The emergence of Online Retail, Stringent Government Regulations, and Growing Car Ownership Propelled the Growth of the Automotive Pumps Market in the Asia Pacific Region!
- Vikas Kumar
- November 17, 2023
- AUTOMOTIVE, NEWS
- Automotive Pumps, Automotive Pumps Market, Automotive Pumps Market analysis, Automotive Pumps Market forecast, Automotive Pumps Market growth, Automotive Pumps Market share, Automotive Pumps Market trends
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The Asia Pacific region would exhibit the highest CAGR during 2023-2030 owing to the growing number of car sales in the region, the emergence of several online marketplaces, and the growing population with rapid urbanization. One of the primary factors fueling the growth of the Asia Pacific automotive pump market is the increasing number of car sales in the region. The rising disposable incomes and improving economic conditions have led to a higher purchasing power among consumers, making car ownership more affordable. According to the International Organization of Motor Vehicle Manufacturers, the Asia Pacific region accounted for approximately 50% of global car sales in recent years. As more individuals purchase cars, the demand for car care products and services naturally increases. The need for regular maintenance also fueled the demand in the market for various types of pumps. Furthermore, with a greater number of people relying on cars for daily commuting, the importance of passenger cars has become a necessity rather than a luxury. The advent and subsequent popularity of online marketplaces have revolutionized the way consumers shop for consumer goods and various day-to-day purpose products and accessories. E-commerce platforms have become the go-to destination for purchasing essential products as they provide convenience, a vast product range, and competitive prices which further increase the demand for commercial vehicles in the region. Additionally, Environmental regulations aimed at curbing vehicle emissions have become increasingly strict globally. Compliance with these regulations requires advanced fuel systems, including fuel pumps, to enhance fuel efficiency and reduce emissions. This factor drives the demand for automotive pumps in order to meet the regulatory standards. The Asia Pacific region is home to a rapidly increasing population, particularly in urban areas. According to the United Nations, approximately 50% of the global urban population resides in Asia Pacific cities. This demographic shift has led to a surge in car ownership as urban dwellers seek greater mobility and convenience skyrocketed the demand for the automotive pumps market.
Further, the Asia Pacific Automotive Pumps Market is expected to grow at a strong CAGR during the forecast period (2023-2030). Asia Pacific is anticipated to emerge as the fastest-growing automotive pump market primarily owing to the surge in car sales. Furthermore, the rapid massive transformation of the automotive industry in China and India has increased the vehicle production that is being run on gasoline catering to the demand for automotive pump products. Additionally, the stringent government regulations also catered to the demand for the pumps, and the rising adoption of electric vehicles further drives the demand for the automotive pumps in the forecast period.
Based on type, the market is divided into fuel pumps, oil pumps, steering pumps, water pumps, and others. The fuel pumps segment dominated the market in 2022 and is expected to show the same trend in the forecast period. As they, create pressure and ensure a consistent flow of fuel, enabling the engine to operate efficiently. Due to their vital function, fuel pumps are an indispensable component of the automotive fuel delivery system. Moreover, with the rising focus on sustainability and fuel efficiency, automakers are constantly striving to enhance the efficiency of their vehicles. Fuel pumps, particularly electric fuel pumps, have improved over time to deliver fuel more precisely and in accordance with engine requirements.
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Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger segment is currently the leading segment and is expected to dominate the segment in the forecast period. The passenger cars have been the most popular form of transportation globally, with a substantial number of them being produced and sold annually. This high demand for passenger cars directly translates to a greater need for automotive pumps, which are crucial components in ensuring the efficient functioning of various systems within the vehicles. Moreover, passenger cars are equipped with a diverse range of pumps that serve diverse functions, including fuel pumps, water pumps, oil pumps, and transmission pumps. These pumps play a vital position in maintaining the general overall performance and reliability of the automobile, ensuring proper gas delivery, cooling, lubrication, and electricity transmission. For instance, in 2022, the Suzuki Swift Dzire maintained its top spot among sedan sales in December 2022, and Among the smaller sedans, the Xcent/Aura pair witnessed a 142% YoY gain.
On the basis of technology, the market is bifurcated into electrical and mechanical. Among these, the mechanical category to hold a significant share of the market in 2022 and is expected to follow the same pattern in the forecast period. First off, mechanical pumps were widely adopted in automobile systems for their reliability and demonstrated overall performance. They have a long-standing presence within the industry, with well-established production techniques and delivery chains, resulting in cost efficiencies and economies of scale. moreover, mechanical pumps are essential for critical functions inside cars, including engine cooling, gas transport, and lubrication. Their essentiality and wide range of programs across numerous vehicle sorts make a contribution to their higher revenue era. Moreover, advancements in mechanical pump technology, consisting of advanced performance and sturdiness, have similarly solidified their dominance in the market.
Global Automotive Pumps Market Segmentation
Market Insight, by Type
- Fuel Pump
- Oil Pump
- Steering Pump
- Water Pump
- Others (Transmission Pump, Vacuum Pump, and others)
Market Insights, by Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Market Insights, by Technology
- Electrical
- Mechanical
Market Insights, by Sales Channel
- OEM
- Aftermarket
Market Insight, by Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- APAC
- China
- Japan
- India
- South Korea
- Rest of APAC
- Rest of the World
Top Company Profiles
- Robert Bosch GmbH
- Denso Corporation
- Valeo Service
- Continental AG
- Aisin Corporation
- MagnaFuel
- Magneti Marelli Parts & Services
- Hitachi Astemo Americas, Inc.
- Johnson Electric Holdings Limited
- SHW AG
