Global Automotive Pump Market Trends, Business Overview, Industry Growth and Forecast to 2022-2028

The global automotive pump market is anticipated to grow at a considerable CAGR of 2.8% during the forecast period (2022-2028). Automotive pumps are the component of the motor vehicle engine that are used to circulate various fluids including fuel and oil in the engine, and water in the washer system of the motor vehicles. The major factor attributing to the growth of the global automotive pump market includes the increasing number of productions and sales of motor vehicles across the globe. According to the 2021 Production Statistics report published by the International Organization of Motor Vehicle Manufacturers (OICA), around 80 million motor vehicles were produced across the globe in 2021. Among these, around 23 million commercial vehicles including light commercial vehicles and heavy commercial vehicles were manufactured and around 57 million passenger cars were produced in 2021. Furthermore, according to the Global Sales Statistics report published by the OICA, around 82 million motor vehicles were sold across the globe in 2021. Among these, around 56 million passenger cars were sold, and 26 million commercial vehicles were sold in 2021. Thus, increasing the application of automotive pumps in motor vehicles.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, to stay competitive in the market. For instances-
• In December 2020, Aisin Tohoku Co., a subsidiary of Aisin Group expanded its factory to start manufacturing small and medium-sized motor vehicle components. The main component to be manufactured in the factory is the electric water pump for motor vehicles.
• In February 2019, Robert Bosch GmbH launched "ECP 160". The ECP 160 is the electric coolant pump that is designed to flow coolant according to the engine requirement with the capacity to pump up to 14,700 liters per hour as per requirement. The ECP 60 is launched to replace the old mechanical pumps in combustion engines, however, it can also be used in battery, electric motors, and inverter cooling.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Type
o By Application
o By Sales Channel

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Continental AG, BrogWarner Inc., Concentric AB, Denso Corp., and Magna International Inc., among others.

Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

A full report of Global Automotive Pump Market is available at:
https://orionmarketreports.com/global-automotive-pump-market/110478/

Global Automotive Pump Market Report by Segment

By Type
• Fuel Pump
• Oil Pump
• Water Pump
• Steering Pump
• OIthers

By Application
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By Sales Channel
• OEM
• Aftermarket

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This release was published on openPR.