According to Future Market Insights, the global automotive pump market is anticipated to attain a valuation of US$ 64.57 billion in 2023 and is expected to reach US$ 118 billion by 2033. During the 2023 to 2033 forecast period, the market is slated to proliferate at a CAGR of 6.2%.
The expansion of the automotive pump market is projected to be significantly impacted by the rise in vehicle usage around the world as well as the adoption of cutting-edge technology to create fuel-efficient vehicles that abide by VOC (volatile organic compound) emission laws.
Significant expenditures are being made by numerous automakers and manufacturers in both R&D and the production of automobile parts. They are adding advanced technology that depend on automobile pumps for effective operation, such as automatic gearbox, gasoline direct injection, and gasoline turbochargers. The automotive pump industry is predicted to benefit from these trends by offering significant growth possibilities.
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The increasing disposable incomes, particularly in emerging economies, have led to an increased purchasing power among individuals. This trend has prompted automakers to place greater emphasis on mid-sized and compact cars. The introduction of premium features such as easy gear shift, power steering, anti-lock braking system (ABS), and cabin comfort systems in these vehicles, is presenting numerous opportunities for market expansion.
The automotive pump business is constantly in need of product innovation due to the rising demand for high-performance automobiles that are lightweight and fuel-efficient. The energy efficiency of automobiles is greatly increased by these pumps. The industry’s expansion may be aided by the use of variable vehicle displacement oil pumps, which allow for maximum oil circulation through all engine components while efficiently absorbing heat.
Key Takeaways
- Europe automotive pump market is expected to grow with a CAGR of 6.3% during the forecast period.
- The market in India is projected to witness a CAGR of 6.4% during the forecast period.
- The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
- By sales channel, OEM is projected to lead the segment and is estimated to grow with a CAGR of 6.7% during the forecast period.
- By technology, electric pump segment is expected to grow with a CAGR of 7% throughout the forecast period.
“The incorporation of smart technologies like automatic transmission, gasoline direct injection, and gasoline turbochargers is expected to fuel the market growth during the forecast period,” comments an FMI analyst.
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Competitive Landscape
The automotive pump market is highly competitive, with several key industry players investing heavily in the production of these services.
The key industry players are DENSO Corporation, Johnson Electric Holdings Limited, HELLA KGaA Hueck & Co., Hitachi Automotive Systems, Ltd., Concentric AB, Continental AG, Delphi Automotive LLP, JTEKT Corporation, KSPG AG, Magna International Inc., Magneti Marelli S.p.A, Robert Bosch GmbH, Pricol Ltd., SHW Group, TI Automotive Ltd, ZF TRW Automotive Holdings Corp.
Some recent developments in the market are:
- In January 2022, Aisan Industry Co., Ltd., a manufacturer specializing in engine components, successfully finalized the acquisition of Denso Corporation’s fuel pump module business. This strategic move aimed to enhance Aisan Industry’s powertrain portfolio and capitalize on potential market expansion prospects.
- In August 2022, HELLA KGaA Hueck & Co, an automotive supplier known for its FORVIA brand, unveiled an expansion to its already extensive thermal management portfolio. The company introduced two new additions: the electronic Valve Actuator and the high-performance Media Pump, both designed to enhance coolant circulation capabilities.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global automotive pump market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive pump market, the market is segme
Global Automotive Pump Market by Segments
Category
- Pump
- 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
- OEM
- Aftermarket
- Technology
- Electric
- Mechanical
- Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheeler
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About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Us
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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