Automotive Pump Market worth $17.5 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 13, 2021 /PRNewswire/ -- According to the new market research report "Automotive Pumps Market by Type (Fuel Pump, Water Pump, Fuel Injection Pump, Steering Pump & Headlight Washer Pump), Technology, Displacement, Vehicle Type, Sales Channel, EV (BEV, HEV, PHEV, FCEV), Off-Highway Vehicles & Region - Global Forecast to 2026", published by MarketsandMarkets™, the Global Automotive Pump Market is projected to grow at a CAGR of 4.2% from USD 14.2 billion in 2021 to USD 17.5 billion by 2026.
Browse in-depth TOC on "Automotive Pump Market"
223 – Tables
71 – Figures
278 – Pages
The major factors driving the growth of the market are fluctuating fuel prices that have increased the demand for fuel-efficient vehicles and increasing pressure on automakers to comply with the emission norms. In addition, the consistent growth in the demand for passenger cars is likely to trigger the growth of the Automotive Pump Market during the forecast period. Also, heavy investments in R&D activities by vehicle manufacturers to develop efficient fluid technology for automotive are expected to push the growth of the market. Infrastructural development in emerging countries is expected to drive the growth of commercial vehicles, which in turn would boost the demand for automotive pumps.
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By Technology: Electric segment is the fastest-growing segment of the Automotive Pump Market during the forecast period
Electric pumps, which work with the help of electric motors, are gradually replacing mechanical pumps. The use of electric pumps is increasing due to their many advantages over mechanical pumps. Electric fuel pump provides more fuel efficiency as compared to mechanical fuel pump. However, the installation of electric pump requires sophisticated electrical circuit, which increases the cost. Major global automakers are now using electric pumps in vehicular architecture.
By Vehicle Type: Passenger car segment is expected to be the fastest-growing segment in the Automotive Pump Market
Growing number of favorable government policies, mandating the reduction in CO2 emissions in new vehicles and growing disposable income are expected to create opportunities for the passenger car market growth. Also, economic growth in emerging countries has enhanced the purchasing power of people hence resulting in the growth of passenger car segment. The passenger car segment is expected to grow 4.4% CAGR reaching USD 12.8 billion in 2026 from USD 10.3 billion in 2021.
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Asia Pacific: India is expected to grow at the highest CAGR during the forecast period.
Owing to favorable government policies, such as 100% FDI with prior government approval, leaner policies for manufacturing and imports for licensing and approvals, and World Trade Organization (WTO) compliant policies, the automotive industry in the country is growing at a higher CAGR than most countries in the region. Various government initiatives, such as Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME), will foster the popularity of EVs and drive the sales of automotive electric pumps in India. The passenger car segment in India for automotive pumps is expected to grow at the highest CAGR during the forecast period and is expected to be the largest market during the forecast period. The pickup in economic activity and several government initiatives are likely to propel the automotive market growth in India, thus leading to growth in the automotive pumps market.
The major players in Automotive Pump Market include Aisin Corporation (Japan), Denso (Japan), Robert Bosch GmbH (Germany), Valeo (France), Continental AG (Germany) among others.
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