Increasingly strict vehicular emission norms set up by governments around the world and vast numbers of automobiles being produced annually are driving developments in the automotive pump industry. The automotive pump market is projected to reflect a healthy growth rate of over 6% CAGR during the assessment period from 2021 to 2031. Increasing demand for environmentally-friendly automotive solutions will influence developments in the market through the coming decade. Electrification initiatives and the transition to electric vehicles are also driving the development and distribution of automotive pump offerings.
“Increasing interest towards the integration of advanced automation techniques including gasoline turbocharged direct injection, and automatic transmissiontechnologies into new vehicle models to restrict automotive emissions generates requirements for innovations in automotive pumps on a global scale,” says the FMI study.R
Automotive Pump Market – Primary Takeaways
- Fuel injection pumps are expected to witness a surge in sales owing to increasingly stringent emission standards.
- Electrical pumps are likely to display faster growth owing to frequent innovations in control electronics.
- Germany will remain a major regional market for automotive pumps owing to the presence of auto development and production facilities.
- China and India will display lucrative opportunities owing to the adoption of advanced auto technologies, and growth in automotive production.
Automotive Pump Market – Growth Factors
- Increasingly strict emission norms and sustained automotive production drive demand for automotive pumps.
- Wide scope of applications for pumps including lubrication, fuel, steering, and transmission will generate long-term demand.
- The introduction of electric power steering and drive by wire systems are likely to drive developments in the industry.
Automotive Pumps Market – Major Constraints
- Changes in vehicle design to include increased percentages of electrified components, and the resultant cost increases are key challenges to manufacturers.
- Component failures and recalls of automotive pumps limits profitability for market players in the long term.
Expected Impact on Market by Coronavirus Outbreak
The automotive pump market players have faced significant concerns associated with the onset of the coronavirus pandemic. Lockdown restrictions on automotive production and disruption to supply chains for essential components have hurt operations in the industry. Reduced sales of vehicles through 2020 limited short term demand.
Gradual recovery is likely through 2021 as automotive production resumes. The automotive pumps market will witness significant growth opportunities in the near future, supported by changes in international carbon emission norms, with product development opportunities arising from the transition towards electric vehicles.
Explore data on the automotive pumps market with 176 figures, 39 tables and the ToC. You will also find market segmentation on https://www.futuremarketinsights.com/reports/sample/rep-gb-541
Prominent manufacturers taking part in the automotive pumps market include but are not limited to ZF TRW Automotive Holdings Corp., Concentric AB, TI Automotive Ltd., Continental AG, SHW Group, Delphi Automotive LLP, Pricol Ltd., DENSO Corp., Robert Bosch GmbH, HELLA KGaA Hueck & Co., Magneti Marelli S.p.A., Hitachi Automotive Systems Ltd., Magna International Inc., Johnson Electric Holdings Ltd., KSPG AG, and JTEKT Corp.
Leading players in the automotive pump market have displayed interest in strategies involving product development and launches, in addition to strategic mergers and acquisition to bolster their position in a fairly competitive market.
For example, in February 2021, ADVIK Hi-Tech announced the acquisition of Hanon Bangalore Operations Pvt. Ltd., a subsidiary of South Korea-based Hanon Systems to widen the company’s portfolios for pumps. In November 2020, TI Automotive launched the new Pick Your Horsepower search tool for its aftermarket website for universal in-line, in-tank, dual, and single fuel pumps and kits. In June 2020, Hyundai and Kia revealed new heat pump systems aimed towards their EV portfolio to bolster driving range in low temperatures.
More on the Report
FMI provides in-depth insights on the automotive pumps market. The market is segmented in terms of pump type (fuel supply, fuel injection, transmission oil, conventional engine oil, variable engine oil, steering, coolant, windshield washer, and vacuum), sales channel (OEM and aftermarket), technology (electrical and mechanical), and vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheelers), across seven regions (North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and Middle East & Africa).