According to Future Market Insights, the global automotive pump market share 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 Automotive Pump Market is witnessing significant growth driven by several factors, including increasing vehicle production, rising demand for fuel-efficient and emission-compliant vehicles, and advancements in automotive pump technology. Automotive pumps play a critical role in various vehicle systems, including fuel delivery, cooling, lubrication, and emission control, ensuring efficient operation and optimal performance.
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One of the primary drivers of this market is the increasing vehicle production worldwide. As the global automotive industry continues to expand, with rising demand for passenger cars, commercial vehicles, and electric vehicles, there is a growing need for automotive pumps to support vehicle manufacturing and assembly. Automotive pumps are essential components in vehicle powertrains and subsystems, contributing to the efficient operation and performance of vehicles across different segments and applications.
Moreover, the rising demand for fuel-efficient and emission-compliant vehicles is driving the adoption of advanced automotive pump technologies. Automakers are increasingly focused on improving fuel economy, reducing emissions, and meeting regulatory standards for vehicle emissions and efficiency. Automotive pumps such as fuel pumps, water pumps, and oil pumps are being developed with enhanced efficiency, reduced energy consumption, and lower emissions to support the development of eco-friendly and sustainable vehicles.
Furthermore, advancements in automotive pump technology are driving innovation and product development in the market. Manufacturers are incorporating advanced materials, precision engineering, and electronic controls into automotive pumps to improve reliability, durability, and performance. Additionally, the integration of smart sensors, variable-speed drives, and predictive maintenance features in automotive pumps enables real-time monitoring, diagnostics, and optimization of pump performance, enhancing vehicle efficiency and reliability.
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 a 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.
Key Segments Profiled:
By 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
By Sales Channel:
- OEM
- Aftermarket
By Technology:
- Electric
- Mechanical
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheeler
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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