According to Future Market Insights, the global automotive pump market is anticipated to attain a valuation of US$ 64.57 Billion in 2023 and is expected to reach US$ 118 Billion by 2033. During the 2023 to 2033 forecast period, the market is slated to proliferate at a CAGR of 6.2%.
The global increase in vehicle usage, combined with the adoption of cutting-edge technologies to manufacture fuel-efficient vehicles that comply with VOC (volatile organic compound) emission regulations, is anticipated to make a substantial impact on the automotive pump market’s expansion.
Numerous automakers and manufacturers are making significant investments in research and development, as well as the production of automotive components. They are incorporating smart technologies like automatic transmission, gasoline direct injection, and gasoline turbochargers, all of which rely on automotive pumps for efficient operation. This trend is expected to generate promising growth opportunities for the automotive pump market.
The increasing disposable incomes, particularly in emerging economies, have led to an increased purchasing power among individuals. This trend has prompted automakers to place greater emphasis on mid-sized and compact cars. The introduction of premium features such as easy gear shift, power steering, anti-lock braking system (ABS), and cabin comfort systems in these vehicles, is presenting numerous opportunities for market expansion.
With a growing demand for high-performance vehicles that are both fuel-efficient and lightweight, there is a continuous need for product innovation in the automotive pump industry. These pumps play a key role in improving the energy efficiency of vehicles. The adoption of variable automotive displacement oil pumps, which facilitate maximum oil circulation through all engine parts while effectively absorbing the heat generated, may contribute to the overall growth of the industry.
- Europe automotive pump market is expected to grow with a CAGR of 6.3% during the forecast period.
- The market in India is projected to witness a CAGR of 6.4% during the forecast period.
- The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
- By sales channel, OEM is projected to lead the segment and is estimated to grow with a CAGR of 6.7% during the forecast period.
- By technology, electric pump segment is expected to grow with a CAGR of 7% throughout the forecast period.
“The incorporation of smart technologies like automatic transmission, gasoline direct injection, and gasoline turbochargers is expected to fuel the market growth during the forecast period,”– comments an FMI analyst.
The automotive pump market is highly competitive, with several key industry players investing heavily in the production of these services.
The key industry players are DENSO Corporation, Johnson Electric Holdings Limited, HELLA KGaA Hueck & Co., Hitachi Automotive Systems, Ltd., Concentric AB, Continental AG, Delphi Automotive LLP, JTEKT Corporation, KSPG AG, Magna International Inc., Magneti Marelli S.p.A, Robert Bosch GmbH, Pricol Ltd., SHW Group, TI Automotive Ltd, and ZF TRW Automotive Holdings Corp.
Some recent developments in the market are:
- In January 2022, Aisan Industry Co., Ltd., a manufacturer specializing in engine components, successfully finalized the acquisition of Denso Corporation’s fuel pump module business. This strategic move aimed to enhance Asian Industry’s powertrain portfolio and capitalize on potential market expansion prospects.
- In August 2022, HELLA KGaA Hueck & Co, an automotive supplier known for its FORVIA brand, unveiled an expansion to its already extensive thermal management portfolio. The company introduced two new additions: the electronic Valve Actuator and the high-performance Media Pump both designed to enhance coolant circulation capabilities.
These insights are based on a report on the Automotive Pump Market by Future Market Insights