Pump), By Sales Channel (OEM, Aftermarket), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle), By Displacement Type (Fixed Displacement, Variable Displacement), By Region, has evaluated the future growth potential of global automotive pump market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global automotive pump market.

 

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

Tel: +1-646-360-1656

 

Email: [email protected]

 

Web:  https://www.techsciresearch.com

Relevant News