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I AgreeAnalysis of Automotive Pumps market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global automotive pumps market surpassed a market value of nearly US$ 54 Bn in 2020. Increasing demand for vehicles with stringent regulations for the reduction in carbon emissions is driving the market growth for automotive pumps. Furthermore, the automotive pumps industry is anticipated to reach nearly US$ 98 Bn by surpassing a CAGR of almost 6%.
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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.
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.
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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.
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.
With significant implementation of advanced technologies in product development, there has been a decrease in replacement rate of automotive pumps, which is likely to minimize the aftermarket potential of these products in the foreseeable future. This is considered to be one of the critical factors hampering the growth of automotive pumps market.
Due to rising global concerns regarding carbon and VOCs emissions, governments and regulatory bodies are constantly making efforts to reduce air pollution caused by automotive and other industries. This has led to rise in the adoption of electric vehicles run by electric engine and are independent of internal combustion engines, which in turn is likely to negatively affect the growth of automotive pumps market in the future.
As per Fact.MR’s industry analysis, the demand of the automotive pumps in the Asian market is expected to surpass a CAGR of 5.7% over the forecast period by possessing a market share exceeding 40%.
Urbanization and increasing population in countries such as India and China has increased the sales of vehicles in the region. This, in turn, has positively affected the sales of automotive pumps. In addition, manufacturers in the region are focusing on automotive pumps that would increase the fuel efficiency.
Europe is the manufacturing hub for production units of vehicles. Germany is the leading country in Europe, especially for electric vehicles. Thus, the demand for automotive pumps has increased in the region.
In addition, redesigning of automotive pumps is driving the sales for the automotive pumps industry. Thus, Europe is expected to hold more than 30% of market share for automotive pump sales.
Development of electric pumps has quickly replaced mechanical pumps by winning preferences of automakers worldwide. Electric automotive pumps are independent of combustion engine operations and can be controlled whenever required with higher precision.
With higher performance standards, electric automotive pumps are highly sought after and are expected to represent over 2/3rd of the market share as compared to mechanical automotive pumps during the forecast period.
The development of the automotive industry is significantly influenced by evolving emission standards as well as rising sales of automobiles across world regions.
Consumers are seeking high-performance vehicles that are light-weight and fuel efficient. The crucial role of automotive pumps in enhancing the engine efficiency has increased the investments in R&D to develop advanced automotive pumps. That said, the fuel supply segment is expected to continue its dominance, exceeding US$ 30 Bn by 2031 end.
Attribute |
Details |
Market size value in 2020 |
USD 54 Billion |
Market forecast value in 2031 |
USD 98 Billion |
Growth Rate |
CAGR of 6% from 2021 to 2031 |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Market Analysis |
US$ Mn for Value & ‘000 Units for Volume |
Key Regions Covered |
|
Key Countries Covered |
|
Key Market Segments Covered |
|
Key Companies Profiled |
|
Pricing |
Available upon Request |
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As of 2020, the market for automotive pumps reached nearly US$ 54 Bn
The automotive pumps market is expected to surpass a CAGR of 6% from 2021-2031.
The market for automotive pumps is expected to reach nearly US$ 98 Bn by 2031
As per Fact.MR’s projections, automotive pump sales are likely to expand nearly 2x until 2031
Increase in the demand for vehicles and technological advancements in the automation industry are the key trends driving automotive pump sales.
Asia is expected to be a highly lucrative market for automotive pumps, expanding at around 5.7% CAGR
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 some prominent players manufacturing automotive pumps
Electric automotive pumps is expected to account for 2/3rd of the global revenue share
Automotive fuel supply pumps are likely to account for a value of US$ 30 Bn by 2031
The automotive pumps industry is expected to hold a market share of more than 30% in the forecast period throughout Europe.