NEWARK, Del, May 22, 2023 (GLOBE NEWSWIRE) -- 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.
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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.
Key Takeaways:
- 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 a FMI analyst.
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Competitive Landscape:
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, 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 Aisan 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.
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global automotive pump market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive pump market, the market is segmented on the basis of pump, sales channel, technology, vehicle type, and region.
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Key Segments Profiled:
By Pump:
- Fuel Supply Pump
- Fuel Injection Pump
- Transmission Oil Pump
- Conventional Engine Oil Pump
- Variable Engine Oil Pump
- Steering Pump
- Coolant Pump
- Windshield Washer Pump
- Vacuum Pump
By Sales Channel:
- OEM
- Aftermarket
By Technology:
- Electric
- Mechanical
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheeler
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Table of Content (ToC)
1. Executive Summary | Automotive Pump Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and Their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2017 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
Explore Wide-ranging Coverage of FMI’s Automotive Landscape:
Automotive Active Purge Pump Market Size: Is slated to witness impressive growth at 11.2% CAGR between 2021 and 2031.
Automotive Variable Oil Pump Market Share: Expanding at a healthy 2.9% CAGR, the market size is projected to total US$ 10.6 Billion by 2030.
Electric Kick Scooter Market Growth: Is likely to be valued at US$ 2.7 Billion in 2023 and exhibit a revenue growth of US$ 8.2 Billion by 2033.
EV Charging Station Market Demand : is expected to surpass US$ 113,889.1 Million in the next decade. Between 2023 and 2033, the market has been forecast to record a CAGR of 26.6%.
Electric Scooters Market Trends: Is expected to increase significantly, expanding at a CAGR of 9% by the year 2032.
Electric Vehicle Battery Market Outlook: Is set to strengthen its market hold in global market at a promising CAGR of 8.5%, while it is forecasted to hold a revenue of US$ 18.09 Billion in 2032.
Automotive Electronics Market Size: Is anticipated to be valued at US$ 300,332.43 Million in 2022, forecast to grow at a CAGR of 7.30% to be valued at US$ 607,574.4 Million from 2022 to 2032.
Autonomous Vehicles Market Growth: Is projected to grow at a CAGR of 10.9% between 2022 and 2032, totaling around 99,451 Million by 2032.
EV Charger Market Share: Is projected to register an impressive CAGR of 26.6%. The market valuation of EV chargers is anticipated to grow from US$ 6,520.9 Million in 2023 to about US$ 68,967.2 Million by 2033.
Electric Utility Vehicles Market Trends: Is projected to grow at a sturdy CAGR of 15.4% during the period 2023 to 2033, and as of 2023, the market valuation stands at US$ 9,203.8 Million.
About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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