Rockville , April 13, 2023 (GLOBE NEWSWIRE) -- The global automotive pumps market is projected to soar to a total of US$ 98 billion through 2031. It is likely to further propel at a CAGR of 6% between 2021 and 2031.
The automotive industry is anticipated to shift toward electric and fuel-efficient vehicles, which would drive demand for automotive pumps. To comply with ever strict emission regulations, manufacturers are investing heavily in research & development of efficient systems and components.
As per the International Energy Agency, road transportation is responsible for 16% of total world emissions. Electric vehicles are highly viable, and are the leading technology for the effective decarbonization of this fleet.
The popularity of electric passenger cars is projected to expand in the next ten years. As per the agency, around 13% of new cars sold in 2022 will be electric.
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Automotive pumps help in maintaining an engine's fuel-air mixture, thereby playing a key role in this shift toward electrification. Increased demand for automotive pumps has been further accelerated by growing popularity of sports utility vehicles (SUVs) and increasing awareness regarding sustainability.
Sports utility vehicles (SUVs) are rapidly becoming one of the most popular vehicle types among millennials, as they offer a combination of size and off-road capability. SUVs often require highly powerful pumps to be able to move around, owing to their hefty size and weight.
This has led to an increased demand for automotive pumps. SUVs also require specialized components than other vehicles such as high-capacity engines and sophisticated suspension systems. It is further pushing demand for automotive pumps with specific features designed for SUVs.
Fuel injection pumps are a key component of vehicles, enabling them to provide optimum performance and efficiency. They are also a leading factor in meeting regulatory emission standards, making them an important part of the automotive industry.
Asia Pacific is anticipated to lead the global demand for automotive pumps in terms of value and volume. It is primarily due to rising demand for electric and fuel-efficient vehicles in countries such as China, India, and Japan.
Encouragement provided to hybrid car makers is also a prominent factor behind the growth. The paradigm shift from new car sales to the nations’ swift progress to hybrid cars presents enticing chances in this burgeoning industry.
Key Takeaways:
- Asia Pacific is likely to expand at a CAGR of 5.7% and hold 40% shares in the global automotive pumps market between 2021 and 2031.
- Europe is set to account for about 30% of share in the global automotive pumps market during the forecast period.
- In the historical period from 2016 to 2020, the global demand for automotive pumps exhibited a CAGR of 4%.
- Based on technology type, the electric automotive pump segment is predicted to account for 2/3rd share in the global market by 2031.
- Based on pump type, the fuel supply pumps segment is expected to cross a valuation of US$ 30 billion through 2031.
Growth Drivers:
- Increasing sales of commercial and passenger cars in emerging nations is likely to drive demand for automotive pumps.
- Growing usage of modern automation systems such as automatic transmission and gasoline turbochargers is projected to improve automobile pump sales.
Restraints:
- Automotive pumps require regular maintenance, including cleaning, lubrication, and replacement of parts, which is often expensive.
- Automotive pumps require energy to operate, which can put a strain on the vehicle's electrical system and decrease fuel efficiency.
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Competitive Landscape:
Manufacturers are offering new pumps with high efficiency, reliability, and durability that meet the changing demands of customers. They are also looking for innovative and cost-effective ways to reduce emissions and increase fuel efficiency, in order to gain a competitive edge in the market.
For instance,
- In February 2023, Cummins Inc. revealed two additional dewatering pump systems. The Cummins QSF2.8 engine powers the QSF4X4 and QSF6X6 pumps, which provide users with a valuable end pump for use in various operations.
- In November 2019, Delphi Technologies introduced an innovatively modified fuel pump subsystem and announced the extension of its product portfolio.
Key Companies Profiled by Fact.MR
- Aisin Seiki Co. Ltd.
- Delphi Automotive
- Denso Corporation
- TRW Automotive
- Mikuni Corporation
- Continental AG
- Johnson Electric
- Mahle Group
- Magna International
- KSPG AG-A
- Robert Bosh GmbH
- SHW AG
- Davies Craig
More Valuable Insights on Automotive Pumps Market
In the latest study, Fact.MR offers a detailed analysis on this industry for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of automotive pumps through detailed segmentation as follows:
By Pump Type:
- Fuel Injection Pumps
- Fuel Supply Pumps
- Engine Oil Pumps
- Transmission Oil Pumps
- Coolant Pumps
- Steering Pumps
- Vacuum Pumps
- Windshield Washer Pumps
By Technology Type:
- Electric
- Mechanical
By Vehicle Type:
- Passenger Card
- Heavy Commercial Vehicle (HCV)
- Light Commercial Vehicle (LVC)
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Key Questions Covered in the Automotive Pumps Market Report
- What is the projected value of the automotive pumps market in 2021?
- At what rate will the global demand for automotive pumps grow until 2031?
- Which are the factors hampering the growth in this market?
- Which region is expected to lead in the global automotive pumps market from 2021 to 2031?
- Which are the factors driving the demand in this market during the forecast period?
- What is the expected market value for global demand of automotive pumps during the forecast period?
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