Automotive Pump Market Size, Share, Growth Analysis, By Technology(Mechanical and Electrical), By Vehicle Type(Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Two-wheeler), By Product(Fuel Pumps, Oil Pumps, Steering Pumps, Water Pumps), By Region - Industry Forecast 2024-2031

Drivers

Rise in the Development of Hydrocarbon Evaporation Control Systems

• The development of hydrocarbon evaporation control systems is an emerging trend growing in the market. Reducing environmental footprint is becoming a top priority for the global automotive industry. As a result, groups involved in the automotive value chain are working with organizations and government councils to create an environmentally sustainable automotive industry. As a result, automotive technologies and systems continue to evolve and innovate, reducing negative environmental impacts.

Rising Improvements in Atmospheric Evaporation Control Systems

• In addition, Continental, one of the leading Tier 1 operators in the global automotive industry, as part of its sustainability strategy, developed an electrified solution to reduce hydrocarbon emissions on cold water. To comply with stringent international regulations on hydrocarbon cold water, the company generated electricity. To reduce hydrocarbon emissions into the air, this electric pump is designed to remove hydrocarbon laden air from the barrel. The compact and lightweight automated cleaning pump has an efficient brushless direct current (BLDC) motor. Depending on the user, it can be used and used on demand. The basic functionality of the active purge pump can be improved by incorporating state-of-the-art algorithms and adding new features to suit future requirements thus improvements in atmospheric evaporation control systems in the forecast period is the major factor driving the growth of the global market.

Growing Demand for Luxury Cars

• Increasing demand for luxury vehicles is a major factor driving the growth of the "Global Automotive Pump Market". Luxury cars are characterized by high quality features, advanced technology, excellent performance and luxurious comfort. As the economy grows and the purchasing power of consumers increases, premium luxury cars are gaining popularity among consumers around the world.

• These luxury supercars typically come equipped with a variety of sophisticated systems and features, including car pumps, to enhance their overall performance and provide a better driving experience. Advanced pumps are essential in supporting a variety of applications in this high-end vehicle, e.g. Power steering, fuel injection, cooling and transmission systems.

Restraints

Changes In Raw Material Prices

• Fluctuations in raw material prices act as an important restraint in the "global automotive pump market". Automotive pumps are made from various materials such as metal, plastic and rubber, sourced from various suppliers around the world. The prices of these raw materials are subject to market forces, geopolitics, supply disruptions, and other uncertainties, causing costs to fluctuate frequently. An increase in the price of raw materials directly affects the cost of a car pump. Pump manufacturers often face challenges in maintaining profitability, especially when cost increases cannot be passed on to customers due to competitive pressures or contractual obligations. Consequently, the profitability of pump manufacturers can deteriorate during periods of high commodity prices.

Increasing Electrification Demand

• Hybrid vehicles and increasing electrification demand is a major challenge restraining the growth of the market. Government agencies are promoting hybrid electric vehicles due to the growth of ICE-based vehicles and increasing air pollution caused by petroleum-based and renewable fuels. Vehicle pumps are like gasoline pumps, demand for water pumps, gear pumps and oil pumps will decrease during the forecast period and vehicle pumps Investment in ICE utility vehicles is limited.