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

Report ID: SQMIG25A2218 | Region: Global | Published Date: April, 2024
Pages: 220 | Tables: 92 | Figures: 77

Automotive Pump Market Insights

Global Automotive Pump Market size was valued at USD 11.2 Billion in 2022 and is poised to grow from USD 11.66 Billion in 2023 to USD 43.32 Billion by 2031, growing at a CAGR of 4.10% in the forecast period (2024-2031).

Growing automotive industry in emerging economies is primarily driving the market growth. Increased per capita income in emerging economies is due to increased economic activity. Cities are centers of economic growth, so increasing economic growth spurred urban expansion and settlement. Accordingly, governments in many cities in developing countries are unable to meet the expanding demand for public transport due to population growth and lack of transportation infrastructure. World Bank, the population of China is 1.412 billion by 2021. Meanwhile, Indonesia’s urban population reached 2.737 billion by 2021. This prompted most urban commuters to buy cars for convenience, and boosted the automotive industry in these countries.

Besides, the increase in sales of heavy commercial vehicles for exports in emerging economies has been attributed to the failure of railways to provide final connectivity with e-commerce and the growth of websites.

Automotive Pump Market Report Snapshots

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Automotive Pump Market size was valued at USD 11.2 Billion in 2022 and is poised to grow from USD 11.66 Billion in 2023 to USD 43.32 Billion by 2031, growing at a CAGR of 4.10% in the forecast period (2024-2031).

The competitive environment of the Automotive Pump Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'Robert Bosch GmbH', 'Denso Corporation', 'Continental AG', 'Delphi Technologies', 'Johnson Electric Holdings Limited,', 'Valeo SA', 'Bapcor Ltd.', 'BorgWarner Inc.', 'Carter Fuel Systems LLC', 'Concentric AB', 'Continental AG', 'Cummins Inc.', 'DENSO Corp.', 'GMB Co. Ltd.', 'Hitachi Ltd.', 'Johnson Electric Holdings Ltd.', 'Mitsubishi Electric Corp.', 'Rheinmetall AG', 'Robert Bosch GmbH', 'SHW AG', 'Stellantis NV'

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 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.

Growing Trend to Downsize Engines is Driving the Market Growth: The automotive pump market CAGR is driven by rising downsized engines. OEMs majorly focus on using smaller engines with the same or more power as the current ones. The smaller auxiliary engine reduces the overall cost of the vehicle, which in turn increases the fuel efficiency of petrol and diesel engines. For example, most Mercedes-Benz and BMWs made now a days are equipped with a 4-cylinder engine instead of a 6-cylinder engine for the required compression of the engine inside is improved to deliver the same power as the wider engine with greater efficiency. OEMs are also trying to downsize engines to meet federal emissions standards. The reduced engine size is expected to create new business opportunities for the market during the forecast period.

Increasingly stringent emissions standards, vehicle manufacturers’ paradigm shift towards in-vehicle electrification, and increased demand for commercial vehicles from the logistics and e-commerce sectors dominating Asia Pacific region in the automotive pump market will boost the market growth in this region. Furthermore, China had the largest market share in the automotive pump market, the Indian automotive pump market is the fastest growing market in the Asia-Pacific region.

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Automotive Pump Market Insights

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