According to the new market research report "Automotive Pumps Market by Type, Technology (Electric, Mechanical), Displacement, Vehicle Type, Sales Channel (OEM, Aftermarket), EV (BEV, HEV, PHEV, FCEV), Off-Highway Vehicles, Application and Region - Global Forecast to 2027", published by MarketsandMarkets™, The Automotive Pumps Market size is projected to grow at a CAGR of 4.1%, from USD 14.8 billion in 2022 to USD 18.0 billion by 2027.
The major factors driving the growth of the market are fluctuating fuel prices that have increased the demand for fuel-efficient vehicles and increasing pressure on automakers to comply with the emission norms. In addition, the consistent growth in the demand for passenger cars is likely to trigger the growth of the automotive pump market during the forecast period. Also, heavy investments in R&D activities by vehicle manufacturers to develop efficient fluid technology for automotive are expected to push the growth of the market. Infrastructural development in emerging countries is expected to drive the growth of commercial vehicles, which in turn would boost the demand for automotive pumps.
Key Market Players:
The major Automotive Pumps Market players include Aisin Corporation (Japan), Denso (Japan), Robert Bosch GmbH (Germany), Valeo (France), and Continental AG (Germany) among others.
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By Technology: Electric segment is the fastest-growing segment of the automotive pump market during the forecast period
Electric pumps, which work with the help of electric motors, are gradually replacing mechanical pumps. The use of electric pumps is increasing due to their many advantages over mechanical pumps. An electric fuel pump provides more fuel efficiency compared to a mechanical fuel pump. However, the installation of an electric pump requires a sophisticated electrical circuit, which increases the cost. Major global automakers are now using electric pumps in vehicular architecture.
By Vehicle Type: Passenger car segment is expected to be the fastest-growing segment in the automotive pump market
A growing number of favourable government policies, mandating the reduction in CO2 emissions in new vehicles and growing disposable income are expected to create opportunities for the passenger car market growth. Also, economic growth in emerging countries has enhanced the purchasing power of people hence resulting in the growth of the passenger car segment. The passenger car segment is expected to grow by 4.1% CAGR reaching USD 18 billion in 2027 from USD 14.8 billion in 2022.
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Asia Pacific: India is expected to grow at the highest CAGR during the forecast period.
Owing to favourable government policies, such as 100% FDI with prior government approval, leaner policies for manufacturing and imports for licensing and approvals, and World Trade Organization (WTO) compliant policies, the automotive industry in the country is growing at a higher CAGR than most countries in the region. Various government initiatives, such as Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME), will foster the popularity of EVs and drive the sales of automotive electric pumps in India. The passenger car segment in India for automotive pumps is expected to grow at the highest CAGR during the forecast period and is expected to be the largest market in the forecast period. The pickup in economic activity and several government initiatives are likely to propel the automotive market growth in India, thus leading to growth in the Automotive Pumps Market
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