Automotive Pump Market size to grow by USD 18.26 billion by 2027 with a CAGR of 4.04% from 2022 to 2027; Market Size, Share & Trends Analysis Report
NEW YORK, Jan. 11, 2024 /PRNewswire/ -- The automotive pump market is estimated to grow by USD 3.28 billion from 2022 to 2027, growing at a CAGR of 4.04%. The automotive pump market is fragmented owing to the presence of many global and regional companies. The exponential growth of the automotive industry in emerging economies has significantly driven the Automotive Pump Market. This rise is primarily attributed to the booming automotive sector, where demands for fuel pumps, water pumps, oil pumps, hydraulic pumps, electric fuel pumps, mechanical fuel pumps, vacuum pumps, power steering pumps, transmission oil pumps, and coolant pumps have escalated. These pumps serve as significant components, driving efficiency and performance in vehicles, aligning with the automotive industry's evolution, and enhancing operational capabilities.
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Company Offering:
- Pricol Ltd. - The company focuses on manufacturing and trading automotive components. The key offerings of the company include automotive pump solutions such as Fuel pumps, Electrical Oil pumps, and Electronic Purge valves.
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A few prominent companies that offer automotive pump market are Bapcor Ltd., BorgWarner Inc., Carter Fuel Systems LLC, Concentric AB, Continental AG, Cummins Inc., DENSO Corp., GMB Co. Ltd., Hitachi Ltd., Johnson Electric Holdings Ltd., Mitsubishi Electric Corp., Pricol Ltd., Rheinmetall AG, Robert Bosch GmbH, SHW AG, Stellantis NV, TI Fluid Systems Plc, Toyota Motor Corp., Valeo SA, and ZF Friedrichshafen AG.
Based on Geography, the market is classified as Europe, North America, APAC, South America, and Middle East and Africa. Europe is estimated to contribute 38% to the growth of the global market during the forecast period. The main contributors to the European market are Germany, France, Italy, Spain, and the UK. The use of advanced fuel injection systems in vehicles is high in these countries and strict emission rules are enforced. The demand for electrical fuel pumps is one of the main factors driving growth in Europe's markets. The widespread use of EFIs is primarily responsible for this.
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- Key Trend - Emerging as a pivotal trend in the Automotive Pump Market, advancements in hydrocarbon evaporation control systems is gaining momentum. This trend encompasses innovations in diesel pumps, electric water pumps, engine oil pumps, electric power steering pumps, centrifugal pumps, gear pumps, turbocharger pumps, fuel transfer pumps, electric coolant pumps, and windshield washer pumps. The focus on hydrocarbon evaporation control reflects the industry's commitment to enhancing environmental sustainability and efficiency, shaping the future growth of automotive pump technology.
- Major Challenges - The Automotive Pump Market faces a formidable challenge due to rising demand for hybrid and electric vehicles. This demand shift impacts various pump sectors including air pumps, brake pumps, washer pumps, high-pressure fuel pumps, fuel injection pumps, engine coolant pumps, variable displacement pumps, electric brake vacuum pumps, air conditioning compressor pumps, electric transmission oil pumps, and catalytic pumps. The transition towards alternative vehicle technologies poses a hurdle, requiring pump manufacturers to adapt and innovate to cater to evolving propulsion systems and vehicle architectures.
Market Segmentation
- Based on Type, the market is classified into mechanical and automatic. The mechanical segment is estimated to witness significant growth during the forecast period. Through automated means, positive displacement mechanical pumps produce a fluid flow. Modern direct injection engines have configurations, such as common rail radial piston, common rail two-piston, radial, inline, port and helix, and metering units, which operate at higher pressures of up to 30000psi.
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TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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SOURCE Technavio
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