NEW YORK, April 15, 2024 /PRNewswire/ — The global automotive pump market size is estimated to grow by USD 3.49 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of over 4.14% during the forecast period. Europe held the largest share of the global market in 2023, and the market in the region is estimated to witness an incremental growth of 38%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
Bapcor Ltd., BorgWarner Inc., Carter Fuel Systems LLC, CHIESI Farmaceutici SpA, Concentric AB, Continental AG, Cummins Inc., DENSO Corp., GMB CORP., Hitachi Ltd., Johnson Electric Holdings Ltd., Mitsubishi Electric Corp., Pricol Ltd., Rheinmetall AG, Robert Bosch GmbH, SHW AG, Stellantis NV, TI Fluid Systems Plc, Toyota Motor Corp., Valeo SA, ZF Friedrichshafen AG
Analyst Review
In the automotive industry, pump market plays a crucial role in both conventional fuel vehicles and electric vehicles (EVs). Automotive Original Equipment Manufacturers (OEMs) are subject to stringent regulatory bodies’ carbon emission norms in urban areas, particularly megacities. To meet these norms, various vehicle sub systems, including cooling technologies and combustion technologies, require advanced pumps. Conventional fuel vehicles use radiators and fuel pumps, while EVs employ pumps for liquefied gases and vehicle electrification. Paint and solvents application also relies on pumps in the manufacturing process. As emission levels continue to be a concern, the demand for EV technologies and vehicle electrification is increasing. The automotive pump market is expected to grow significantly, offering opportunities for innovation and sustainability in the environmental laws-driven automotive sector.
Key Market Drivers
The automotive pump market experiences significant growth, driven by the expansion of vehicle sub-systems in megacities of emerging economies. Urbanization and increasing economic activities lead to population growth and rising per capita income. However, this development brings challenges such as photochemical haze and high emission levels. To address these issues, automotive OEMs are focusing on EV technologies and vehicle electrification, including the adoption of electric vehicles (EVs), liquefied gases for fuel, and automation technologies like sensors and microcontrollers. Regulatory bodies enforce carbon emission norms, driving the shift from conventional fuel vehicles to EVs and other low-emission alternatives. Commercial vehicles, including buses, vans, utility trucks, and motorcycles/mopeds, also undergo this transition. Logistics and transportation sectors, including trains, are also adopting these advancements. Overall, the automotive industry’s evolution in urban areas is shaped by environmental laws, emission norms, and technological advancements.
Challenges and Opportunities
The Automotive Pump Market encompasses various types of pumps, including Mechanical and Electric pumps, used in Passenger cars. Mechanical pumps are traditionally used for hydraulic steering systems and steering pumps, while Electric pumps power essential vehicle sub-systems such as Electric coolant pumps and Electric fuel pumps. Combustion engines in Passenger cars, including Hatchbacks, rely on Fuel pumps to deliver precise quantities at high pressure. However, the high cost of Electric fuel pumps necessitates careful sourcing from vendors. The shift towards Electric Vehicles (EVs) and vehicle electrification necessitates the use of Batteries, Electric motors, and Inverter cooling. Cooling technologies, such as Liquefied gases, are essential for maintaining optimal temperatures in EVs. Environmental laws and concerns, including Carbon emissions and Photochemical haze, drive the demand for cleaner technologies. Logistics and Automation technologies streamline the manufacturing and distribution processes. Key vehicle sub-systems, such as Automatic transmission, Power steering, and Carbon emissions control, rely on various types of pumps. The market for automotive pumps is expected to grow significantly due to the increasing demand for vehicle electrification and stricter emission norms.
The automotive industry is undergoing a shift towards sustainability, with stakeholders, regulatory bodies, and OEMs focusing on minimizing carbon emissions. In this context, Continental, a leading tier-1 supplier, introduces an electric Active Purge Pump to reduce hydrocarbon evaporations, complying with stringent global legislation. This innovation is applicable to various vehicle types, including passenger cars, commercial vehicles like vans, utility trucks, buses, trains, motorcycles, and mopeds. Sensors, microcontrollers, actuators, mechanical pumps, and electric pumps are integral components of vehicle sub-systems, such as hydraulic steering and electric coolant pumps. As urban areas grapple with issues like photochemical haze, the transition to electric vehicles (EVs) and vehicle electrification is gaining momentum. Combustion engines, batteries, electric motors, inverter cooling, and cooling technologies are key areas of focus in the reduction of carbon emissions. Automation technologies and automatic transmission systems are also essential in this regard. Regulatory bodies continue to enforce emission levels, impacting the demand for liquefied gases, paint and solvents, and radiators in the automotive pump market.
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Market Overview
The Automotive Pump Market comprises a significant segment of the global industrial landscape. Components such as fuel, cooling, and engine oil pumps are integral to vehicle functionality. OEMs and aftermarket players contribute to the market’s growth. Carbon pumps, electronic pumps, and mechanical pumps are common types. The market’s value is driven by factors like increasing vehicle production, stringent emission norms, and technological advancements. Passenger cars and commercial vehicles are major end-users. In addition, utility vehicles and electric vehicles are emerging segments. The market is competitive, with key players focusing on product innovation and cost reduction strategies. The future outlook is promising, with potential growth opportunities in emerging economies and the shift towards electric vehicles.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
