Automotive Pumps Market: Current Analysis and Forecast (2023-2030)
Emphasis on Type (Fuel Pumps, Oil Pumps, Steering Pumps, Water Pumps, and Others); Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles); Technology (Electrical and Mechanical); Sales Channel (OEM, and Aftermarket); and Region/Country
Automotive Pumps Market was valued at USD 14.1 billion in 2022 & are expected to grow at a CAGR of 4.30% from 2023-2030. Stringent emission regulations were a tremendous driving force for the boom of the automotive pumps market, as they pushed automakers to develop and integrate advanced technology that reduces emissions and promotes sustainability. These rules, implemented by using governments globally, purpose to address environmental concerns and mitigate the effect of motors on air niches and climate trade. one of the primary factors riding the automotive pumps market is the need for effective emission control systems. As emission rules become greater stringent, automakers are required to equip their automobiles with superior emission control technology to fulfill the specified requirements. automobile pumps, such as gasoline pumps and air pumps, are critical additives of emission control structures. gasoline pumps modify the float of gas in the engine, ensuring the right combustion and minimizing emissions. Air pumps, then again, assist in attaining proper air-to-gasoline ratio by injecting air into the exhaust device to aid in the combustion of pollution. For instance, according to the report published by The White House, the country’s target to reduce greenhouse gas emissions 50-52% below 2005 levels in 2030, reach 100% carbon pollution-free electricity by 2035, and achieve a net-zero emissions economy by 2050. Therefore, the stringent emission regulations propel the demand for the automotive pumps market in the coming years.
Some of the major players operating in the market include Robert Bosch GmbH, Denso Corporation, Valeo Service, Continental AG, MagnaFuel, Magneti Marelli Parts & Services, Hitachi Astemo Americas, Inc., Johnson Electric Holdings Limited, SHW AG, Aisin Corporation.
Insights Presented in the Report
“Amongst type, the fuel pumps segment is currently the dominated the market in 2022”
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.
“Amongst vehicle type, the passenger segment is to hold a significant share of the market in 2022”
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.
“Amongst technology, the mechanical segment is to hold a significant share of the market in 2022”
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.
Amongst sales Channels, the aftermarket segment is to hold a significant share of the market in 2022”
On the basis of sales channel, the market is bifurcated into OEM and aftermarket. Among them, the aftermarket segment is to hold a significant share of the market in 2022. Automotive pumps, like some other mechanical components, have a certain lifespan and might require alternative due to wear and tear or failure. The aftermarket segment affords purchasers with access to a wide range of substitute pumps, assisting them in extending their automobile’s lifespan and ensuring proper renovation. Moreover, aftermarket pumps are frequently more affordable compared to original device producer (OEM) pumps. This makes them an appealing option for cost-conscious customers who want reliable replacements without paying the better charges related to OEM products.
“Asia Pacific dominated the automotive pumps market in 2022”
The Asia Pacific is projected to be the fastest-growing region in the forecast period due to rapid industrialization, increasing population stringent government norms to reduce carbon emissions, and urbanization. The Asia Pacific region has seen consistent growth in the automotive industry, with increasing car sales and production. This leads to a higher demand for car care products, including various automobile pumps. Moreover, the growing desire for high-end vehicles with personalized aesthetic enhancements is a key factor. Additionally, the presence of prominent market participants plays a crucial role in designing and manufacturing various types of pumps for consumers and driving the growth of the region’s automotive pump industry. Moreover, Asia Pacific is home to some of the world’s most populous countries, inclusive of China and India. Their sheer populace size translates right into a large purchaser base, creating a sizeable market for car products. Producers within the location can benefit from economies of scale and the potential to cater to a diverse variety of consumer preferences.
Automotive Pumps Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global automotive pumps market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Automotive Pumps Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global automotive pumps market were the three major steps undertaken to create and analyze the adoption of automotive pumps in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global automotive pumps market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the automotive pumps market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the automotive pumps market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, vehicle type, technology, and sales channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the automotive pumps market. Further, we conducted factor analysis using dependent and independent variables such as type, vehicle type, technology, and sales channel of the automotive pumps market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive pumps market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive pumps market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive pumps market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global automotive pumps market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive pumps market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, vehicle type, technology, and sales channel in the global automotive pumps market.
The main objective of the Global Storage Tank Market Study
The current & future market trends of the global automotive pumps market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the automotive pumps market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the product type, car type, application, and distribution channel
- Define and analysis of the regulatory framework for the automotive pumps industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the automotive pumps market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the automotive pumps market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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