Automotive Pumps Market Size to Expand 1.5X by 2029
The automotive industry all over the world is on a rise, despite considerable production volatilities in most regions, including the U.S. and China. As the sustainability trend is scaling up, automobile manufacturers are developing vehicle fleet equipped with technologies such as automatic transmission, power steering, and gasoline direct injection. Such tech-enabled automobiles accent for automotive pumps in order to ensure their efficient operation. Estimated to cross US$ 60 Bn in 2024, global sales of automotive pumps are anticipated to expand nearly 1.5X over the next decade.
Automotive Pumps Market: Key Insights
- The global automotive pumps market surpassed US$ 50 Bn in 2019.
- Expanding on-road vehicle fleet and rise in private vehicle ownership are factors primarily driving market growth.
- Fuel supply pumps hold leading revenue share; fuel injection pumps to gain momentum.
- Electric automotive pumps continue to stay in-demand, owing to their enhanced pressure regulation capacity and reduced power consumption.
- Adoption of automotive pumps would be prominent in passenger cars, while that in LCVs and HCVs to drop in the near term.
- Asia Pacific excluding Japan (APEJ) remains hub of value-capture opportunities; Western Europe to generate relevant returns.
KEY FACTORS SHAPING AUTOMOTIVE PUMP MARKET
Mid-size Cars Segment Holds Significant Revenue Potential
Increasing per capita income of the ever-growing middle class, exclusively in emerging countries such as China and India, is influencing automakers to focus on the compact and mid-size segments. Premium or special features such as cabin comfort systems, anti-lock braking systems, power steering, and automatic transmission systems are no longer limited to luxury, premium, and executive cars. With increasing rivalry among automotive manufactures and changing consumer lifestyles, most of the premium features are being introduced in the compact or mid-size car segment on a greater scale. These developments in cars are well expected by consumers, and are further prompting automotive manufactures to increase the scale of implementation of these innovations in the aforementioned car segments.
Gasoline Turbochargers to Create Substantial Demand for Vacuum Pumps Manufacturers are inclining towards advanced fuel injection systems such as gasoline turbocharged direct injection (GTDI), to fulfil rising consumer demand for fuel efficiency. This factor is expected to act as a major stimulus for the sales of automotive vacuum pumps. The trend is anticipated to support sustainable market growth of passenger and light commercial vehicles in the automotive pumps market, in regions such as APEJ and Western Europe.
Utilization of Advanced Automotive Pumps to Curb Vehicular Emissions
Car manufactures are focusing on reducing carbon emissions of vehicles in order to adhere to ever-developing emission norms, globally. Various car manufactures have set targets to lower emission levels in the next few years. Even small tweaks and improvements introduced by them can reduce carbon emissions. As claimed by Continental - a global automotive component company - using electric fuel pumps, which have high pressure in automotive vehicles, can help in reducing carbon emissions by 1.5-2 g per km for 1.8-litre diesel or gasoline engines. The above-mentioned factors are likely to increase the usage of advanced automotive pumps by car manufacturers in the coming years.
Automotive Pumps Market in APEJ to Remain Dominant throughout Forecast Period
The APEJ automotive pumps market is expected to hold nearly half of the market share by the end of 2030, on the back of huge automotive production in China and India. China is likely to offer the most lucrative opportunities for revenue generation in automotive pumps market during the forecast period.
The coronavirus (COVID-19) pandemic continues to spread across continents, creating humanitarian tragedy, and straining automotive production. China – the origin of the outbreak – is the manufacturing hub of automotive components. Various automotive pump manufacturers in developed regions have established assembly facilities in China. As governments are imposing bans on import-export activities and public gatherings, this has substantially disturbed the supply chain in the automotive pumps market.
Automotive Pumps Market: Structure Analysis
- The global automotive pumps market is fairly fragmented, with the presence of various international as well as regional players.
- Over the last few years, a surge in the number of acquisitions has been witnessed in the automotive pumps market. Key market players are actively pursuing partnerships with local suppliers and expansions in production capacities to cater to the growing demand for automotive pumps.
- Prominent players in the automotive pumps market, such as Robert Bosch GmbH, Aisin Seiki, Magna International, Denso Corporation, KSPG AG, and Continental AG, are focusing on new product development to enhance their product portfolios.
Market Value in 2019
US$ 50.8 Bn
Pump Type, Technology, Sales Channel, Vehicle Type, and Region
North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa
Robert Bosch GmbH, Aisin Seiki, Magna International, Denso Corporation, KSPG AG, and Continental AG.
Electric Technology to Outperform Mechanical Technology
Mechanical automotive pumps have been the conventional equipment for transferring fluids, and account for around half of total market revenue. However, with regulatory framework coming into the picture, automakers are replacing the traditional vehicle fleet with the electric iterations. By 2021, electric automotive pumps will outpace their mechanical counterparts in terms of revenue share. As efficiency and performance are becoming paramount, this growth trend is likely to increase at a healthy pace in the coming years.
Market Players Eye APEJ for Broader Footprint
Players in the automotive pumps market will continue to reap worthwhile margins from Asia Pacific excluding Japan (APEJ) throughout the forecast period. Accounting for over 40% share of total adoption, market growth in the developing region is predominantly supported by swelling automotive production, particularly compact and heavy-commercial vehicles (HCVs). Although China’s automotive industry has observed a slight dip in the recent past, the country will remain at the forefront of the automotive pumps market, globally.
Targeting Compact and Mid-size Cars for Sustainable Profits
High-end features such as automotive anti-lock braking systems (ABS) and electronic stability control (ESC) have been commonplace in premium and luxury cars. As market competition becomes more intense to cater to evolving consumer preferences, automakers are introducing most of these premium features in compact and mid-size cars on a larger scale. These improvements in vehicles are receiving a positive response from customers, especially in developing regions. Automotive pumps manufacturers, thus, should keep a sharp focus on this vehicle category.
