PUBLISHER: The Business Research Company | PRODUCT CODE: 1392483
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392483
“Automotive Pumps Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive pumps market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive pumps? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive pumps market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive pumps play a critical role in enhancing vehicle performance and fuel efficiency by transmitting fluids, whether liquid or gas, through the vehicle's systems. These pumps function by manipulating the pressure on fluids, utilizing mechanical force or electric energy from a motor.
There are various types of automotive pumps, each serving a specific function in the vehicle's operation. These include automotive fuel injection pumps, automotive fuel supply pumps, automotive engine oil pumps, automotive transmission oil pumps, automotive coolant pumps, automotive steering pumps, automotive vacuum pumps, and automotive windshield washer pumps. For instance, the automotive fuel injection pump is a rotary or distributor pump used in small trucks and cars to deliver fuel into the engine cylinders. Automotive pumps are also integral to electric vehicles, including battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). In terms of technology, automotive pumps are categorized as electric automotive pumps and mechanical automotive pumps. These pumps are distributed through both original equipment manufacturers (OEM) and aftermarket sales channels.
The automotive pumps market research report is one of a series of new reports from The Business Research Company that provides automotive pumps market statistics, including automotive pumps industry global market size, regional shares, competitors with automotive pumps market share, detailed automotive pumps market segments, market trends and opportunities, and any further data you may need to thrive in the automotive pumps industry. This automotive pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive pumps market size has grown strongly in recent years. It will grow from $21. 25 billion in 2023 to $22. 52 billion in 2024 at a compound annual growth rate (CAGR) of 6. 0%. The growth observed during the historical period can be attributed to several factors, including an increased demand for fuel efficiency and reduced emissions, shifts in consumer preferences and driving habits, government regulations and safety standards influencing automotive design, and improvements in manufacturing processes within the automotive industry.
The automotive pumps market size is expected to see strong growth in the next few years. It will grow to $28. 23 billion in 2028 at a compound annual growth rate (CAGR) of 5. 8%. The anticipated growth in the forecast period can be attributed to factors such as the increased demand for electric and hybrid vehicles, a growing focus on sustainability and emissions reduction, the ongoing electrification of vehicles, heightened attention to electric and hybrid powertrains, and an increasing demand for electric and fuel cell vehicles. Major trends expected during this period include the development of energy-efficient pumps, the use of advanced materials for pump components, the integration of variable-speed pump technologies, the adoption of electrified cooling and lubrication systems, and the miniaturization of pumps to facilitate lightweight and compact designs.
The increasing trend towards vehicle electrification stands as a significant catalyst propelling the expansion of the automotive pump market. Automotive pumps, vital devices facilitating fluid movement within a vehicle's operational system, rely on mechanical force or electric energy from a motor to lift, compress, or transfer fluids. As fuel costs surge, commuters seek more economical alternatives, leading to a heightened interest in electric vehicles. The zero-emission and cost-efficient nature of electric vehicles have gained substantial popularity, evident in the significant surge in electric car sales that escalated the global electric vehicle count to 26 million in 2022, marking a remarkable 60% increase from 2021. This surge in vehicle electrification is thus fueling the growth of the automotive pump market.
The upward trajectory in vehicle production serves as a pivotal driver in steering the automotive pump market towards growth. With the escalation in vehicle manufacturing, there arises a commensurate demand for diverse automotive components, including pumps. Pumps play an indispensable role in various vehicle operations, from coolant circulation to maintaining fuel pressure and facilitating power steering assistance. The surge in vehicle production, exemplified by the manufacturing of 85. 4 million motor vehicles worldwide in 2022, a 5. 7% rise compared to 2021, underscores the heightened requirement for pumps to fulfill these essential functions. Consequently, the surge in vehicle production is poised to drive substantial growth within the automotive pump market in the foreseeable future.
The increasing adoption of novel technologies emerges as a prominent trend shaping the automotive pump market landscape. Innovations such as gasoline turbochargers, gasoline direct injection, and automatic transmissions have paved the way for efficient oil circulation throughout various automobile components, presenting lucrative opportunities for automotive pump manufacturers. For instance, in November 2021, Gates, a reputable US-based provider of fluid-power and power transmission solutions, introduced groundbreaking technology termed the Gates ThermalPro EWP (Electric Water Pump). This next-generation EWP technology integrates significant investments in electronics, software, motor design, and computational fluid dynamics, catering to automotive, light commercial, and heavy-duty vehicles, thus highlighting the industry's commitment to advanced technologies within the automotive pump sector.
Major players within the automotive pump market are placing emphasis on pioneering product development, notably focusing on innovations like the Gasoline Direct Injection (GDI) fuel pump to enhance fuel efficiency. GDI technology revolutionizes internal combustion engines by directly injecting fuel into each cylinder's combustion chamber, a departure from traditional methods of fuel injection. For instance, in September 2022, Stanadyne, a renowned US-based developer and manufacturer specializing in fuel pumps and injectors for both diesel and gasoline engines, unveiled its groundbreaking electrically driven Gasoline Direct Injection (GDI) fuel pump, the 'E-Pump Module. ' This innovation forms a crucial component of Stanadyne's strategy in fuel delivery system technology that aligns with electrification. The 'E-Pump Module' empowers precise electric control over fuel flow and pressure, thereby optimizing fuel consumption. By decoupling pump speed from engine revolutions per minute, this technology ensures enhanced efficiency and reduced fuel consumption.
In February 2021, ADVIK Hi-Tech, a prominent India-based automotive component manufacturer, made an undisclosed acquisition of Hanon Bangalore Operations Pvt. Ltd. from Hanon Systems in South Korea. This strategic acquisition is envisioned to significantly bolster ADVIK Hi-Tech's global manufacturing and Research and Development capabilities within the powertrain systems industry. The integration of Hanon Bangalore Operations into ADVIK Hi-Tech's operations enables the company to offer a comprehensive portfolio of pumps, including oil pumps, water pumps, and vacuum pumps, to cater to the diverse needs of global vehicle manufacturers. Hanon Bangalore Operations, an India-based manufacturer specializing in automotive pumps for the global vehicle industry, aligns with ADVIK Hi-Tech's vision to expand its offerings and market presence in the automotive pump sector.
Major companies operating in the in the automotive pumps market report are Aisin Seiki Co. Ltd., Denso Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, KSPG AG, Magna International Inc., SHW AG, ZF Friedrichshafen AG, Continental AG, Concentric AB, Hella KGaA Hueck & Co., Seiki Co. Ltd., Valeo SA, Hitachi Automotive Systems Ltd., JTEKT Corporation, Magneti Marelli SpA, Delphi Technologies plc, TI Automotive Inc., Rheinmetall Automotive AG, MS Motorservice International GmbH, GMB Corporation, Pierburg GmbH, Mahle GmbH, BorgWarner Inc., Schaeffler AG, Mikuni Corporation, Bosch Mahle Turbo Systems GmbH & Co KG, SMP Deutschland GmbH, Melling Engine Parts, Gates Corporation
Asia-Pacific was the largest region in the automotive pumps market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive pump market consists of sales of fuel pump, fuel injection pump, water pump, windshield pump, transmission oil pump, vacuum pump and headlight washer pump. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.