According to a new report published by UnivDatos Markets Insights, The Automotive Pumps Market was valued at USD 14.1 billion in 2022 & are expected to grow at a CAGR of 4.30% from 2023-2030. The analysis has been segmented into Type (Fuel Pumps, Oil Pumps, Steering Pumps, Water Pumps, and Others); Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles); Technology (Electrical and Mechanical); Sales Channel (OEM, and Aftermarket); and Region/Country
The automotive pumps market reports have been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the automotive pumps market. The automotive pumps market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the automotive pumps market at the global and regional levels.
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Key Market Opportunities
Improvements in fuel efficiency and emission standards have drastically influenced the automotive pump market. As extra governments and regulatory bodies worldwide keep to enforcing stringent emission limits and fuel consumption targets, automakers are under big stress to develop automobiles that can be more eco-friendly, and efficient. This has caused an increased demand for advanced automobile pumps which can optimize fuel delivery, cooling, and lubrication systems, among others. in an effort to meet the necessities of these evolving standards, automobile pump producers are investing closely in research and development to layout revolutionary and power-efficient solutions. furthermore, the growing adoption of electric and hybrid automobiles has further fueled the demand for specialized pumps to support their specific powertrain configurations. This synergy between fuel performance and emission standards has not only propelled the automotive pumps market but has also fostered a greater sustainable and environmentally conscious automotive industry as a whole.
Segmentation Details:
· By type, the market is divided into fuel pumps, oil pumps, steering pumps, water pumps, and others. The fuel pumps segment dominated the market in 2022.
· By vehicle type, type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger segment is currently the leading segment and is expected to dominate the segment in the forecast period.
· On the basis of technology, the market is bifurcated into electrical and mechanical. Among these, the mechanical category to hold a significant share of the market in 2022
• On the basis of sales channel, the market is bifurcated into OEM and aftermarket. Among them, the aftermarket segment is to hold a significant share of the market in 2022.
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Automotive Pumps Market Geographical Segmentation Includes:
· North America (U.S., Canada, Mexico, and the Rest of North America)
· Europe (Germany, UK, Spain, France, Italy, and Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
· Rest of the World
The Asia Pacific region would exhibit the highest CAGR during 2023-2030 owing to the growing number of car sales in the region, the emergence of several online marketplaces, and the growing population with rapid urbanization. One of the primary factors fueling the growth of the Asia Pacific automotive pump market is the increasing number of car sales in the region. The rising disposable incomes and improving economic conditions have led to a higher purchasing power among consumers, making car ownership more affordable. According to the International Organization of Motor Vehicle Manufacturers, the Asia Pacific region accounted for approximately 50% of global car sales in recent years. As more individuals purchase cars, the demand for car care products and services naturally increases. The need for regular maintenance also fueled the demand in the market for various types of pumps. Furthermore, with a greater number of people relying on cars for daily commuting, the importance of passenger cars has become a necessity rather than a luxury. The advent and subsequent popularity of online marketplaces have revolutionized the way consumers shop for consumer goods and various day-to-day purpose products and accessories. E-commerce platforms have become the go-to destination for purchasing essential products as they provide convenience, a vast product range, and competitive prices which further increase the demand for commercial vehicles in the region. Additionally, Environmental regulations aimed at curbing vehicle emissions have become increasingly strict globally. Compliance with these regulations requires advanced fuel systems, including fuel pumps, to enhance fuel efficiency and reduce emissions. This factor drives the demand for automotive pumps in order to meet the regulatory standards. The Asia Pacific region is home to a rapidly increasing population, particularly in urban areas. According to the United Nations, approximately 50% of the global urban population resides in Asia Pacific cities. This demographic shift has led to a surge in car ownership as urban dwellers seek greater mobility and convenience skyrocketed the demand for the automotive pumps market.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the automotive pumps market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
· In January 2022, Aisin Corporation successfully acquired the Denso Corporation’s fuel pumps business models. With the help of the acquisition, the company is focusing on developing the pumps for powertrain and exploring more opportunities.
· In August 2022, HELLA KGaA Hueck & Co, has announced the expansion of its thermal management portfolio with an electronic valve actuator and high-performance media pump for coolant circulation. HELLA has now started series development of these new, high-performance components; market launch has been scheduled for 2025.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the automotive pumps market?
• Which factors are influencing the automotive pumps market over the forecast period?
• What are the global challenges, threats, and risks in the automotive pumps market?
• Which factors are propelling and restraining the automotive pumps market?
• What are the demanding global regions of the automotive pumps market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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