Automotive Pumps Market, By Pump Type (Fuel Supply Pump, Fuel Injection Pump, Transmission Oil Pump, Engine Oil Pump, Steering Pump, Coolant Pump, Windshield Washer Pump and Vacuum Pump), By Sales Channel (OEM and Aftermarket), By Technology (Electric and Mechanical), By Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), By Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Automotive pumps are essential component in an automobile or any other internal combustion engine device to transfer fluid and to enhance fuel efficiency as well as vehicle performance. Generally, automotive pumps are used in a variety of vehicle parts including steering, transmission, coolant, fuel, and lubrication. Automotive pumps have witnessed significant demand, in order to provide environment-friendly solutions in automobile. On the basis of vehicle type, the automotive pumps market has been segmented into passenger cars, light commercial vehicles and heavy commercial vehicles. On the basis of sales channel, the market has been segmented into original equipment manufacturer (OEM) and aftermarket.
The Global Automotive Pumps market was valued for US$ 14,456.0 Mn in 2021.
Market Dynamics
Automobile produced these days are equipped with advanced technology and smart features that fulfill the latest safety, quality, emission, and performance standards. On the contrary, consumers are increasingly becoming price-sensitive and are preferring automobiles with superior comfort features at a reasonable cost. Furthermore, over the last decade, manufacturers in the market have started incorporating numerous advanced technologies such as power steering, gasoline direct injection, gasoline turbochargers, and automatic transmission into automobiles. Such technologies require automotive pump to ensure efficient operation. Hence, these factors are expected to drive growth of the market in the near future. Automotive pumps have witnessed significant demand in the recent past, due to growing automotive production and Vehicle Park. In fact, irrespective of economic conditions across the globe, the global automotive industry has performed satisfactorily. According to Coherent Market Insights’ analysis, automotive production is expected to register a CAGR of 3-3.5% during the forecast period. Moreover, automotive production is expected to be higher in emerging economies as compared to developed countries. This is owing to growing urbanization and stable economic conditions in these countries. Thus, these factors are expected to propel the global automotive pumps market growth over the forecast period.
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