Fact.MR’s report predicts the global automotive pumps market to surpass a market value of US$ 98 Bn, exceeding a CAGR of 6% by the end of the 2021-2031 assessment period. Usage of vehicles has propelled in developing countries over time. This, in turn, has increased the demand for automotive pumps.
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Historically, between 2016 and 2020, the automotive pumps market garnered a market value of more than US$ 54 Bn by the end of the aforementioned period, expanding at a CAGR of 4%. As automotive manufacturing contracted during the first half of 2020, attributed to COVID-19, prospects for automotive pumps dipped significantly, eventually getting restored as restrictions eased.
Manufacturers of automotive pumps are focusing on developing pumps that would reduce carbon emissions. In addition, the increasing sales of vehicles will have a positive outlook on the automotive pumps industry. It is expected that by 2030, the U.S would reduce its net greenhouse gas emissions by 50-52% below 2005 levels in 2030, while India plans to reduce the same by 33-35%.
Key Takeaways from the Market Study
- Electric automotive pumps to represent over 2/3rd of total demand, expanding at 5.5% CAGR
- Automotive fuel supply pumps sales to reach US$ 30 Bn by 2031
- Demand for automotive pumps across passenger cars to surge, expanding at over 5% CAGR
- Asia to grow at a CAGR of 5.7% in the forecast period, with a market share exceeding 40%
- Automotive pumps industry expected to generate 3 out of 10 sales throughout Europe
- India, China and Germany to dominate the automotive pumps market.
- Global automotive pumps industry to expand nearly 2x from 2021 to 2031
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“Increased emphasis on net greenhouse gas emission reduction is prompting vehicle manufacturers to incorporate automotive pumps and improve automobile efficiency,” says a Fact.MR analyst.
- In June 2017, Delphi Automotive Plc. entered into partnership with Transdev, a French-based international private public transport company, to develop a global, fully-automated, mobility-on-demand (AMoD) transport system. The new joint venture will further extend to development of Self-Driving Buses, beginning with two pilot projects in France.
- Denso Corporation, TRW Automotive, Mikuni Corporation, Continental AG, Johnson Electric, Mahle Group, Magna International, KSPG AG-A, Robert Bosch Gmbh, SHW AG, Davies Craig are key market players for automotive pumps.
Key Segments Covered
- 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
- Automotive Windshield Washer Pumps
- Electric Automotive Pumps
- Mechanical Automotive Pumps
- Automotive Pumps for Passenger Card
- Automotive Pumps for HCV
- Automotive Pumps for LCV
- Automotive Pumps Sales via OEM
- Automotive Pumps Sales via Aftermarket
Automotive Pumps Revenue Analysis 2016-2020 Vs Future Outlook 2021-2031
As per Fact.MR- a market research and competitive intelligence provider, historically, between 2016 and 2020, the global market for automotive pumps expanded at around 4% CAGR, surpassing a market value of US$ 54 Bn by 2020.
Manufacturers of automotive pumps are focusing on applying advanced automation technologies. In addition, the increasing demand from the end users will propel the sales of automotive pumps.
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Thus, in the assessment period, the automotive pumps industry is expected to surpass US$ 98 Bn and surpassing a CAGR of 6% in the forecast period 2021-2031.
How is the Scramble for Low Emissions Spurring Automotive Pumps Demand?
Increasing vehicle usage across the globe, lined with the adoption of innovative technologies to produce fuel efficient vehicles that adhere to VOC (volatile organic compound) emission regulations is expected to significantly contribute to the growth of the market for automotive pumps.
Various automakers and manufacturers are heavily investing in R&D and production of automotive components by integrating smart technologies such as automatic transmission, gasoline direct injection, and gasoline turbocharger which require automotive pumps for optimum functioning. This factor will possibly create potential growth prospects of the automotive pumps market.
Will Introduction of Power Components in Vehicles Stimulate Automotive Pumps Demand?
Increased purchasing power of individuals due to rising disposable incomes, especially in emerging economies, has been encouraging automakers to focus on mid-sized and compact cars. Introduction of premium aspects such as easy gear shift, power steering, anti-lock braking system (ABS), and cabin comfort system in these cars are expected to present opportunities for the use of customized automotive pumps.
As consumers seek high-performance vehicles which are fuel-efficient as well as lightweight, continuous product innovations are readily adopted for automotive pumps which play a vital role in enhancing the energy efficiency of vehicles. Adoption of variable automotive displacement oil pumps that enable circulation of maximum oil through all engine parts and absorption of heat generated may complement the overall expansion of demand.
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