Automotive Pump Market by Type, Sales Channel, Technology, Off-Highway Vehicles, EV & Region

Automotive pumps perform different functions including raising, compressing, or transferring fluids by mechanical action and facilitating the circulation of fluids around a system for a vehicle’s operational performance.

The global Automotive Pump Market is projected to grow at a CAGR of 4.2% during the forecast period, to reach $17.5 billion by 2026 from an estimated $14.2 billion in 2021.

The major factors driving the growth of the market are fluctuating fuel prices that have increased the demand for fuel-efficient vehicles and increasing pressure on automakers to comply with the emission norms. In addition, the consistent growth in the demand for passenger cars is likely to trigger the growth of the automotive pump market during the forecast period. Also, heavy investments in R&D activities by vehicle manufacturers to develop efficient fluid technology for automotive are expected to push the growth of the market. Infrastructural development in emerging countries is pected to drive the growth of commercial vehicles, which in turn would boost the demand for automotive pumps.

The major market players include Aisin Corporation (Japan), Denso (Japan), Robert Bosch GmbH (Germany), Continental AG (Germany), and Valeo (France).

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By Technology: Electric segment is the fastest-growing segment of the automotive pump market during the forecast period

Electric pumps, which work with the help of electric motors, are gradually replacing mechanical pumps. The use of electric pumps is increasing due to their many advantages over mechanical pumps. The electric fuel pump provides more fuel efficiency as compared to the mechanical fuel pump. However, the installation of an electric pump requires a sophisticated electrical circuit, which increases the cost. Major global automakers are now using electric pumps in vehicular architecture.

By Vehicle Type: Passenger car segment is expected to dominate the automotive pump market

The rising sales of passenger cars are driving the growth of this segment during the forecast period. The passenger car segment has the largest market share, in terms of value, in 2020. Hence, the market size, in terms of value, of the passenger car segment is much larger than that of other vehicle segments in the automotive pump market. The light commercial vehicle segment is expected to witness gradual growth during the forecast period.

The COVID-19 impact on passenger cars displayed a positive response as citizens worldwide are preferring to prefer private cars over public transportation.

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By Type: Steering pump is estimated to be the largest market during the forecast period

The steering pump segment is expected to dominate the automotive pump market during the forecast period. The hatchback segment of passenger cars is equipped with a hydraulic steering system whereas commercial vehicles are manoeuvred by the same steering system, thereby fueling the growth of the steering pump market. Steering pumps are used in hydraulic and electro-hydraulic power steering systems. However, with advancements in steering systems technology, hydraulic and electro-hydraulic steering systems are getting replaced with Electric Power Steering (EPS) systems. The EPS system, which requires an electric motor and sensors, eliminates the need for a steering pump.

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