PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1567386
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1567386
The global automotive pump market is projected to grow from USD 12.24 billion in 2024 to USD 12.96 billion in 2035, at a CAGR of 0.5% from 2024-2035.
Scope of the Report | |
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Years Considered for the Study | 2020-2035 |
Base Year | 2024 |
Forecast Period | 2024-2035 |
Units Considered | Value (USD Billion) |
Segments | by Pump Type, Technology, Displacement Type, Vehicle Type, Sales Channel, EV Type, Off-Highway Vehicles, Application, and Region |
Regions covered | Asia Pacific, Europe, North America, and Rest of the World |
The automotive pump market is expected to be largely driven by the aftermarket segment in the next 5-6 years. Countries such as India, Japan, and the US, which still rely heavily on ICE, HEV, and PHEV vehicles, are expected to see strong market growth. Commercial vehicles are also expected to maintain steady demand, given the slower pace of electrification in that segment.
"Mechanical pumps segment is expected to lead the of automotive pump market during the forecast period."
Mechanical pumps are typically more cost-effective and simpler to install than electric pumps due to their straightforward design and reliance on fewer electronic components. Their integration into internal combustion engine (IC) vehicles is seamless, as IC engines already have belt-driven systems that can easily power these pumps. Additionally, mechanical pumps are highly reliable and efficient, which makes them a preferred choice in conventional vehicle setups. Their established usage in IC vehicles further reduces complexity, providing manufacturers with a more familiar and proven option.
"BEV segment is expected to lead the automotive pump market during the forecast period."
BEVs hold around 69% of the total EV market share in 2023 and are expected to reach around 80% in overall EVs by 2030. These vehicles employ two or three water pumps, essential for cooling various components, such as the battery pack and electric motor. They maintain their temperature to prevent overheating and ensure efficient operation. BEVs also use windshield, vacuum, and headlight washer pumps. This is, in turn, expected to drive the market for automotive pumps during the forecast period. As BEVs do not use traditional fuel systems, there is a projected reduction in demand for oil transmission pumps and fuel pumps with the growth of BEVs.
"Europe is expected to have a significant market share in the automotive pump market during the forecast period."
The European automotive pump market is growing due to the increasing focus on emission norms, and rising demand for electric and luxury vehicles. Furthermore, the market's rise in Europe can be ascribed to the region's robust automotive production and the ambitions of Chinese OEMs such as BYD to establish manufacturing operations there. Leading automotive pump manufacturers in the region include Robert Bosch GmbH, Continental AG, Valeo, SHW AG, and ZF Friedrichshafen AG. These manufacturers provide automobile pumps to major OEMs worldwide.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
The automotive pump market is dominated by major players, including Denso Corporation (Japan), Aisin Corporation (Japan), Continental AG (Germany), Robert Bosch GmbH (Germany), and Mitsubishi Electric Corporation (Japan). These companies are expanding their portfolios to align with the EVs, aiming to strengthen their automotive pump market ecosystem position.
The report covers the automotive pump market in terms of Pump Type, Technology (Electric, Mechanical), Displacement Type, Vehicle Type, Sales Channel (OEM, Aftermarket), EV Type (BEV, HEV, PHEV, FCEV), Off-Highway Vehicles, Application, and Region. It covers the competitive landscape and company profiles of the major automotive pump market ecosystem players.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.