Automotive Pumps Market Insights | Key Players: Aisin Corporation (Japan), Denso (Japan), Robert Bosch GmbH (Germany), Valeo (France), Continental AG (Germany)

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.

Factors such as the increasing focus of automakers to introduce fuel-efficient vehicles and stringent emissions norms would drive the growth of the market.

The Asia Pacific is expected to account for the largest market size during the forecast period

The Asia Pacific region is estimated to be the largest market during the forecast period. This region is segmented into China, Japan, India, South Korea, Thailand, and the Rest of Asia Pacific. The Asia Pacific is the leading producer of automobiles worldwide and is estimated to retain its position for the next five years. The region comprises some of the fastest developing economies globally, such as China, India, and South Korea. The governments of these developing economies have recognized the growth potential in the global automotive market, and hence, have adopted different initiatives to attract major OEMs to enter their domestic markets. This has further led to an increase in vehicle production volumes over the years, which caters not only to domestic demand but overseas demand as well. In recent years, the automotive industry has witnessed higher growth in terms of vehicle production in the Asia Pacific than in the mature markets of Europe and North America. Therefore, Asia Pacific has emerged as a hub for automotive production, given the nascent stage of the market, state-promoted support, and cost advantages for OEMs. Low automobile market penetration and increased vehicle production in this region offer attractive market opportunities to automobile manufacturers and automotive components and equipment suppliers. This is mainly attributed to the production expansions made by automobile manufacturers to cope with rising demand and comply with fuel-efficiency norms and regulations. The growth is also attributed to the growing focus of international as well as domestic players in the Asia Pacific market. The low production cost of automotive pumps in the region is also a major reason for the rise in the growth rate.

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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. An electric fuel pump provides more fuel efficiency than compared to a 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.

The mechanical pump is expected to be the largest segment in the automotive pump market

The mechanical pump is anticipated to be the largest market during the forecast period. A mechanical pump, also known as a geared pump, is mechanically driven through drive belts or the camshaft and powered by the engine of a vehicle. The mechanical pump market is expected to grow slowly in the coming years as compared to electrical pumps, as electrical pumps are being widely used instead of mechanical pumps to make automobiles more efficient. Traditional mechanical water pumps have long been a reliable means of delivering water to the engine, where it circulates through cavities in the engine block and cylinder heads and returns back to the radiator. There are some of advantages of mechanical pumps over electric pumps, as electric pumps cannot produce the top-end flow volume that a mechanical pump can; hence they cannot keep things cool as required. To meet the fuel-efficiency levels, mechanical pumps are being replaced with electric pumps. In developed and developing economies, the demand for fuel-efficient vehicles is increasing. This, in turn, is restraining the growth of the market for mechanical pumps, and OEMs are continuously focusing on the development of efficient automotive pumps.

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Recent Developments:

1. In March 2021, Vitesco Technologies China, a business area of Continental AG, moved into its new regional headquarters in Shanghai. As of now, Vitesco Technologies China has its regional headquarters located in Shanghai. Roundabout 450 employees recently moved into their new, 6,000 square meters state-of-the-art offices in the Yangpu District. With this, the company, a leading international supplier of modern powertrain technologies and electrification solutions, is also officially certified by the Shanghai Commission of Commerce. The Chinese market remains essential for the further development of e-mobility and thus also for Vitesco Technologies. With the new regional headquarters, the company has a firm foothold to drive forward the mobility of the future hand-in-hand with strong partners in the market.

2. In December 2020, Aisin Tohoku Co. of the Aisin Group announced the expansion of its factory to begin production of small and medium-sized motor products, mainly electric water pumps, by 2022. The electric water pump is to be newly produced in the plant

3. In April 2019, Aisin Corporation announced to make a new investment to enhance the business ability of its Automatic Transmission (AT) business in the US and reinforced its manufacturing site. In the future, Aisin AW will help develop the automobile industry in the US by strengthening its capability of manufacturing ATs for SUVs. This move by the company could help to enhance its product offerings related to automotive pumps.

4. In February 2019, Robert Bosch GmbH launched an electric coolant pump, ECP 160. The coolant flow of the pump can be regulated according to engine requirements and can deliver up to 14,700 litres per hour on-demand. The ECP 160 is designed to replace mechanical pumps in combustion engines but can operate in other applications, such as batteries, electric motors, or inverter cooling

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This release was published on openPR.