Fuel supply systems hold over 40% share
Fuel injection systems to pick pace
Mechanical technology remains in-demand
Adoption of electrical technology to witness rapid rise
OEMs account for voluminous share
Sluggish demand growth in aftermarket
Passenger cars remain top adopters
Steady adoption in LCVs
How Growth will Unfold
Fuel supply systems continue to carve out a bigger slice of the market revenue against other pump types - windshield washer and coolant - despite the emerging trend of vehicle electrification. In 2023, the application of fuel feed pumps will surpass US$ 25 Bn, and the figure is likely to increase at a steady CAGR. However, as the need for fuel-efficient and high-performance components is defying gravity in the automotive industry, fuel injection systems are expected to witness faster adoption over the years.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Future Market Insights published its recent market research report on the global automotive pumps market, which comprises global industry analysis of 2014-2018 and opportunity assessment for 2019-2029. It includes a comprehensive assessment of relevant and related market dynamics. After conducting a complete analysis on the historical as well as current growth prospective of the automotive pumps market, growth predictions of the market are obtained with maximum accuracy.
Automotive Pumps Market Taxonomy
The global automotive pumps market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the readers.
- Fuel Supply
- Fuel Injection
- Transmission Oil
- Engine Oil
- Windshield Washer
- Passenger Cars
- Two Wheelers
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East & Africa
The report begins with the executive summary of the automotive pumps market, which includes a summary of the key findings and statistics of the market. It also includes the market value (US$ million) estimates of prime segments of the automotive pumps market.
Readers can find detailed segmentation and definition of the automotive pumps market in this chapter, which will help them understand basic information about the automotive pumps market. This section also highlights the inclusions and exclusions, which help readers understand the scope of the automotive pumps market report.
The report provides key market trends that are expected to impact market growth significantly during the forecast period. Detailed industry trends are provided in this section, along with key market developments and product innovations.
This section includes key inclusions of the report. It includes product adoption & usage analysis, opportunity analysis, and manufacturers’ strategies for market expansion.
This section explains the global market volume analysis and forecast for the automotive pumps market during the forecast period of 2019-2029.
This section explains the global market value analysis and forecast for the automotive pumps market during 2014-2029. This chapter includes detailed analysis of the historical automotive pumps market, along with an opportunity analysis for the future. Readers can also find absolute $ opportunity for the current year (2019-2020) and incremental $ opportunity for the forecast period (2019-2029).
This chapter explains the key macroeconomic factors that are expected to influence the growth of the automotive pumps market during the forecast period. Along with the macroeconomic factors, this section highlights the opportunity analysis for the automotive pumps market. This chapter also highlights the key market dynamics of the automotive pumps market, such as drivers, restraints, trends, and opportunities. Moreover, readers will understand key trends followed by prominent manufacturers in the automotive pumps market.
Based on pump type, the automotive pumps market is segmented into fuel supply, fuel injection, transmission oil, engine oil, steering, coolant, windshield washer, and vacuum. In this chapter, readers can find information about the key trends and developments in the automotive pumps market and market attractiveness analysis based on pump type.
The automotive pumps market is segmented on the basis of technology into electric and mechanical. In this chapter, readers can understand the market attractiveness analysis based on technology.
The automotive pumps market is segmented on the basis of sales channel into OEMs and aftermarket. In this chapter, readers can understand the market attractiveness analysis based on sales channel.
The automotive pumps market is segmented on the basis of vehicle type into passenger cars, LCVs, HCVs, and two wheelers. In this chapter, readers can understand the market attractiveness analysis based on vehicle type.
This chapter explains how the automotive pumps market is expected to grow across several geographic regions such as North America, Latin America, Western Europe, Eastern Europe, Japan, APEJ, and the Middle East & Africa.
This chapter includes detailed analysis of the growth of the North America automotive pumps market, along with a country-wise assessment that includes the U.S. and Canada. Readers can also find regional trends, regulations, and market growth based on countries in North America.
Readers can find detailed information about several factors such as pricing analysis and regional trends that are impacting the growth of the Latin America automotive pumps market. This chapter also includes the growth prospects of the automotive pumps market in prominent countries in Latin America such as Brazil, Mexico, and the Rest of Latin America.
Important growth prospects of the automotive pumps market in several countries such as Germany, the U.K, France, Italy, Spain, BENELUX, and the Rest of Western Europe are included in this chapter.
Important growth prospects of the automotive pumps market in several countries such as Russia, Poland, and the Rest of Eastern Europe are included in this chapter.
Readers can find detailed information about several factors such as pricing analysis and regional trends that are impacting the growth of the Japan automotive pumps market.
In this chapter, China, India, ASEAN, Australia & New Zealand, South Korea and Rest of APEJ are prominent countries in the APEJ region that are the prime subjects of assessment to obtain growth prospects of the automotive pumps market. Readers can find detailed information about the growth parameters of the APEJ automotive pumps market during the forecast period of 2019-2029.
This chapter provides information about how the automotive pumps market is anticipated to grow in major countries in the MEA region such as South Africa, Turkey, Egypt, and the Rest of MEA during the forecast period of 2019-2029.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the automotive pumps market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the automotive pumps market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are as Robert Bosch GmbH, Aisin Seiki, Magna International, Denso Corporation, KSPG AG, and Continental AG.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the automotive pumps market report.
This chapter helps readers understand the research methodology followed to obtain several conclusions, as well as important qualitative and quantitative information, about the automotive pumps market.
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