Automotive Pumps Market to Grow with a CAGR of 8.24% through 2028
The increasing vehicle production, technological
advancements, and the growing demand for fuel-efficient vehicles are the
factors driving market in the forecast period 2024-2028
According to TechSci Research report, “Automotive
Pumps Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Automotive Pumps Market stood at USD
12.65 Billion in 2022 and is anticipated to grow with a CAGR of 8.24% in the
forecast period, 2024-2028 The global automotive pumps market has experienced
significant growth in recent years, driven by various factors such as
increasing vehicle production, technological advancements, and the growing
demand for fuel-efficient vehicles. Automotive pumps play a crucial role in
various vehicle systems, including fuel delivery, coolant circulation, oil
circulation, and transmission fluid management. One of the key drivers of the
global automotive pumps market is the increasing vehicle production worldwide.
As the automotive industry continues to expand, the demand for automotive pumps
rises in parallel. The rising population, urbanization, and improving economic
conditions in emerging economies have led to a surge in vehicle ownership,
further fueling the demand for automotive pumps. Technological advancements
have also played a vital role in the growth of the automotive pumps market.
Manufacturers are continuously developing innovative pump technologies to
improve efficiency, reduce emissions, and enhance overall vehicle performance.
For instance, the development of electric pumps and variable displacement pumps
has gained traction due to their ability to optimize fuel consumption and
improve fuel efficiency.
The growing demand for fuel-efficient vehicles is
another significant driver for the automotive pumps market. With increasing
environmental concerns and stringent emission regulations, automakers are
focusing on developing vehicles that offer better fuel economy. Electric fuel
pumps, with their ability to provide precise fuel delivery, are seen as a key
component in achieving better fuel efficiency. Moreover, the expansion of the automotive aftermarket
is another driver for the global automotive pumps market. As vehicles age and
require maintenance and replacement parts, the demand for aftermarket
automotive pumps increases. The aftermarket segment provides opportunities for
pump manufacturers to cater to the needs of vehicle owners who seek reliable
and cost-effective replacement pumps.
In conclusion, the global automotive pumps market is
witnessing significant growth driven by factors such as increasing vehicle
production, technological advancements, the growing demand for fuel-efficient
vehicles, and the adoption of electric and hybrid vehicles. As the automotive
industry continues to evolve, the market for automotive pumps is expected to
expand further, driven by the need for improved vehicle performance,
efficiency, and compliance with stringent emission regulations.
Browse over XX market data Figures spread
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The North American region holds a significant share in
the global automotive pumps market. The region is home to major automotive
manufacturers and has a well-established automotive industry. The demand for
automotive pumps in North America is driven by factors such as increasing
vehicle production, technological advancements, and stringent safety and
emission regulations. The region also has a strong aftermarket presence,
contributing to the demand for replacement pumps.
Europe: Europe is another prominent market for
automotive pumps. The region has a strong focus on vehicle safety and emission
regulations, which drive the adoption of advanced pump technologies. European
countries such as Germany, France, and the United Kingdom have a high demand
for automotive pumps due to their well-developed automotive industry and the
presence of luxury and high-performance vehicle manufacturers. Additionally,
the region's emphasis on fuel efficiency and environmental sustainability further
drives the demand for efficient pump systems.
Asia Pacific: The Asia Pacific region is witnessing
rapid growth in the automotive industry, making it a significant market for
automotive pumps. Countries like China, Japan, and India are major contributors
to the market in this region. The increasing population, rising disposable
income, and urbanization are driving the demand for vehicles, which in turn
drives the demand for automotive pumps. Additionally, the region is a
manufacturing hub for automotive components, including pumps, due to cost advantages
and technological capabilities. The adoption of electric and hybrid vehicles in
countries like China further contributes to the market growth.
Latin America: Latin America is an emerging market for
automotive pumps. The region has a growing automotive industry, driven by
factors such as rising disposable income, urbanization, and government
initiatives promoting sustainable transportation. Countries like Brazil and
Mexico are key contributors to the market in this region. The demand for
automotive pumps in Latin America is driven by the need for improved vehicle
performance, fuel efficiency, and compliance with emission regulations.
Middle East and Africa: The Middle East and Africa
region have a smaller share in the global automotive pumps market. However, the
region is witnessing growth due to increasing vehicle sales and the adoption of
advanced technologies. The demand for automotive pumps in this region is driven
by factors such as rising disposable income, urbanization, and government
initiatives promoting sustainable transportation.
In summary, the global automotive pumps market
exhibits regional variations based on factors such as vehicle production,
emission regulations, consumer preferences, and economic conditions. Each
region presents unique opportunities and challenges for market players, and
understanding regional insights is crucial for strategic decision-making and
market expansion.
Major companies operating in Global Automotive Pumps
Market are:
- JTEKT Corporation
- ZF TRW Automotive Holdings Corp.
- Aisin Seiki Co. Ltd.
- WABCO Holdings, Inc.
- Concentric AB
- TI Automotive Ltd.
- Continental AG
- SHW AG
- Delphi Automotive LLP
- Pricol Ltd.
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“The global automotive pumps market is poised for
significant growth in the coming years. Factors such as increasing vehicle
production, technological advancements, and the growing demand for fuel-efficient
vehicles are driving the market. Additionally, the adoption of electric and
hybrid vehicles and the emphasis on safety and emission regulations further
contribute to the market's expansion,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Automotive Pumps Market – Global Industry Size,
Share, Trends Opportunity, and Forecast, Segmented By Product (Fuel Pump,
Oil Pump, Steering Pump, Water Pump, Fuel Injection Pump, and Others), By
Technology (Mechanical, and Electrical), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy
Commercial Vehicles, and Two Wheelers), By Region, Competition, 2018-2028”, has evaluated
the future growth potential of Global Automotive Pumps 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 Pumps Market.
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