Global Automotive Pumps Market Report 2021-2026 – Need For Fuel Efficient Vehicles And Growing Automotive Demand To Drive Automotive Pumps Demand
DUBLIN, November 18, 2021– (BUSINESS WIRE) – The report “Automotive Pumps Market – Global Forecast to 2026” was added to ResearchAndMarkets.com to offer.
The global automotive pump market is expected to grow from $ 14.2 billion in 2021 to $ 17.5 billion by 2026, with a CAGR of 4.2%.
Major vehicle manufacturers around the world are focusing on introducing fuel efficient vehicles to meet increased consumer demand. In addition, several countries have introduced strict emission standards for cars and commercial vehicles in order to curb increasing pollution.
These factors are expected to drive the growth of the market. However, the growth of battery powered vehicles is seen as a major drag on the growth of the automotive pump market. Although the outbreak of the COVID-19 pandemic around the world has disrupted economic and financial structures around the world.
The auto industry saw a decline due to the halt in production of vehicle parts and assemblies that collapsed the economies of the US, China, UK, Germany, France, Italy, Japan and many other countries. However, in the first half of 2021, automakers around the world increased production levels due to the surge in sales.
“HEV is the largest EV segment in the automotive pump market over the forecast period.”
HEVs include an internal combustion engine and a battery. Thus, the architecture of an HEV is best suited to install pumps to regulate the flow of liquid. Applications such as cooling, lubrication and fuel injection require pumps to operate efficiently.
Therefore, it is expected that the increasing demand for vehicles in the HEV segment will increase the demand for automotive pumps and contribute to the growth of the world market. In addition, the demand for hybrid vehicles is increasing due to strict emission regulations and the growing demand for low-emission or zero-emission vehicles. In addition, governments in various countries grant purchase grants and tax breaks for hybrid vehicles.
For example, in June 2021, the Indian government announced the decision to extend the second phase of the Hybrid and Electric Vehicle Faster Adoption and Manufacture (FAME) program by two years to March 31, 2024. The program began in 2019 to promote sales of hybrid and electric vehicles, expected to end by 2022.
With this, the government is planning to start programs around the world to promote electric vehicles, the market for electric vehicles would increase and the market for automotive pumps would increase in proportion to the sales of new electric vehicles.
“The passenger car segment is expected to dominate the automotive pump market.”
The rise in consumer disposable income has increased the demand for passenger cars, which in turn has fueled the growth of the automotive pump market. The passenger car segment is expected to have the largest share of the automotive pump market.
The market for automotive pumps in passenger cars will grow significantly, especially in the emerging countries in the Asia-Pacific region. In addition, increasing consumer demand for electric cars and several changes in transport policies by various governments to curb harmful emissions are expected to drive growth in the passenger car segment.
“The Asia-Pacific region is expected to experience the highest growth rate over the forecast period.”
The Asia Pacific market is a huge geographic region that includes countries such as Japan, China, India, South Korea, and Thailand. China is the largest automobile manufacturer in the world. The country’s automotive sector has grown rapidly in recent years.
In addition, start-ups in component manufacturing and Tier I companies have strengthened their position in the region and thus increased the growth of the market. In addition, established automakers in Japan, China, and South Korea are expected to service increased pump demand from OEMs in the region.
The main players in the automotive pump market are Aisin Corporation (Japan), Denso (Japan), Continental AG (Germany), Valeo (France) and Robert Bosch GmbH (Germany).
Demand for fuel efficient vehicles and growing automobile demand to stimulate the demand for automobile pumps
APAC is expected to be the largest market during the forecast market
Headlight washer pumps are expected to be the fastest growing segment over the forecast period (2021-2026)
Car segment becomes market leader in forecast period (2021-2026)
The Electric Pumps Market is expected to grow at higher CAGR during the forecast period (2021-2026)
The variable pumps market is expected to grow with higher CAGR during the forecast period (2021-2026)
Hevs will lead the Automotive Pumps market in terms of size during the forecast period (2021-2026)
Engine & Hvac are expected to be the fastest growing application segment over the forecast period (2021-2026)
Growing demand for fuel efficient vehicles
Implementation of strict emission standards by regulators
Increasing trend towards downsizing engines
Increase in the use of ethanol fuel in the automotive industry
Growing acceptance of new technologies
Robust sales growth in plug-in hybrid electric vehicles
Automotive Pump Market Ecosystem
Analysis of the value chain
Who delivers whom data
Trends and disruptions in the automotive pump market
Automotive Pumps Market: Impact of COVID-19
Carrier five powers
Other key players
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