Automotive Pump Market Expected to Reach $27 Billion by 2032

The global Automotive Pump Market has experienced significant growth and transformation, driven by rise in fleet of electric and hybrid vehicles, and stringent government regulations on emission norms. Also, technological advancement in automotive pumps, development of autonomous vehicles, are likely to shape the industry's future, enhancing safety and efficiency. The global automotive pump market size was valued at $16.4 billion in 2022, and is projected to reach $27 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.

Download Sample Report (Get Full Insights in PDF - 300 Pages) at: https://www.alliedmarketresearch.com/request-sample/A08905

The global automotive pumps market has seen significant growth and change due to rising fleet of electric and hybrid vehicles, stringent government regulations on emission norms. In addition, technological advancement in automotive pumps, development of autonomous vehicles presents significant opportunities for market expansion.

The surge in the production and sales of vehicles, coupled with growing urbanization, infrastructure development, and the need for energy-efficient vehicles are driving the requirement for automotive pumps. The hybrid electric vehicle demand across the globe is anticipated to witness a strong growth rate during the forecast period due to rising environmental concerns and fuel saving. Recent technological advancement has resulted in the development of hybrid vehicle technology for SUVs and larger-size vehicles, which are significantly propelling the growth of the automotive pumps.

Buy Now & Get Exclusive Discount on this Report : https://www.alliedmarketresearch.com/checkout-final/38c03677c8078abbbeb7b65687de8856

As international automobile manufacturers extend their reach and consumers' purchasing power for new cars grows, the demand for passenger vehicles is experiencing significant growth. Enhanced lifestyles and economic conditions are driving shifts in consumer preferences worldwide. With rising purchasing power and disposable income, increased brand visibility, and competition among OEMs to provide enhanced features, it is anticipated that the automotive pumps will experience growth during the forecast period as they are deployed in the vehicle engine to increase the overall efficiency of the cars.

Based on type, the fuel injection pump segment held the highest market share in 2022, registering a CAGR of 5.2% as the fuel injection pumps regulates the quantity of fuel delivered, ensuring that the engine receives the right amount of power. However, the water pump segment is witnessing a highest CAGR of 6.4% from 2023 to 2032, owing to the rise in trend toward engine downsizing to enhance fuel efficiency and reduce emissions.

The key players profiled in this report include

GMB Corporation
Schaeffler Technologies AG & Co. KG
Mitsubishi Electric Corporation
Aisin Seiki Co., Ltd.
MAHLE GmbH
Aisan Industry Co., Ltd.
Continental AG
Valeo
Robert Bosch GmbH
Johnson Electric Holdings Limited

The report provides a detailed analysis of these key players in the global automotive pumps market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Get Customized Reports with you're Requirements: https://www.alliedmarketresearch.com/request-for-customization/A08905

The increasing disposable income in developed and developing nations, together with the ongoing advancements in infrastructure, are anticipated to drive the market growth. Commercial vehicle manufacturers such as Tata Motors Ltd., Mahindra and others, have been driven to design vehicles with lower carbon emissions as a result of growing consumer awareness of environmentally friendly transportation options. Manufacturers are attempting to reduce size and load factors, innovate vehicle design, and modify vehicles in compliance with weight standards due to which advanced pumps are deployed in these vehicles.

Based on sales channel, the OEM segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period registering a CAGR of 5.7%, as the pumps play a central role in thermal management systems, facilitating the circulation of the appropriate coolant volume. The contribution of electric water pumps in supplying coolant as required plays a key role in lowering the fuel consumption of traditional powertrains. This increases the sales of pumps in automotive applications.

Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A08905

Based on vehicle type, the passenger vehicle segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period registering a CAGR of 5.8%, owing to enhanced lifestyles and economic conditions which is driving shifts in consumer preferences worldwide. The automotive pumps market is expected to experience growth during the forecast period with rise in purchasing power and disposable income, increased brand visibility, and competition among OEMs to provide enhanced features, as they are deployed in the vehicle engine to increase the overall efficiency of the cars.

Regional Analysis:

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, the implementation of numerous government campaigns, the proliferation of hybrid electric vehicle (HEV) models, and continuous improvement in battery technology are collectively propelling the automotive pumps market. However, LAMEA is expected to witness the fastest CAGR of 7.9% from 2023 to 2032, owing to rise in disposable income and increase in the production and sales of four- wheelers.

Other Trending Reports:

Automotive Suspension Market - https://www.alliedmarketresearch.com/automotive-suspension-market

Automotive Child Presence Detection System Market - https://www.alliedmarketresearch.com/automotive-child-presence-detection-system-market-A115343

Automotive Tailgate Market - https://www.alliedmarketresearch.com/automotive-tailgate-market

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.