The market for automobile pumps is expected to grow dramatically until 2031, reaching a total value of US$ 98 billion. It is anticipated to continue to grow between 2021 and 2031 at a CAGR of 6%. Demand for automotive pumps will increase as the automotive sector shifted towards electric and fuel-efficient automobiles. Manufacturers are making significant investments in the research and development of effective systems and components to comply with ever-stricter emission rules.
According to the International Energy Agency, 16% of all global emissions are caused by automobile transport. Electric cars are the most practical and effective solution for this fleet’s efficient decarbonization. In the following ten years, it is anticipated that electric passenger cars will become more mainstream. According to the EPA, 13% of newly sold vehicles in 2022 will be electric.
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Automotive pumps are essential in this transition to electrification because they manage the fuel-air ratio of an engine. The popularity of sports utility vehicles (SUVs) and rising concern for sustainability have both contributed to an increase in demand for automotive pumps.
Due to their mix of size and off-road ability, sports utility vehicles (SUVs) are quickly rising to the top of millennials’ preferred vehicle categories. Due to their large size and weight, SUVs frequently require quite strong pumps to be able to move about.
As a result, there is now more need for automobile pumps. SUVs also need more specialised parts than other types of vehicles, like powerful engines and advanced suspension systems. It is increasing the demand for automobile pumps that have characteristics specifically made for SUVs.
Vehicles’ fuel injection pumps are a crucial part that help them run as efficiently and with as much performance as possible. They play a significant role in achieving legal emission regulations, which makes them a vital component of the automobile sector.
In terms of value and volume, Asia Pacific is expected to dominate the global demand for automotive pumps. The main reason for this is the growing demand for electric and fuel-efficient cars in nations like China, India, and Japan.
The support given to manufacturers of hybrid vehicles is another significant driver of the expansion. There are exciting opportunities in this developing business as a result of the paradigm change from new car sales to the nations’ rapid transition to hybrid vehicles.
Key Takeaways:
- Between 2021 and 2031, Asia Pacific is anticipated to grow at a CAGR of 5.7% and account for 40% of the global market for automotive pumps.
- During the projected period, Europe is expected to hold roughly 30% of the global market for automotive pumps.
- The historical period from 2016 to 2020 saw a 4% CAGR in the global market for automotive pumps.
- By 2031, the electric automotive pump category is expected to hold a 2/3 share of the global market, according on technology type.
- Depending on the type of pump, the gasoline supply pumps market is anticipated to reach a valuation of US$ 30 billion by 2031.
Growth Drivers:
- Increasing sales of commercial and passenger cars in emerging nations is likely to drive demand for automotive pumps.
- Growing usage of modern automation systems such as automatic transmission and gasoline turbochargers is projected to improve automobile pump sales.
Restraints:
- Automotive pumps require regular maintenance, including cleaning, lubrication, and replacement of parts, which is often expensive.
- Automotive pumps require energy to operate, which can put a strain on the vehicle’s electrical system and decrease fuel efficiency.
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Competitive Landscape:
Manufacturers are offering 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 instance,
- In February 2023, Cummins Inc. revealed two additional dewatering pump systems. The Cummins QSF2.8 engine powers the QSF4X4 and QSF6X6 pumps, which provide users with a valuable end pump for use in various operations.
- In November 2019, Delphi Technologies introduced an innovatively modified fuel pump subsystem and announced the extension 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 Bosh GmbH
- SHW AG
- Davies Craig
More Valuable Insights on the Automotive Pumps Market
In the latest study, Fact.MR offers a detailed analysis on this industry for the forecast period of 2021 to 2031. This study also highlights key drivers promoting the sales of automotive pumps through detailed segmentation as follows:
By Pump Type:
- Fuel Injection Pumps
- Fuel Supply Pumps
- Engine Oil Pumps
- Transmission Oil Pumps
- Coolant Pumps
- Steering Pumps
- Vacuum Pumps
- Windshield Washer Pumps
By Technology Type:
- Electric
- Mechanical
By Vehicle Type:
- 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 & Africa
Key Questions Covered in the Automotive Pumps Market Report
- What is the projected value of the automotive pumps market in 2021?
- At what rate will the global demand for automotive pumps grow until 2031?
- Which are the factors hampering the growth in this market?
- Which region is expected to lead in the global automotive pumps market from 2021 to 2031?
- Which are the factors driving the demand in this market during the forecast period?
- What is the expected market value for global demand of automotive pumps during the forecast period?
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