SEATTLE, April 22, 2020 (GLOBE NEWSWIRE) -- Automotive pumps are used in vehicles to transfer fluid and to enhance fuel efficiency of the vehicle. There are two types of automotive pumps that include mechanical automotive pumps and electric automotive pumps. Stringent regulatory scenario regarding reduction of vehicle emissions is expected to offer conducive environment for growth of the global automotive pumps market.
Statistics:
The global Automotive Pumps market is estimated to account for US$ 51,885.1 Million in terms of value and 738,923 Thousand units in terms of volume in 2019 and is expected to grow ast a CAGR of 3.8% over the forecasted period 2020-27.
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Market Drivers
Increasing production of passenger cars is expected to propel growth of the global automotive pumps market over the forecast period. For instance, according to The European Automobile Manufacturers Association, 16.5 million passenger cars were made in the European Union in 2018 compared to 16.1 million in 2015.
Moreover, launch of new fuel engines is also expected to aid in growth of the market. For instance, in February 2020, Mahindra launched new 190hp 2.0-litre direct-injection turbo-petrol engine at Auto Expo 2020.
Market Opportunities
R&D in automotive pumps is expected to offer lucrative growth opportunities for players in the market. For instance, in December 2019, researchers from Maritime University of Szczecin, Poland, reported assessment of problems of maintaining fuel injection pumps of marine diesel engines.
Moreover, increasing production of commercial vehicles is also expected to aid in growth of the market. For instance, according to The European Automobile Manufacturers Association, over 2.6 million commercial vehicles were produced in the European Union in 2018.
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Key Takeaways:
- Asia Pacific holds the dominant position in the global Automotive Pumps market and is expected to witness significant growth over the forecast period 2019-27. This is owing to growing automotive market in the Asia Pacific region. According to the CMI analysis the Asia Pacific regions constitutes worlds 60% population and increased population demands for effective mobility. As the demand for the automotive in Asia Pacific is increasing the automotive pumps market is also expected to increase in this region. Owing to this increasing population size, the Asia Pacific region is expected to hold the dominant position during the forecast period.
- Among Vehicle type segment, Passenger cars sub segment is expected to dominate the global Automotive Pumps market over the forecasted period 2019-27. According to CMI analysis among the vehicle type passenger cars are most selling than the LCV and HCV. According to same analysis 75.8 Million units of passenger cars sold in the 2019 and sale is expected to increase at a CAGR of 3.8% during the forecast period. Owing to all these reasons, the passenger car segment is expected to drive the growth of the market during forecast period.
- Among Technology segment, electric pump sub segment is expected to create a lucrative opportunity for global Automotive Pumps market as these pumps gives higher fuel efficiency and reliability. For the electric pumps the operational and maintenance cost is also less which will save the money of the consumer. Owing to all these reasons the electric pumps are expected to show a significant growth during the forecast period.
Market Trends
The demand for electric automotive pumps is higher compared to their mechanical counterparts. Mechanical automotive pumps are less energy efficient compared to electric automotive pumps. Electric automotive pumps offer low-friction, precision control, and pumping on demand. Such benefits facilitate low fuel consumption and lower emissions.
The demand for high-pressure fuel pumps is also high. This is attributed to various advantages of these pumps such as high fuel efficiency, safe to use, and cost-effective.
Competitive Landscape
Major players operating in the global automotive pumps market include, JTEKT Corporation, ZF TRW Automotive Holdings Corp., Aisin Seiki Co. Ltd., WABCO Holdings, Inc., Concentric AB, TI Automotive Ltd., Continental AG, SHW AG, Delphi Automotive LLP, Pricol Ltd., DENSO Corporation, Robert Bosch GmbH, HELLA KGaA Hueck & Co., Magneti Marelli S.p.A, Hitachi Automotive Systems, Ltd., Magna International Inc., Johnson Electric Holdings Limited, and KSPG AG.
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Market Taxonomy:
By Pump Type
- Fuel Supply Pump
- Fuel Injection Pump
- Transmission Oil Pump
- Engine Oil Pump
- Steering Pump
- Coolant Pump
- Windshield Washer Pump
- Vacuum Pump
- By Sales Channel
- OEM
- Aftermarket
- By Technology
- Electric
- Mechanical
- By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa