New York, US, Feb. 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Pumps Market, By product, By Technology, By Vehicle type - Forecast 2030”, During the forecast period, the market for automotive pumps is anticipated to increase by USD 14800 million at a CAGR of 4.10% by 2030.
Increased demand for automotive pumps is a result of the booming automobile sector. The market is driven by a number of factors, including an increase in vehicle production, stricter emission standards, and the adoption of new technologies. Most new technology are used to boost a vehicle's performance, like automated transmissions and gasoline turbocharged direct injection. Furthermore, the market for automobile pumps is expanding as a result of a trend shift towards electrification and a greater focus on fuel efficiency. Additionally, as consumer demand for environmentally friendly services grows, manufacturers are making careful to design for effective automobile pumps.
The forefront players of the global automotive pumps market include
- TRW Automotive
- Delphi Automotive
- Aisin Seiki Co. Ltd.
- Denso Corporation
- Johnson Electric
- Robert Bosch Gmbh
- KSPG AG-A- Rheinmetall
- Magna International
- Mikuni Corporation
- SHW AG.
- Among others.
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Additionally, the market for automotive pumps is experiencing considerable demand growth due to rising consumer desire for fuel-efficient vehicles. While some reasons that operate as a barrier for the market for automotive pumps include high cost and a concentration on battery-powered vehicles.
Due to increased vehicle electrification, rising vehicle production, and rising integration of advanced automation techniques, the worldwide automotive pumps market in 2020 is predicted to grow. The need for automotive pumps has increased as a result of the growing automotive sector. The rise of the automotive pump industry is driven by two trends: an increasing propensity for electrification and a growing interest in fuel efficiency. Additionally, there has been a rise in the demand for environmentally friendly services, which has led to further market expansion.
Automotive Pumps Market Report Scope:
|Market Size by 2030||2030: USD 16,290 Million|
|CAGR during 2022-2030||5.01% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Increasing demand for fuel efficient vehicles|
|Key Market Drivers|| Growing demand for environment friendly services|
Increased production capacity in terms of volume and new facilities with innovative technological advancements
|Segments Covered||Product, Technology, Vehicle type|
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Additionally, the market is impacted by factors like the expansion of the auto industry, stricter pollution regulations, and the adoption of new technologies. The market for automotive pumps has seen a surge in demand due to the rising desire for vehicles that are more fuel-efficient. However, the market for automotive pumps will be impacted by the rise in electronic vehicles. In addition, the costs linked to it can make it difficult for the market to grow.
Automotive Pumps Market Segments
On the basis of technology, product, type, and geographic regions, the market for automotive pumps can be segmented.
The automobile pump market can be divided into electrical and mechanical types based on technology.
The oil pump, fuel pump, steering pump, fuel injection pump, water pump, and other segments make up the automotive pumps market's product segmentation.
The automotive pumps market can be divided into HUV, Passenger car, two-wheeler, and LCV categories based on type.
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Automotive Pumps Market Regional Analysis
The automotive pumps market can be divided into Europe, Asia-Pacific, North America, and the Rest of the World based on geographic regions (ROW).
The automotive pumps market is predicted to grow most quickly in the APAC region. The construction of lightweight automobiles and improved fuel efficiency are attributes that developing nations like China and India have made a big contribution to. In addition, the growing emphasis on reducing vehicle emissions will increase demand for automotive pumps.
Moreover, the region's market is projected to grow due to the region's severe pollution rules as well as the rising demand for fuel-efficient vehicles. However, the market for automotive pumps may face difficulties as a result of the growing use of electronic motors. According to the analysis, Europe has taken second place. The market is projected to grow as a result of the current leading players' investments in R&D. In addition, it is predicted that innovation in the ICT sector would be a key driver of growth. However, due to growing environmental concerns, high maintenance costs, high fuel prices, and high upfront costs for internal combustion engine vehicles, the automobile industry in North America and Europe is shifting in favour of electric vehicles.
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