Rockville, April 13, 2023 (GLOBE NEWSWIRE) — The global automotive pump market is projected to grow to a total of US$98 billion by 2031. It is likely to further push to a 6% CAGR between 2021 and 2031.
The automotive industry is expected to shift towards electric and fuel-efficient vehicles, which would drive the demand for automotive pumps. To meet ever-tightening emissions regulations, manufacturers are investing heavily in research and development of efficient systems and components.
According to the International Energy Agency, road transport is responsible for 16% of total global emissions. Electric vehicles are highly viable, and are the leading technology for effective decarbonisation of this fleet.
The popularity of electric passenger cars is expected to expand in the next ten years. According to the agency, around 13% of new cars sold in 2022 will be electric.
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Automotive pumps help maintain an engine’s air-fuel mixture, thus playing a key role in this shift to electrification. The increase in demand for automotive pumps has been further accelerated by the growing popularity of sport utility vehicles (SUVs) and increased awareness of sustainability.
Sport utility vehicles (SUVs) are quickly becoming one of the most popular vehicle types among millennials because they offer a combination of size and off-road capability. SUVs often require very powerful pumps to move, due to their large size and weight.
This has led to an increase in the demand for pumps for automobiles. SUVs also require specialized components than other vehicles, such as high-capacity engines and sophisticated suspension systems. It is further driving the demand for car pumps with specific features designed for SUVs.
Fuel injection pumps are a key component of vehicles, enabling them to deliver optimal performance and efficiency. They are also an important factor in meeting regulatory emission standards, making them an important part of the automotive industry.
Asia Pacific is projected to lead the global demand for automotive pumps in terms of value and volume. This is mainly due to the increasing demand for electric and fuel-efficient vehicles in countries such as China, India and Japan.
The incentive provided to hybrid car manufacturers is also a prominent factor behind the growth. The paradigm shift from new car sales to countries’ rapid progress towards hybrid cars presents attractive opportunities in this growing industry.
Key Points:
- Asia Pacific is likely to expand at a CAGR of 5.7% and account for 40% of the global automotive pump market shares between 2021 and 2031.
- Europe will account for around 30% of the global automotive pump market share during the forecast period.
- In the historical period from 2016 to 2020, the global demand for automotive pumps showed a CAGR of 4%.
- Based on technology type, the electric automotive pumps segment is expected to account for 2/3rds of the global market by 2031.
- Based on pump type, the fuel delivery pumps segment is expected to exceed a valuation of US$ 30 billion by 2031.
Growth factors:
- Increasing sales of commercial and passenger cars in emerging countries is likely to drive the demand for automotive pumps.
- The increasing use of modern automation systems, such as automatic transmissions and gasoline turbochargers, is expected to improve sales of automotive pumps.
Restrictions:
- Automotive pumps require regular maintenance, including cleaning, lubrication and replacement of parts, which is often expensive.
- Automotive pumps require energy to operate, which can affect the vehicle’s electrical system and decrease fuel efficiency.
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Competitive landscape:
Manufacturers offer new pumps with high efficiency, reliability and durability that meet the changing demands of customers. They are also looking for innovative and cost-effective ways to reduce emissions and increase fuel efficiency, in order to gain a competitive edge in the market.
For example,
- In February 2023, Cummins Inc. revealed two additional dewatering pump systems. The Cummins QSF2.8 engine powers the QSF4X4 and QSF6X6 pumps, providing users with a valuable final pump for use in a variety of operations.
- In November 2019Delphi Technologies introduced an innovatively modified fuel pump subsystem and announced the expansion of its product portfolio.
Key companies profiled by Fact.MR
- Aisin Seiki Co. Ltd.
- Delphi Automotive
- Denso Corporation
- TRW Automotive
- Mikuni Corporation
- Continental AG
- Johnson Electric
- Mahle Group
- Magna International
- KSPG AG-A
- Robert Bosch GmbH
- SHW AG
- Davies Craig
More valuable information on Car pumps market
In the latest study, Fact.MR provides a detailed analysis of this industry for the forecast period of 2021 to 2031. This study also highlights the key factors driving the sales of automotive pumps through detailed segmentation of the following way:
By pump type:
- Fuel injection pumps
- Fuel supply pumps
- Engine oil pumps
- Transmission oil pumps
- Coolant pumps
- Steering pumps
- Vacuum pumps
- Windscreen cleaning pumps
For Type of technology:
By type of vehicle:
- Passenger card
- Heavy Commercial Vehicle (HCV)
- Light commercial vehicle (LVC)
By sales channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
By region:
- North America
- Latin America
- europe
- east asia
- South Asia
- oceania
- Middle East and Africa
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Key questions covered in the car pumps Market report
- What is the expected value of the automotive pump market in 2021?
- At what rate will the global demand for automotive pumps grow by 2031?
- What are the factors hindering growth in this market?
- Which region is expected to lead the global automotive pump market from 2021 to 2031?
- What are the factors driving the demand in this market during the forecast period?
- What is the expected market value for the global demand for automotive pumps during the forecast period?
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