Automotive Pump Industry Forecast to Hit USD 118 Billion by 2033, Growing at a 6.2% CAGR

According to Future Market Insights, the global automotive pump industry is expected to be valued at USD 64.57 billion in 2023, with projections indicating growth to USD 118 billion by 2033. This represents a compound annual growth rate (CAGR) of 6.2% over the forecast period from 2023 to 2033.

This expansion is primarily fueled by the increasing use of vehicles worldwide and the adoption of advanced technologies aimed at producing fuel-efficient vehicles that meet volatile organic compound (VOC) emission regulations.

Automakers are investing heavily in research and development to enhance automotive components, with a notable focus on integrating smart technologies such as automatic transmissions, gasoline direct injection, and gasoline turbochargers-all of which depend on automotive pumps for optimal functionality. This trend is expected to create significant growth opportunities in the automotive pump market.

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Additionally, rising disposable incomes in emerging economies are boosting individual purchasing power, leading automakers to concentrate on mid-sized and compact cars. The incorporation of premium features, such as smooth gear shifting, power steering, anti-lock braking systems (ABS), and improved cabin comfort systems, is further driving market expansion.

The demand for high-performance vehicles that are both fuel-efficient and lightweight is spurring continuous innovation within the automotive pump industry. These pumps play a crucial role in enhancing vehicle energy efficiency, with the adoption of variable displacement oil pumps being particularly noteworthy. These pumps optimize oil circulation throughout the engine while effectively dissipating heat, contributing to the overall growth of the industry.

Key Takeaways

Europe automotive pump market is expected to grow with a CAGR of 6.3% during the forecast period.
The market in India is projected to witness a CAGR of 6.4% during the forecast period.
The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
By sales channel, OEM is projected to lead the segment and is estimated to grow with a CAGR of 6.7% during the forecast period.
By technology, electric pump segment is expected to grow with a CAGR of 7% throughout the forecast period.

"The incorporation of smart technologies like automatic transmission, gasoline direct injection, and gasoline turbochargers is expected to fuel the market growth during the forecast period," - comments an FMI analyst.

Competitive Landscape

The automotive pump market is highly competitive, with several key industry players investing heavily in the production of these services.

The key industry players are DENSO Corporation, Johnson Electric Holdings Limited, HELLA KGaA Hueck & Co., Hitachi Automotive Systems, Ltd., Concentric AB, Continental AG, Delphi Automotive LLP, JTEKT Corporation, KSPG AG, Magna International Inc., Magneti Marelli S.p.A, Robert Bosch GmbH, Pricol Ltd., SHW Group, TI Automotive Ltd, ZF TRW Automotive Holdings Corp.

Some recent developments in the market are:

In January 2022, Aisan Industry Co., Ltd., a manufacturer specializing in engine components, successfully finalized the acquisition of Denso Corporation's fuel pump module business. This strategic move aimed to enhance Aisan Industry's powertrain portfolio and capitalize on potential market expansion prospects.
In August 2022, HELLA KGaA Hueck & Co, an automotive supplier known for its FORVIA brand, unveiled an expansion to its already extensive thermal management portfolio. The company introduced two new additions: the electronic Valve Actuator and the high-performance Media Pump, both designed to enhance coolant circulation capabilities.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global automotive pump market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the automotive pump market, the market is segmented on the basis of pump, sales channel, technology, vehicle type, and region.

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Key Segmentations

Pump:

Fuel Supply Pump
Fuel Injection Pump
Transmission Oil Pump
Conventional Engine Oil Pump
Variable Engine Oil Pump
Steering Pump
Coolant Pump
Windshield Washer Pump
Vacuum Pump

Sales Channel:

OEM
Aftermarket

Technology:

Electric
Mechanical

Vehicle Type:

Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Two Wheeler

Region:

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.