PUBLISHER: Allied Market Research | PRODUCT CODE: 1414969
PUBLISHER: Allied Market Research | PRODUCT CODE: 1414969
"The global automotive pump market was valued at $16,404.67 million in 2022, and is projected to reach $27,022.36 million by 2032, registering a CAGR of 5.5% from 2023 to 2032 due to the stringent government regulations on emission norms." - Allied Market Research.
The implementation of numerous government campaigns, the proliferation of hybrid electric vehicle (HEV) models, and continuous improvements in battery technology are collectively propelling the automotive pumps market. Luxury car manufacturers are expected to introduce a variety of models with diverse pricing options and attractive financing plans, which are projected to boost the demand for luxury cars in Asia-Pacific. Leading luxury car manufacturers such as BMW, Audi, and Mercedes are also anticipated to introduce new and advanced models at competitive prices, further driving the demand for advanced pumps for smooth running of these vehicles. In October 2022, the European Union proposed the Euro 7 standard, which focuses on reducing pollutants from vehicles to improve air quality. The proposal aims to reduce the pollutants from new vehicles sold in the region; the proposal aims to meet the European Union's zero pollution action plan. The European Union also anticipates that by 2035 all the cars and vans sold in the European region will have zero carbon dioxide emissions. Thus, these factors are anticipated to increase the sales of the pumps as this system contributes to more precise fuel delivery, optimizing combustion.
As international automobile manufacturers extend their reach and consumers' purchasing power for new cars grows, the demand for passenger vehicles is experiencing significant growth. Enhanced lifestyles and economic conditions are driving shifts in consumer preferences worldwide. With rising purchasing power and disposable income, increased brand visibility, and competition among OEMs to provide enhanced features, it is anticipated that the automotive pumps will experience growth during the forecast period as they are deployed in the vehicle engine to increase the overall efficiency of the cars.
The commercial vehicles are equipped with advanced pumps such as electric oil pumps, electric water pumps as they supply significant amount of oil for the gear-shifting and starting components, lubricate the gear wheels, and contribute to the cooling of the transmission.
The increasing disposable income in developed and developing nations, together with the ongoing advancements in infrastructure, are anticipated to drive the market growth. Commercial vehicle manufacturers such as Tata Motors Ltd., Mahindra and others, have been driven to design vehicles with lower carbon emissions as a result of growing consumer awareness of environmentally friendly transportation options. Manufacturers are attempting to reduce size and load factors, innovate vehicle design, and modify vehicles in compliance with weight standards due to which advanced pumps are deployed in these vehicles.
The automotive pump market is segmented into type, vehicle type, technology, sales channel, and region. On the basis of type, the market is classified into fuel pump, water pump, vacuum pump, fuel injection pump, others. On the basis of vehicle type, it is categorized into passenger vehicle, and commercial vehicle. By technology, the market is divided into electric and mechanical. On the basis of sales channel, the market is segmented into OEM and aftermarket. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key players covered in the report include Johnson Electric Holdings Limited, Continental AG, Robert Bosch GmbH, Valeo, GMB Corporation, Schaeffler Technologies AG & Co. KG, Mitsubishi Electric Corporation, Aisin Seiki Co., Ltd., MAHLE GmbH, Aisan Industry Co., Ltd.