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Automotive Pumps Market to Reach $27.02 Billion, Globally, by 2032 at 5.5% CAGR: Allied Market Research
(We are providing automotive pump industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
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The global automotive pumps market has experienced significant growth and transformation, driven by rise in fleet of electric and hybrid vehicles, and stringent government regulations on emission norms. Also, technological advancement in automotive pumps, development of autonomous vehicles, are likely to shape the industry's future, enhancing safety and efficiency.
Based on type, the fuel injection pump segment held the highest market share in 2022, registering a CAGR of 5.2% as the fuel injection pumps regulates the quantity of fuel delivered, ensuring that the engine receives the right amount of power. However, the water pump segment is witnessing a highest CAGR of 6.4% from 2023 to 2032, owing to the rise in trend toward engine downsizing to enhance fuel efficiency and reduce emissions.
Leading companies are implementing various strategies, including acquisition, agreement, expansion, partnership, contracts, and product launches, to fortify their market positions.
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Based on technology, the mechanical segment held the highest market share in 2022 registering a CAGR of 5.2% as the mechanical fuel pumps operate by using a suction mechanism to draw fuel from the tank's bottom. A diaphragm is responsible for creating this suction, and a valve prevents the fuel from returning to the tank after the pump is filled. This mechanism is very important for proper functioning of the vehicles. The electric segment is estimated to reach a CAGR of 5.9% during the forecast period owing to surge in fleet of electric vehicles. Countries such as China , India , Australia , and Japan are placing a strong emphasis on environmental awareness and the adoption of new technologies, fostering the expansion of high-performance electric vehicles.
Based on vehicle type, the passenger vehicle segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period registering a CAGR of 5.8%, owing to enhanced lifestyles and economic conditions which is driving shifts in consumer preferences worldwide. The automotive pumps market is expected to experience growth during the forecast period with rise in purchasing power and disposable income, increased brand visibility, and competition among OEMs to provide enhanced features, as they are deployed in the vehicle engine to increase the overall efficiency of the cars.
Based on sales channel, the OEM segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period registering a CAGR of 5.7%, as the pumps play a central role in thermal management systems, facilitating the circulation of the appropriate coolant volume. The contribution of electric water pumps in supplying coolant as required plays a key role in lowering the fuel consumption of traditional powertrains. This increases the sales of pumps in automotive applications.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, the implementation of numerous government campaigns, the proliferation of hybrid electric vehicle (HEV) models, and continuous improvement in battery technology are collectively propelling the automotive pumps market. However, LAMEA is expected to witness the fastest CAGR of 7.9% from 2023 to 2032, owing to rise in disposable income and increase in the production and sales of four- wheelers.
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The report provides a detailed analysis of these key players in the global automotive pumps market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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