According to Future Market Insights, the global automotive pump market is projected to reach a valuation of USD 64.57 billion in 2023 and is expected to grow to USD 118 billion by 2033. This growth corresponds to a compound annual growth rate (CAGR) of 6.2% over the forecast period from 2023 to 2033.
The expansion of the automotive pump market is expected to be significantly influenced by the global rise in vehicle usage, coupled with the adoption of advanced technologies aimed at producing fuel-efficient vehicles that comply with volatile organic compound (VOC) emission regulations.
Automakers and manufacturers are heavily investing in research and development as well as the production of automotive components. They are increasingly integrating smart technologies such as automatic transmission, gasoline direct injection, and gasoline turbochargers, all of which depend on automotive pumps for optimal performance. This trend is likely to create substantial growth opportunities within the automotive pump market.
Rising disposable incomes, especially in emerging economies, have boosted individual purchasing power, leading automakers to focus more on mid-sized and compact cars. The incorporation of premium features such as easy gear shifting, power steering, anti-lock braking systems (ABS), and enhanced cabin comfort systems in these vehicles is presenting new opportunities for market growth.
The growing demand for high-performance vehicles that are both fuel-efficient and lightweight drives the need for continuous innovation in the automotive pump industry. These pumps are crucial for enhancing the energy efficiency of vehicles. The adoption of variable automotive displacement oil pumps, which ensure maximum oil circulation throughout the engine while efficiently dissipating heat, is expected to contribute to the overall growth of the industry.
Key Takeaways
- Europe automotive pump market is expected to grow with a CAGR of 6.3% during the forecast period.
- The market in India is projected to witness a CAGR of 6.4% during the forecast period.
- The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
- By sales channel, OEM is projected to lead the segment and is estimated to grow with a CAGR of 6.7% during the forecast period.
- By technology, electric pump segment is expected to grow with a CAGR of 7% throughout the forecast period.
“The incorporation of smart technologies like automatic transmission, gasoline direct injection, and gasoline turbochargers is expected to fuel the market growth during the forecast period,” – comments an FMI analyst.
Competitive Landscape
The automotive pump market is highly competitive, with several key industry players investing heavily in the production of these services.
The key industry players are DENSO Corporation, Johnson Electric Holdings Limited, HELLA KGaA Hueck & Co., Hitachi Automotive Systems, Ltd., Concentric AB, Continental AG, Delphi Automotive LLP, JTEKT Corporation, KSPG AG, Magna International Inc., Magneti Marelli S.p.A, Robert Bosch GmbH, Pricol Ltd., SHW Group, TI Automotive Ltd, ZF TRW Automotive Holdings Corp.
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Some recent developments in the market are:
- In January 2022, Aisan Industry Co., Ltd., a manufacturer specializing in engine components, successfully finalized the acquisition of Denso Corporation’s fuel pump module business. This strategic move aimed to enhance Aisan Industry’s powertrain portfolio and capitalize on potential market expansion prospects.
- In August 2022, HELLA KGaA Hueck & Co, an automotive supplier known for its FORVIA brand, unveiled an expansion to its already extensive thermal management portfolio. The company introduced two new additions: the electronic Valve Actuator and the high-performance Media Pump, both designed to enhance coolant circulation capabilities.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global automotive pump market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the automotive pump market, the market is segmented on the basis of pump, sales channel, technology, vehicle type, and region.
Key Segmentations
Pump:
- Fuel Supply Pump
- Fuel Injection Pump
- Transmission Oil Pump
- Conventional Engine Oil Pump
- Variable Engine Oil Pump
- Steering Pump
- Coolant Pump
- Windshield Washer Pump
- Vacuum Pump
Sales Channel:
- OEM
- Aftermarket
Technology:
- Electric
- Mechanical
Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheeler
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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