LONDON, April 12, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the automotive pumps market, the rising electrification of vehicles is expected to propel the growth of the automotive pumps 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, as of 2020, there were 10 million electric vehicles on the roads globally. In 2020, global electric car sales reached about 3 million, with new electric car registrations increasing by 40%. Thus, the rising electrification of vehicles is driving the growth of the automotive pumps market.
The global automotive pumps market share is expected to grow from $18.95 billion in 2021 to $19.76 billion in 2022 at a compound annual growth rate (CAGR) of 4.25%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global automotive pumps market growth is expected to reach $24.34 billion in 2026 at a CAGR of 5.35%.
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The growing adoption of new technologies is gaining popularity among the automotive pumps industry trends. New technologies such as gasoline turbochargers, gasoline direct injection, and automatic transmission enable efficient circulation of oil in all parts of an automobile, creating lucrative opportunities for manufacturers of automotive pumps. For instance, in February 2019, Robert Bosch GmbH, a Germany-based manufacturer of auto parts, launched an electric coolant pump, ECP 160. The ECP 160 is designed to replace mechanical pumps in combustion engines and can operate in other applications, such as electric motors, batteries, or inverter cooling. It has a robust design that is suitable for mounting on engines thanks to its high-temperature resistance (up to 140 °C) and high vibration resistance.
Major players in the automotive pumps market are Aisin Seiki, Denso Corporation, Robert Bosch GmbH, Johnson Electric, KSPG AG, Magna International, SHW AG, ZF, Continental AG, Concentric AB, HELLA KGaA Hueck & Co., Seiki Co. Ltd, Valeo, Hitachi Automotive Systems Ltd., JTEKT Corporation, Magneti Marelli S.p.A, Pricol Ltd., TI Automotive Ltd, Rheinmetall Automotive AG, The Sherwin-Williams Company, and Mikuni Corporation.
The global automotive pumps market forecast report is segmented by pump type into 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; by electric vehicle type into BEV, FCEV, HEV, PHEV; by technology type into electric automotive pumps, mechanical automotive pumps; by sales channel into OEM, aftermarket.
Asia Pacific was the largest region in the automotive pumps market in 2021 and is also expected to be the fastest-growing region during the forecast period. The regions covered in the global automotive pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Automotive Pumps Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide automotive pumps market overviews, automotive pumps market analyze and forecast market size and growth for the whole market, automotive pumps market segments and geographies, automotive pumps market trends, automotive pumps market drivers, automotive pumps market restraints, automotive pumps market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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