The global automotive pump market is estimated to grow from USD 14.8 billion in 2022 to USD 18.0 billion by 2027, at a CAGR of 4.1%. Major vehicle manufacturers across the globe are focusing on introducing fuel-efficient vehicles to cater to the increased demand from consumers. Moreover, to curb rising pollution, several countries have implemented stringent emission norms for passenger cars and commercial vehicles. These factors are anticipated to push the growth of the market. However, the growth of battery operated vehicles is considered a major restraint for the growth of the automotive pump market. Though the outbreak of pandemic COVID-19 all over the world disturbed the economic and financial structures of the whole world. Auto industry noticed a fall due to production halt of vehicles parts and assembly which has collapsed the economies of US, China, UK, Germany, France, Italy, Japan, and many others countries. However, In H1 2021, automakers around the world have increased level of production due to rise in sales.
HEV is the largest electric vehicle segment of the automotive pump market during the forecast period. HEVs comprise an internal combustion engine as well as a battery.Thus, the architecture of an HEV is most suitable for installing pumps for regulating the flow of the fluid.
Applications such as cooling, lubrication, and fuel injection require pumps for their efficient operation.Thus, the rising demand for HEV segment vehicles is expected to inflate the demand for automotive pumps and contribute to the growth of the global market.
Moreover, the demand for hybrid vehicle market is rising due to stringent emission regulation standards and the growing demand for low or zero-emission vehicles.Furthermore, governments of various countries provide purchase grants and tax rebates for hybrid vehicles.
For instance, in June-2021, The Indian government announced decision to extend the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME) scheme by two years to March 31, 2024. The scheme, started in 2019 for promoting sales of hybrid and electric vehicles, was supposed to end by 2022. This the government across the globe is planning to launch schemes for promoting electric vehicles, the market for electric vehicles would rise and proportionally with the sales of new electric vehicles, the market for automotive pumps would rise.
Passenger car segment is expected to dominate the automotive pump market.
The increase in disposable income of consumers has pushed the demand for passenger cars, which, in turn, has driven the growth of the automotive pump market.The passenger car segment is anticipated to hold the largest share in the automotive pump market.
The market for automotive pump in passenger cars is expected to grow at a significant rate, particularly in the emerging economies of Asia Pacific. Furthermore, the increasing demand for electric cars by consumers and several amendments in transport policies made by various governments to curb harmful emissions are expected to drive the growth of the passenger car segment.
Asia Pacific is expected to record the highest growth rate during the forecast period. The Asia Pacific market is a vast geographical region comprising countries such as Japan, China, India, South Korea, and Thailand.China is the largest producer of automobiles in the world.
The country’s automotive sector has witnessed significant growth in recent years.Moreover, component manufacturing startups and Tier I companies have strengthened their foothold in the region, thereby inflating the growth of the market.
In addition, established automakers in Japan, China, and South Korea are expected to cater to the increased demand for pumps from OEMs in the region.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the market. • By Company Type: Tier I – 47%, Tier II – 33%, and OEMs – 20% • By Designation: C Level – 43%, D Level – 39%, and Others – 18% • By Region: Europe – 36%, Asia Pacific – 32%, North America – 24%, and RoW – 8% The market comprises major manufacturers such as Aisin Corporation (Japan), Denso (Japan), Robert Bosch GmbH (Germany), Valeo (France), Continental AG (Germany) among others. The study includes an in-depth competitive analysis of these key players in the market with their company profiles, recent developments, and key market strategies.
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