Automotive pumps perform different functions including raising, compressing, or transferring fluids by mechanical action and facilitating the circulation of fluids around a system for a vehicle’s operational performance. The rapidly evolving automotive industry has provided advanced solutions in fluid dynamics for automotive applications.
The global Automotive Pump Market is expected to register significant growth during the forecast period. It is estimated to grow at a CAGR of 4.2% from USD 14.2 billion in 2021 to USD 17.5 billion by 2026.
Market growth can be attributed to the continuously fluctuating oil prices that have increased the demand for fuel-efficient vehicles. Thus, automakers’ focus on introducing high mileage passenger cars is expected to fuel the growth of the pump market for automotive. Furthermore, the introduction of stringent emission norms to curb rising pollution is driving the growth of the market. Growing concerns over environmental pollution have led to the implementation of stringent emission norms and enhanced the demand for fuel-efficient passenger cars.
The major market players include Aisin Seiki (Japan), Delphi (UK), Denso (Japan), Johnson Electric (Hong Kong), Bosch (Germany), KSPG (Germany), Magna (Canada), SHW (Germany), and ZF (Germany) among others.
The Asia Pacific market is estimated to be the largest during the forecast period. The increasing sales of commercial vehicles and passenger cars in the region are expected to drive the growth of the market. China is the largest producer of automobiles in the world. Recent infrastructure developments have boosted the light-duty and electric vehicle markets in China, thereby pushing the demand for efficient fleet solutions for transport. Furthermore, nearly all major OEMs inclined toward low emission passenger vehicles have invested in the Chinese market. Also, 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 their focus toward low fuel consuming vehicles. Hence, Asia Pacific is expected to show incremental growth in the market during the forecast period.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=242990293
In Europe, Germany is estimated to be the largest market for automotive pumps in the European region. Increasingly severe emission norms governing fuel efficiency and increasing vehicle production along with the utilization of advanced pumps to control vehicular emissions across the globe are the other major factors helping the market to grow. The steering pump market will be the largest in Europe among the other automotive pumps. The rise in sales of the steering pump market is due to growing sales of passenger cars and commercial vehicles in Europe and due to the presence of market leaders in the region.
The North American automotive pumps market will grow at a fast rate. The US will hold the maximum market share for automotive pumps in the North American market. The key driver of the Automotive Pumps Market in the US is the adoption of electric pumps in electric vehicles. Thus, with the rising in sales of electric vehicles in the US, the market for automotive pumps is likely to grow. In addition, automotive pumps are used to control CO2 emissions which would be highly adopted for fuel-efficient vehicles with stringent emission regulations. The headlight washer pump will have the highest growth in North America. The increase in sales of headlight washer pumps is due to an increase in sales of premium vehicles, mainly SUVs as headlight washer pumps are mostly installed in premium vehicles. Thus, the market for automotive pumps is likely to grow in the region.
Request for Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=242990293
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 onboard 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
