Automotive Pumps Market: Current Analysis and Forecast (2023-2030)

Automotive pumps play a crucial role in the functioning of vehicles by ensuring the circulation of essential fluids and the smooth operation of various components. These pumps are responsible for delivering the necessary fluids to different systems within the automobile, such as the engine, cooling system, braking system, and power steering.

The Automotive Pumps Market is expected to grow at a steady rate of around 4.30% owing to the growing production of vehicle manufacturers worldwide. As more automobiles are being produced globally, the demand for numerous varieties of automotive pumps, including fuel pumps, water pumps, oil pumps, and steerage pumps, is also surging. these pumps are critical components that ensure the right functioning of essential systems inside automobiles, along with gasoline supply, engine cooling, lubrication, and energy steerage. As the automotive industry expands to satisfy the growing demand for vehicles globally, the need for reliable and efficient pumps intensifies. Consequently, the automotive pumps market is experiencing tremendous growth, as manufacturers strive to satisfy the requirements of the burgeoning automobile production sector. For instance, according to the report published by OICA, the total number of vehicles produced in the year 2021 is 80.2 million and increased to 85.01 million in 2022. Therefore, the growing preference for vehicle aesthetics and appearance enhancement among car owners drives the automotive pumps market.

Based on 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 and is expected to show the same trend in the forecast period. As they, create pressure and ensure a consistent flow of fuel, enabling the engine to operate efficiently. Due to their vital function, fuel pumps are an indispensable component of the automotive fuel delivery system. Moreover, with the rising focus on sustainability and fuel efficiency, automakers are constantly striving to enhance the efficiency of their vehicles. Fuel pumps, particularly electric fuel pumps, have improved over time to deliver fuel more precisely and in accordance with engine requirements.

Based on vehicle 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. The passenger cars have been the most popular form of transportation globally, with a substantial number of them being produced and sold annually. This high demand for passenger cars directly translates to a greater need for automotive pumps, which are crucial components in ensuring the efficient functioning of various systems within the vehicles. Moreover, passenger cars are equipped with a diverse range of pumps that serve diverse functions, including fuel pumps, water pumps, oil pumps, and transmission pumps. These pumps play a vital position in maintaining the general overall performance and reliability of the automobile, ensuring proper gas delivery, cooling, lubrication, and electricity transmission. For instance, in 2022, the Suzuki Swift Dzire maintained its top spot among sedan sales in December 2022, and Among the smaller sedans, the Xcent/Aura pair witnessed a 142% YoY gain.

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 and is expected to follow the same pattern in the forecast period. First off, mechanical pumps were widely adopted in automobile systems for their reliability and demonstrated overall performance. They have a long-standing presence within the industry, with well-established production techniques and delivery chains, resulting in cost efficiencies and economies of scale. moreover, mechanical pumps are essential for critical functions inside cars, including engine cooling, gas transport, and lubrication. Their essentiality and wide range of programs across numerous vehicle sorts make a contribution to their higher revenue era. Moreover, advancements in mechanical pump technology, consisting of advanced performance and sturdiness, have similarly solidified their dominance in the market.

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. Automotive pumps, like some other mechanical components, have a certain lifespan and might require alternative due to wear and tear or failure. The aftermarket segment affords purchasers with access to a wide range of substitute pumps, assisting them in extending their automobile's lifespan and ensuring proper renovation. Moreover, aftermarket pumps are frequently more affordable compared to original device producer (OEM) pumps. This makes them an appealing option for cost-conscious customers who want reliable replacements without paying the better charges related to OEM products.

For a better understanding of the market adoption of the shipbuilding industry, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, Mexico, Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Rest of World. The Asia Pacific is projected to be the fastest-growing region in the forecast period due to rapid industrialization, increasing population stringent government norms to reduce carbon emissions, and urbanization. The Asia Pacific region has seen consistent growth in the automotive industry, with increasing car sales and production. This leads to a higher demand for car care products, including various automobile pumps. Moreover, The growing desire for high-end vehicles with personalized aesthetic enhancements is a key factor. Additionally, the presence of prominent market participants plays a crucial role in designing and manufacturing various types of pumps for consumers and driving the growth of the region's automotive pump industry. Moreover, Asia Pacific is home to some of the world's most populous countries, inclusive of China and India. Their sheer populace size translates right into a large purchaser base, creating a sizeable market for car products. Producers within the location can benefit from economies of scale and the potential to cater to a diverse variety of consumer preferences.

Some of the major players operating in the market include: Robert Bosch GmbH, Denso Corporation, Valeo Service, Continental AG, MagnaFuel, Magneti Marelli Parts & Services, Hitachi Astemo Americas, Inc., Johnson Electric Holdings Limited, SHW AG, Aisin Corporation.