DUBLIN--(BUSINESS WIRE)--The "Automotive Pump Market by Type (Fuel Pump, Water Pump, Vacuum Pump, Fuel Injection Pump, Steering Pump, & Headlight Washer Pump), Technology, Displacement, Vehicle Type (PC, LCV, HCV), EV (BEV, HEV, PHEV, FCEV), Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The automotive pump market is estimated to be USD 16,270 million in 2019. It is projected to grow at a CAGR of 6.3% during the forecast period, to reach a value of USD 26,532 million by 2027.
The study covers the market across segments. It aims at estimating the market size and future growth potential of this market across different segments such as type, vehicle type, EV, technology, displacement, off-highway vehicles, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The market comprises major manufacturers such as Aisin Seiki (Japan), Delphi (UK), Denso (Japan), Johnson Electric (Hong Kong), Bosch (Germany), KSPG (Germany), Magna (Canada), SHW (Germany), and ZF (Germany), among others. The study includes an in-depth competitive analysis of these key players in the market with their company profiles, recent developments, and key market strategies.
The high focus of automakers to introduce fuel-efficient vehicles coupled with stringent emission norms in several countries are anticipated to trigger the demand for automotive pumps.
Major vehicle manufacturers across the globe are focusing on introducing fuel-efficient vehicles to cater to the increased demand from consumers. Moreover, to curb rising pollution, several countries have implemented stringent emission norms for passenger cars and commercial vehicles. These factors are anticipated to push the growth of the market. However, the growth of battery-operated vehicles is considered a major restraint for the growth of the automotive pump market.
HEV is the largest electric vehicle segment of the automotive pump market during the forecast period.
HEVs comprise an internal combustion engine as well as a battery. Thus, the architecture of an HEV is most suitable for installing pumps for regulating the flow of the fluid. Applications such as cooling, lubrication, and fuel injection require pumps for their efficient operation. Thus, the rising demand for HEV segment vehicles is expected to inflate the demand for automotive pumps and contribute to the growth of the global market.
Passenger car segment is expected to dominate the automotive pump market.
The increase in disposable income of consumers has pushed the demand for passenger cars, which, in turn, has driven the growth of the automotive pump market. The passenger car segment is anticipated to hold the largest share in the automotive pump market. The market for automotive pumps in passenger cars is expected to grow at a significant rate, particularly in the emerging economies of Asia Pacific. Furthermore, the increasing demand for electric cars by consumers and several amendments in transport policies made by various governments to curb harmful emissions are expected to drive the growth of the passenger car segment.
Asia Pacific is expected to record the highest growth rate during the forecast period.
The Asia Pacific market is a vast geographical region comprising countries such as Japan, China, India, South Korea, and Thailand. China is the largest producer of automobiles in the world. The country's automotive sector has witnessed significant growth in recent years. Moreover, component manufacturing startups and Tier I companies have strengthened their foothold in the region, thereby inflating the growth of the market. In addition, established automakers in Japan, China, and South Korea are expected to cater to the increased demand for pumps from OEMs in the region.
- Rising Focus of Automakers Toward Fuel-Efficient Vehicles
- Stringent Emission Norms By Government Regulatory Authorities
- Anticipated Growth of Electric Vehicles in the Coming Years
- Increase in Installation of Electric Power Steering in Passenger Cars
- Growth in the Use of Ethanol Fuel in the Automotive Industry
- Increasing Trend of Engine Downsizing
- Increase in the Cost of Electrification of Automotive Pumps
- Aisin Seiki
- Gmb Corporation
- Johnson Electric
- KSPG (Rheinmetall Automotive)
- Magna International
- Magneti Marelli
- Mitsubishi Electric
- Repxpert (Schaeffler)
- Robert Bosch
- Ti Automotive
- Wabco Holdings
- ZF Trw
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Related Topics: Telematics and Vehicle Electronics, Electric and Hybrid Vehicles, Engines and Engine Parts