DUBLIN--(BUSINESS WIRE)--The "Global Automotive Pumps Market by Type, Technology (Electric, Mechanical), Displacement, Vehicle Type, Sales Channel (OEM, Aftermarket), EV (BEV, HEV, PHEV, FCEV), Off-Highway Vehicles, Application and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive pump market is estimated to grow from USD 14.8 billion in 2022 to USD 18.0 billion by 2027, at a CAGR of 4.1%.
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.
Moreover, the demand for hybrid vehicles market is rising due to stringent emission regulation standards and the growing demand for low or zero-emission vehicles. Furthermore, governments of various countries provide purchase grants and tax rebates for hybrid vehicles.
For instance, in June 2021, the Indian government announced the decision to extend the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME) scheme by two years to March 31, 2024. The scheme, started in 2019 for promoting sales of hybrid and electric vehicles, was supposed to end by 2022. The government across the globe is planning to launch schemes for promoting electric vehicles, the market for electric vehicles would rise and proportionally with the sales of new electric vehicles, the market for automotive pumps would rise.
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 pump 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.
- Growing Demand for Fuel-Efficient Vehicles
- Implementation of Stringent Emission Norms by Regulatory Authorities
- Increasing Trend of Engine Downsizing
- Demand for Lightweight Automotive Components
- Growing Demand for Electric Vehicles
- Increase in Installation of Electric Power Steering in Passenger Cars
- Growing Demand for SUVs
- Growth in Usage of Ethanol Fuel in Automotive Industry
- Growing Adoption of New Technologies
- Robust Growth in Sales of Plug-In Hybrid Electric Vehicles
- Improving Sustainability of Passenger and Freight Transport
- Increase in Cost of Electrification of Automotive Pumps
- Decline in Growth of Aftermarket
- Aisin Corporation
- Borgwarner Inc
- Carter Fuel Systems
- Continental AG
- Eaton Corporation
- GMB Corporation
- Hella KGaA Heuck & Co.
- Infineon Technologies AG
- Johnson Electric
- Magna International Inc.
- Magneti Marelli S.p.A
- Mahle GmbH
- Mikuni Corporation
- Mitsubishi Electric Corporation
- Mtq Engine Systems
- Pricol Limited
- Rheinmetall Automotive
- Robert Bosch GmbH
- SHW AG
- Standard Motor Products, Inc
- TI Fluid Systems
- ZF Group
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