Penetration of Smart Technologies in Automotive Pumps Market Continues to Surge, Finds Fact.MR Study
Published : 15 Mar 2019 Industry: Automotive
According to Fact.MR’s new business intelligence report, the global automotive pumps market is anticipated to register a promising growth during the period 2017-2026, with market revenues likely to surpass US$ 54 billion by 2019-end. Growing consumer preference for green technology, along with the need to adhere to stringent carbon and VOC emission regulations, are encouraging automotive manufacturers to focus on enhancing energy performance of vehicles. With their crucial role in maintenance of energy efficiency, the automotive pumps are likely to gain center stage in the near future.
Integration of Smart Technologies in Automotive Pumps to Underpin Market Growth
Increasing demand for fuel-efficient and lightweight vehicles has been influencing leading automotive manufactures to implement innovative technologies in automobile components. Advances in technologies such as automatic transmission, gasoline direct injection, and gasoline turbocharger that enable efficient circulation of oil in all parts of an automobile are likely to create lucrative opportunities for manufacturers of automotive pumps.
Growing vehicle parc and the emergence of a large middle-class demographic with high disposable income are directly translating into the growth of automotive market in emerging economies and eventually complementing the expansion of automotive pumps market. In addition, high purchasing capabilities of consumers in these regions are prompting automakers to improve their production of mid-sized and compact cars. Moreover, introduction of premium aspects such as anti-lock brake system (ABS), power steering, easy gear shift, and cabin comfort system in these cars is likely to influence the need for custom-made automotive pumps which may open new avenues of market growth.
With escalating demand for high-performance vehicles on the account rising fuel prices, automotive manufactures are heavily investing in R&D to develop highly efficient transmission system and low-friction pumps which will possibly create potential growth prospects of automotive pumps market.
Electric Automotive Pumps Sales Continue to Surge
Electric automotive pumps are independent of combustion engines which help enhance fuel efficiency and significantly reduce the carbon emission of vehicles. This has led to adoption transition from mechanical automotive pumps to electric pumps. Expanding at an estimated CAGR of 5.5% over the forecast period, the sales of electric automotive pumps are projected to cross 590,000 units by 2026-end. Electric pumps are highly sought-after for their excellent performance standards and are predicted to contribute a slightly higher share than mechanical variants to the automotive pumps market by the end of the forecast period.
APEJ Leads Gains in the Automotive Pumps Market, Emerging Economies to Present Lucrative Opportunities
Booming automotive manufacturing industry in Asia Pacific Excluding Japan (APEJ) is expected to directly impact the growth of automotive pumps market in the region. APEJ is projected to reign supreme in the automotive pumps market in 2017, accounting for the largest revenue share, and the trend is expected to continue over the forecast period.
Ever-increasing population, mass urbanization, robust industrialization, and changing consumer behavior in emerging economies are the key factors driving APEJ automotive pumps market. APEJ is deemed to be the most attractive market of automotive pumps, expanding at a promising CAGR of 5.5% during the 2017-2026 period.
Penetration of Electric Vehicles to Dampen the Sales of Automotive Pumps
With growing concerns regarding carbon emissions and over exploitation of fuel reserves, regulatory bodies and government organizations are making efforts to cut down air pollution caused by automobiles and encourage the adoption of electric vehicles (EVs). In recent years, there has been an increase in the demand for EVs which do not require internal combustion engines. This in turn is likely to create a hindrance in the growth of automotive pumps market.
The Fact.MR report tracks the automotive pumps market for the period 2017-2026. According to the report, the automotive pumps market is projected to grow at a 5.3% volume CAGR through 2026.