PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1053915
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1053915
The global Automotive Pumps market was valued at USD 9,805.6 Million in 2020, growing with 6.8% CAGR during the forecast period, 2021-2027.
Automotive pumps are crucial components in every automotive or some other gasoline engines equipment for transferring fluid and improving fuel economy and vehicle functionality. These pumps are utilized in a wide range of vehicle components, such as steering, transmissions, cooling, gasoline, and lubricating. These are in a growing market in addition to giving environmentally friendly alternatives in automobiles.
Rising sales of corporate and consumer automobiles in emerging nations are expected to drive the demand for the market. Automakers have been urged to create efficient energy infusion technologies in response to the increased demand for environmentally beneficial and fuel-efficient cars. As a result, the industry is expanding. Mechanical pumps have been substituted by electric ones as a result of technology improvement, which increases the vehicle's total fuel economy. This, in addition, is likely to fuel market expansion throughout the projected timeframe. Nevertheless, the rising price of electric vehicles, as well as fluctuations in raw component costs, are among a few of the issues that could limit market expansion.
The global outbreak of coronavirus had proven a major source of concern for automobile partners. The industry has come to a halt due to the shutdown of car production and delivery disruptions. Lower car sales during the outbreak will become a major concern for automobile OEMs within the foreseeable future. According to experts, there is a distant likelihood of automobile deal recovery. In any event, the automotive pumps industry is expected to experience a significant increase as a result of multiple countries' criteria for fossil energy wastes. Subsequent to that, reduced vehicle sales and unanticipated halts in the development of fresh automotive improvements will trigger the automotive pumps Industry to expand slowly.
The Automotive Pumps market is segmented on the basis of Pump Type, Technology, Vehicle Type, Displacement, Sales Channel, and region.
The industry is segmented into two segments based on technology: mechanical pumps and electric pumps. Throughout the projection timeframe, the mechanical pump is expected to remain the leading sector. To circulate the liquid, mechanical automobile pumps employ mechanical power, while electric pumps use electric energy from a generator. Mechanical pumping sometimes referred to as gearing pumps, are powered by a vehicle's motor and thus are mechanically operated by a drive system or the crankshaft. The mechanical pump industry, on the other hand, is predicted to increase modestly in the subsequent years as electronic pumps are progressively employed in the replacement of mechanical pumping to make automobiles more effective.
The worldwide industry is divided into two segments based on sales stream: OEM and aftermarket. Automakers are increasing their vehicle R&D spending in an effort to produce improved gasoline pump technology and operating systems. The OEMs sector is predicted to expand the most throughout the projection period, accounting for the majority of industry volume.
Aisin Seiki, Delphi Automotive, Denso Corp, Johnson Motors, KSPG AG-A- Rheinmetall, Magna Intl, Robert Bosch Gmbh, Mikuni Corp, as well as SHW AG are among the key competitors in the worldwide market. New products are being pursued by market participants in order to increase their industry dominance and achieve momentum in the globalized economy. To acquire a customer base, the corporations are participating in strategic partnerships including product announcements, R&D, partnerships, and affiliations. The automotive pump business is concentrated with existing worldwide competitors and is seeing the rise of new competitors in the sector.
The Asia Pacific is often regarded as the quickest and most rapidly increasing industry for automobile pumping. Nations such as Japan and India are growing as a result of attributes such as lighter automobiles and improved fuel economy. Increasing quantity output capabilities and infrastructure improvements with novel technical breakthroughs are propelling Asia's automobile pump industry.
The scope of this report covers the market by its major segments, which include as follows: