The global automotive pumps market is projected to grow at a CAGR of 4.1% during the forecast period, to reach USD 18.0 billion by 2027 from an estimated USD 14.8 billion in 2022.
The major factors driving the growth of the market are fluctuating fuel prices that have increased the demand for fuel-efficient vehicles and increasing pressure on automakers to comply with the emission norms. In addition, the consistent growth in the demand for passenger cars is likely to trigger the growth of the automotive pump market during the forecast period. Also, heavy investments in R&D activities by vehicle manufacturers to develop efficient fluid technology for automotive are expected to push the growth of the market. Infrastructural development in emerging countries is expected to drive the growth of commercial vehicles, which in turn would boost the demand for automotive pumps.
Driver: Increasing trend of engine downsizing
One of the recent trends in the automotive industry is engine downsizing, which is done by using upgraded technologies such as turbochargers, superchargers, and direct injection technology. OEMs are increasingly focusing on using small engines with power equal to or greater than the existing engines. Smaller engines help decrease the overall weight of the vehicle and, thus, improve fuel efficiency in gasoline and diesel engines. For instance, most of the Mercedes-Benz and BMW cars manufactured today are equipped with a 4-cylinder engine instead of a 6-cylinder engine. A 4-cylinder engine increases the pressure required in the engine to provide the same power as a large engine with better efficiency. OEMs are also attempting to downsize the engine to meet the emission norms set by governments. The downsizing of the engine is expected to create new business opportunities for the automotive fuel injection pump market in the coming years.
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Opportunity: Robust growth in sales of plug- in hybrid electric vehicles
A plug-in hybrid electric vehicle (PHEV) is a type of electric vehicle where the battery can be recharged by plugging a charging cable into an external electric power source along with its on-board internal combustion engine-powered generator. PHEVs are witnessing high penetration into the passenger car segment, but there are also PHEV versions of commercial vehicles and vans, utility trucks, buses, trains, motorcycles, and mopeds. PHEV shares the attributes of an electric vehicle and the traditional internal combustion engine. Growth of this segment is expected to offer lucrative opportunities for the growth of the fuel pumps market as these vehicles have a conventional IC engine where the fuel pump is used to supply fuel from the tank to the engine, which is then injected into the cylinder
Asia Pacific is expected to account for the largest market size during the forecast period
The Asia Pacific region is estimated to be the largest market by 2027. The region comprises some of the fastest developing economies of the world such as China and India. Also, the Asia Pacific region is the largest market for automotive as the growing purchasing power of consumers has triggered the demand for automobiles in the region. Also, the increasing sales of commercial vehicles and passenger cars in the region are driving the growth of the market. Concerns over ecological imbalance caused by vehicle emissions have increased in the past decade in countries such as India, China, Malaysia, and Thailand. These concerns have forced major vehicle manufacturers to shift focus toward low fuel consuming vehicles. Hence, Asia Pacific is expected to show incremental growth in the market during the forecast period. Moreover, the high demand for passenger cars in fast emerging countries of the region is likely to drive the growth of the Asia Pacific market during the forecast period.
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Key Market Players:
The major market players include Aisin Corporation (Japan), Denso (Japan), Robert Bosch GmbH (Germany), Valeo (France), Continental AG (Germany) among others.
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