Automotive Pump Market Size, Share, Growth Analysis, By Type (Fuel Injection Pump, Fuel Pump), By Technology (Mechanical, Electric), By Displacement, By Vehicle Type, By Sales Channel, By Region - Industry Forecast 2024-2031

Global Automotive Pump Market size was valued at USD 16.8 billion in 2022 and is poised to grow from USD 17.8billion in 2023 to USD 27.9 billion by 2031, growing at a CAGR of 5.8% during the forecast period (2024-2031).

The automotive industry in emerging economies is experiencing robust growth, fueled by rising per capita incomes resulting from heightened economic activities. Urban centers have become pivotal drivers of economic progress, leading to accelerated urbanization and settlement expansion. However, the rapid population growth in these regions has put immense pressure on public transport systems, with governments struggling to keep pace due to inadequate transportation infrastructure. For instance, China's population was recorded at 1.412 billion in 2021, while Indonesia's urban population reached 2.737 billion, further underscoring the demand for personal vehicles among urban commuters seeking convenience. Consequently, this surge in automotive purchases has significantly bolstered the industry within these nations. Additionally, the increased sales of heavy commercial vehicles for export in emerging markets can be attributed to the inadequacies of existing railway systems, which fail to provide seamless connectivity for e-commerce. As online shopping continues to rise, the demand for efficient logistics solutions has become paramount, driving the need for commercial vehicles to facilitate the delivery of goods. Overall, the interplay of urban expansion, economic growth, and evolving consumer preferences is set to continue propelling the automotive sector in these rapidly developing markets.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Automotive Pump market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Automotive Pump Market Segmental Analysis

Global Automotive Pump Market is segmented by Type, Technology, Displacement, Vehicle Type, Sales Channel and Region. Based on Type, the market is segmented into Fuel Injection Pump, Fuel/Oil Pump, Water Pump, Vacuum Pump, Air Pump, Steering Pump, Other Pumps. Based on Displacement, the market is segmented into Fixed Displacement Pumps, Variable Displacement Pumps. Based on Technology, the market is segmented into mechanical, and electric Based on Vehicle Type, the market is segmented into Passenger Vehicle, Commercial Vehicle, Two/Three Wheelers. Based on Sales Channel, the market is segmented into OEM, and aftermarket. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Driver of the Global Automotive Pump Market

One of the key drivers propelling the global automotive pump market is the increasing focus on hydrocarbon evaporation control systems. As the automotive industry prioritizes minimizing its environmental footprint, there is a significant push toward implementing innovative technologies aimed at sustainability. Stakeholders across the automotive value chain are collaborating with various organizations and government entities to foster an eco-friendly industry. This concerted effort is driving the evolution and innovation of automotive technologies and systems, enabling them to mitigate their detrimental environmental effects. Ultimately, the commitment to developing more sustainable practices is shaping the future landscape of the automotive sector.

Restraints in the Global Automotive Pump Market

The global automotive pump market faces significant restraints due to fluctuations in raw material prices. Automotive pumps are comprised of various materials, including metal, plastic, and rubber, which are sourced from a diverse range of suppliers worldwide. These materials are influenced by market dynamics, geopolitical factors, supply chain disruptions, and other uncertainties, leading to frequent price variations. A rise in raw material costs directly impacts the manufacturing expenses of automotive pumps, challenging manufacturers' ability to maintain profitability. When these cost increases cannot be transferred to customers due to competitive pressure or contractual constraints, the financial viability of pump manufacturers is jeopardized, especially in periods of high commodity prices.

Market Trends of the Global Automotive Pump Market

The global automotive pump market is witnessing significant growth, driven by the rising trend of downsizing engines among OEMs. Automakers are increasingly opting for smaller engines that can deliver equivalent or enhanced power output, leading to improved fuel efficiency and reduced vehicle costs. For instance, luxury brands like Mercedes-Benz and BMW have shifted to 4-cylinder engines from traditional 6-cylinder configurations, effectively optimizing engine compression while adhering to stringent emissions regulations. This strategic downsizing is expected to open new avenues for pump manufacturers, fueling innovation and investment in fuel-efficient technologies in the automotive sector throughout the forecast period.