Report Code : A08905
By Type, the Fuel Injection Pump segment dominated the global market in 2022, in terms of revenue, and is expected to lead the market throughout the forecast period. By vehicle type, the Passenger Vehicle segment accounted for a major share in 2022. Based on the Sales Channel, the OEM segment is anticipated to dominate the market over the forecast period. By Technology, the Mechanical segment accounted for a major share in 2022 . At present, Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA.
Smita Banerjee - Lead Analyst
Automotive and Transportation at Allied Market Research
According to a new report published by Allied Market Research, titled, “Automotive Pump Market," The automotive pump industry was valued at $16.4 billion in 2022, and is estimated to reach $27 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.
The global automotive pumps market has seen significant growth and change due to rising fleet of electric and hybrid vehicles, stringent government regulations on emission norms. In addition, technological advancement in automotive pumps, development of autonomous vehicles presents significant opportunities for market expansion.
The surge in the production and sales of vehicles, coupled with growing urbanization, infrastructure development, and the need for energy-efficient vehicles are driving the requirement for automotive pumps. The hybrid electric vehicle demand across the globe is anticipated to witness a strong growth rate during the forecast period due to rising environmental concerns and fuel saving. Recent technological advancement has resulted in the development of hybrid vehicle technology for SUVs and larger-size vehicles, which are significantly propelling the growth of the automotive pumps.
The automotive pump market is segmented into type, vehicle type, technology, sales channel, and region. On the basis of type, the market is classified into fuel pump, water pump, vacuum pump, fuel injection pump, others. On the basis of vehicle type, it is categorized into passenger vehicle, and commercial vehicle. By technology, the market is divided into electric and mechanical. On the basis of sales channel, the market is segmented into OEM and aftermarket. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In addition, the market is highly competitive, with several key players dominating the industry. Prominent manufacturers focus on innovation, product differentiation, and strategic partnerships to maintain their market positions.
As international automobile manufacturers extend their reach and consumers' purchasing power for new cars grows, the demand for passenger vehicles is experiencing significant growth. Enhanced lifestyles and economic conditions are driving shifts in consumer preferences worldwide. With rising purchasing power and disposable income, increased brand visibility, and competition among OEMs to provide enhanced features, it is anticipated that the automotive pumps will experience growth during the forecast period as they are deployed in the vehicle engine to increase the overall efficiency of the cars.
The increasing disposable income in developed and developing nations, together with the ongoing advancements in infrastructure, are anticipated to drive the market growth. Commercial vehicle manufacturers such as Tata Motors Ltd., Mahindra and others, have been driven to design vehicles with lower carbon emissions as a result of growing consumer awareness of environmentally friendly transportation options. Manufacturers are attempting to reduce size and load factors, innovate vehicle design, and modify vehicles in compliance with weight standards due to which advanced pumps are deployed in these vehicles.
On the basis of type, the automotive pump market is divided into fuel pump, water pump, vacuum pump, fuel injection pump, others. Fuel injection pump segment will create lucrative growth opportunities as the function of fuel injection pumps significantly influences various aspects of engine performance, emissions, and noise characteristics. The fuel injection pumps regulate the quantity of fuel delivered, ensuring that the engine receives the right amount of power.
Russia-Ukraine War Impact Analysis
The impact of the Russia-Ukraine conflict has been notably adverse for the automotive sector, primarily affecting Ukraine and Russia, also sending ripples across neighboring nations and beyond. The disruption in the steel supply chain due to the conflict has led to increased costs and shortages, affecting manufacturers and, subsequently, their ability to meet demand.
Additionally, the war has introduced geopolitical instability, leading to uncertainty in the global market. This uncertainty has made it challenging for businesses to make long-term investment decisions, which are crucial in the capital-intensive automotive pumps industry. Manufacturers have become cautious about expanding operations, developing new products, or making significant capital investments, as they navigate the unpredictable international geopolitical landscape.
KEY FINDINGS OF THE STUDY
Key players covered in the automotive pump market report include Johnson Electric Holdings Limited, Continental AG, Robert Bosch GmbH, Valeo, GMB Corporation, Schaeffler Technologies AG & Co. KG, Mitsubishi Electric Corporation, Aisin Seiki Co., Ltd., MAHLE GmbH, Aisan Industry Co., Ltd.
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Automotive Pump Market by Type (Fuel Injection Pump, Fuel Pump, Water Pump, Vacuum Pump, Others), by Technology (Mechanical, Electric), by Vehicle Type (Passenger Vehicle, Commercial Vehicle), by Sales Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2023-2032
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