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Automotive Pumps Market Set for Significant Expansion, CAGR of 4.6% Expected

03-01-2024 03:55 PM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Automotive Pumps Market Set for Significant Expansion, CAGR

The global automotive pumps market (自動車用ポンプ市場) is projected to grow at a compound annual growth rate (CAGR) of 4.6% and reach a value of US$ 23.48 billion by 2033. This growth is a significant increase from the market's value of US$ 14.99 billion in 2023.

Automotive pumps play a crucial role in the functioning of various vehicle systems, including fuel, water, oil, and transmission systems. These pumps ensure the smooth and efficient operation of vehicles, making them essential components in the automotive industry. The global automotive pumps market has witnessed significant growth over the years, driven by technological advancements, increasing vehicle production, and the growing demand for fuel-efficient vehicles.

For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=25

Market Dynamics

The automotive pumps market is primarily driven by the increasing adoption of electric vehicles (EVs) and hybrid vehicles (HVs). As these vehicles require advanced pumping systems for their electric powertrains, the demand for automotive pumps is expected to rise. Additionally, stringent emission regulations imposed by governments worldwide are pushing automakers to develop vehicles with improved fuel efficiency, further fueling the demand for automotive pumps.

The rise in vehicle electrification has also led to the development of advanced pumping technologies, such as electric coolant pumps and electric oil pumps, which offer better efficiency and performance compared to traditional mechanical pumps. Moreover, the integration of smart pumping solutions, including variable displacement pumps and electronic control units (ECUs), is enhancing the overall efficiency and functionality of automotive pumps.

However, the automotive pumps market (자동차 펌프 시장) faces challenges such as the high cost of advanced pumping systems and the limited availability of raw materials. Manufacturers are focusing on developing cost-effective solutions and exploring alternative materials to mitigate these challenges.

List of Key Companies Profiled in The Report

Aisin Corporation
Delphi Technologies
Denso Corporation
TRW Automotive
Mikuni Corporation
Continental AG
Johnson Electric
MAHLE GmbH
Magna International
KSPG Group
Robert Bosch GmbH
SHW AG
Davies Craig

Market Future Outlook

The global automotive pumps market is expected to witness significant growth in the coming years, driven by factors such as the increasing demand for electric and hybrid vehicles, advancements in pumping technologies, and the growing focus on reducing vehicle emissions. The market is also expected to benefit from the rising trend of vehicle electrification and the shift towards electric powertrains.

North America and Europe are expected to dominate the automotive pumps market, owing to the presence of leading automotive manufacturers and the stringent emission regulations in these regions. However, Asia-Pacific is expected to emerge as a key market for automotive pumps, driven by the increasing vehicle production in countries such as China, India, and Japan.

Market Insights

The automotive pumps market (Marché des pompes automobiles) is segmented based on pump type, vehicle type, technology, and region. By pump type, the market is segmented into fuel pump, water pump, oil pump, steering pump, and others. The fuel pump segment is expected to dominate the market, owing to the increasing demand for fuel-efficient vehicles.

By vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). The passenger cars segment is expected to account for the largest market share, driven by the increasing production and sales of passenger cars worldwide.

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By technology, the market is segmented into mechanical pumps and electric pumps. The electric pumps segment is expected to witness significant growth, owing to the increasing adoption of electric and hybrid vehicles.

Recent Developments

Major automotive pump manufacturers are increasingly leveraging advanced automation technologies. These companies boast extensive global distribution networks and offer a diverse range of products. They prioritize innovation, partnerships, adherence to product standards, quality control, and efficient supply chain management.

For example:

In 2018, Aisin Seiki and DENSO Corporation announced the formation of a new company, BluE Nexus, to develop and sell driving modules for electric vehicles. The company was established in April 2019.

In 2019, HELLA KGaA Hueck & Co. and Plastic Omnium partnered to integrate lighting technologies into vehicle exteriors. This strategic cooperation aims to provide the market with comprehensive solutions and technologies.

Also in 2019, Bosch launched the ECP 160 electric coolant pump, capable of adjusting coolant flow based on engine demands and supplying up to 14,700 liters per hour when required. The ECP 160 serves as a mechanical pump replacement for internal combustion engines and is suitable for cooling batteries, electric motors, and inverters.

Explore More Related Studies Published by Fact.MR Research:

Canned Motor Pumps Market (통조림 모터 펌프 시장): https://www.factmr.com/report/382/canned-motor-pumps-market

Rotary Pumps Market (Marché des pompes rotatives): https://www.factmr.com/report/2399/rotary-pumps-market

Power Generation Pumps Market (発電ポンプ市場): https://www.factmr.com/report/2430/power-generation-pumps-market

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About Fact.MR :

We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

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