According to The Business Research Company’s Automotive Pumps, The automotive pumps market size has grown strongly in recent years. It will grow from <b>$21.25 billion in 2023 to $22.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. </b> The growth in the historic period can be attributed to increased demand for fuel efficiency and reduced emissions, changes in consumer preferences and driving habits, government regulations and safety standards, improvements in manufacturing processes.
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The automotive pumps market size is expected to see strong growth in the next few years. It will grow to <b>$28.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. </b> The growth in the forecast period can be attributed to increased demand for electric and hybrid vehicles, growing focus on sustainability and reducing emissions, electrification of vehicles, increased focus on electric and hybrid powertrains, growing demand for electric and fuel cell vehicles. Major trends in the forecast period include development of energy-efficient pumps, use of advanced materials for pump components, integration of variable-speed pump technologies, adoption of electrified cooling and lubrication systems, miniaturization of pumps for lightweight and compact designs.The rising electrification of vehicles is expected to propel the growth of the automotive pump market. An automotive pump is a device that functions by lifting, compressing, or transferring fluids around the vehicle’s operating system by using mechanical force or electric energy from a motor. An increase in fuel costs is persuading commuters to look at cheaper alternatives. Electric vehicles are a zero-emission and economical option that is gaining popularity. For instance, in 2022, increasing sales of electric vehicles pushed the total number of electric cars on the world’s roads to 26 million, up 60% relative to 2021. Thus, the rising electrification of vehicles is driving the growth of the automotive pump market.
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The automotive pumps market covered in this report is segmented –
1) By Pump Type: Automotive Fuel Injection Pumps, Automotive Fuel Supply Pumps, Automotive Engine Oil Pumps, Automotive Transmission Oil Pumps, Automotive Coolant Pumps, Automotive Steering Pumps, Automotive Vacuum Pumps, Automotive Windshield Washer Pumps
2) By Electric Vehicle Type: BEV, FCEV, HEV, PHEV
3) By Technology Type: Electric Automotive Pumps, Mechanical Automotive Pumps
4) By Sales Channel: OEM, Aftermarket The growing adoption of new technologies is a key trend gaining popularity in the automotive pump market. New technologies such as gasoline turbochargers, gasoline direct injection, and automatic transmission enable efficient circulation of oil in all parts of an automobile to create lucrative opportunities for manufacturers of automotive pumps. For instance, in November 2021, Gates, a US-based provider of fluid-power and power transmission solutions, launched next-generation technology for electric water pumps (EWP) used in automotive, light commercial and heavy duty vehicles. The Gates ThermalPro EWP technology is the culmination of significant investments in electronics, software, motor design and computational fluid dynamics.The automotive pumps market report table of contents includes:
1. Executive Summary
2. Automotive Pumps Market Characteristics
3. Automotive Pumps Market Trends And Strategies
4. Automotive Pumps Market – Macro Economic Scenario
5. Global Automotive Pumps Market Size and Growth
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26. South America Automotive Pumps Market
27. Brazil Automotive Pumps Market
28. Middle East Automotive Pumps Market
29. Africa Automotive Pumps Market
30. Automotive Pumps Market Competitive Landscape And Company Profiles
Top Major Players:
- Aisin Seiki Co. Ltd
- Denso Corporation
- Robert Bosch GmbH
- Johnson Electric Holdings Limited
- Magna International Inc
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