Automotive Pump Market worth $12.96 billion in 2035 | MarketsandMarkets

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Automotive Pump Market Scope:

Passenger car segment is estimated to hold the largest share during the forecast period.

The vital significance of pumps in passenger automobiles, along with a strong need for fuel-efficient systems, drives demand for automotive pumps in this category. According to OICA figures, 68.02 million passenger automobiles were produced globally in 2023, an 11% increase from 2022. The transition to electric and hybrid vehicles has accelerated the demand for sophisticated pump technologies that increase performance and minimize emissions. As electrification gains traction, demand for electric pumps will increase. Furthermore, tougher emission limits and an emphasis on energy efficiency would encourage manufacturers to select pumps that promote cleaner technology and enhance pump efficiency.

Engine & HVAC segment is estimated to lead the automotive pump market during the forecast period.

Internal combustion engine (ICE) vehicles still hold around 82% of the global market, which drives strong demand for engine and HVAC pumps. Countries such as India, Japan, and the US continue to show high demand for ICE and hybrid vehicles, keeping this segment strong during the forecast period. However, in the next 5-6 years, demand is expected to shift towards electric pumps for applications such as battery cooling systems and other EV-related technologies as electric vehicle adoption increases. Similarly, demand for water pumps for battery cooling to grow with ongoing EV shift, as these vehicles come with advanced BMS, which needs additional cooling pumps for managing battery temperature.

"North America is expected to grow at a significant rate during the forecast period."

North America is home to leading automotive OEMs such as Ford Motors, General Motors, and Fiat Chrysler Automobiles. The US, traditionally a technological leader, is the largest automotive market in the region. A vast customer base and high disposable incomes fuel the demand for vehicles in the country, resulting in increased manufacturing activities by local automotive OEMs. The sales statistics of North America also indicate a promising growth potential, particularly for pickup trucks and SUVs. Thus, the automotive pump market would grow with the rising vehicle sales. Leading companies such as Infineon, Cummins, Gates Corporation, and TI Automotive in the automotive pump market are based in the US.

Canada is also one of the major markets in the region. The country produced approximately 1.6 million vehicles in 2023. Similarly, Mexico has a high demand for automotive pumps with the fast-growing demand for automobiles. The country produced 4.0 million vehicles in 2023, including 0.9 million cars and 2.9 million light trucks. Several OEMs are planning to set up new production facilities in Mexico and Canada, which, in turn, will drive the demand for automotive pumps. Additionally, the North American government is making emission regulations more stringent, and the demand for emission-free vehicles is also expected to grow, further driving the electric pump market.

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Automotive Pumps Market Dynamics:

Drivers:

Restraints:

Opportunities:

Challenge:

Key Market Players Automotive Pumps Industry:

Prominent players in the Automotive Pumps Market include as Denso Corporation (Japan), Aisin Corporation (Japan), Continental AG (Germany), Robert Bosch GmbH (Germany), and Mitsubishi Electric Corporation (Japan)

The break-down of primary participants is as mentioned below:

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Automotive Pump Industry Recent Developments:

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