A study by Future Market Insights (FMI) on automotive pump market demand has forecast it to reach US$ 118 Billion by the end of 2033, growing at a CAGR of 6.2% over the forecast years (2021-2033) The automotive pump market is expected to witness a significant growth in 2021, thanks to the implementation of various carbon emission norms across various countries
The increasing sales of passenger cars will continue to be an important growth driver. It is projected that the passenger car category, which now dominates the market in terms of vehicle type with more than 70% of market sales, will continue to hold its position.
Key Takeaways of Automotive Pump Market Study
- After a period of slow growth amid COVID-19, the automotive pump sales is poised to recover, exhibiting nearly 6% Y-o-Y growth in 2021
- The demand from the U.S. will remain a chief growth driver as the country continues accounting for over 80% of sales registered in North America
- Increasing passenger vehicle production will support growth in the U.K., enabling it to register 3.5% Y-o-Y growth in 2021
- Within Western Europe, Germany, France, and Spain are expected to emerge as key pockets for sales
- While China will continue dominating APEJ on the back of booming vehicle production, the demand from India and South Korea will continue rising at a positive rate
- Japan will emerge as a highly lucrative market exhibiting positively rising sales through the forecast period
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“It is anticipated that sales of small utility vehicles would be boosted by the rising demand for environmentally friendly automobiles targeted at reducing carbon emissions. Compact utility vehicles’ excellent performance, small size, and low fuel consumption are major factors driving up sales. In the upcoming years, this will also produce appealing chances for automobile pump sales, according to a key analyst at FMI.
Who is winning?
The automotive pump market is a highly competitive. There is ample focus on innovations, research and developments by market players as they seek gaining competitive advantage. Some of the players are focusing to carve a niche for specific demography. Expansion of electric vehicle market is expected to boost sales of automotive pumps in the coming years. Companies operating in the market are therefore focusing on merger and acquisition to expand their footprint and product portfolio.
- In October, Johnson acquired Stackpole International, a prominent engine & transmission pumps and powder metal components supplier.
- In October, Magna International’s powertrain manufacturing unit in Benevento, Italy, completed production of five million oil pumps for the Fiat 1.4-litre engine since 2005
Some of the leading players operating in the market are Delphi Automotive, DENSO Corporation, ZF TRW, Johnson Electric and Continental AG.
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Global Automotive Pump Market by Segments
- Fuel Supply Pump
- Fuel Injection Pump
- Transmission Oil Pump
- Conventional Engine Oil Pump
- Variable Engine Oil Pump
- Steering Pump
- Coolant Pump
- Windshield Washer Pump
- Vacuum Pump
- Sales Channel
- Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheeler
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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