The global automotive pumps market is growing at a rapid pace. The market growth attributes to the booming automotive industry lead to increased demand for automotive pumps. Besides, the increase in vehicle production, emission norms, and the adoption of advanced technologies drive the growth of the market. New technologies such as gasoline turbocharged direct injection and automatic transmission are primarily used to improve the performance of the vehicles.
Additionally, the increasing demand for
fuel-efficient vehicles significantly pushes the automotive pump market sales.
Besides, the wide-spread usages of pump technology across vehicle types such as
passenger cars, LCV, HUV, two-wheelers, and others boost market growth. Rapidly
increasing population, industrialization, urbanization supports the growth of
the market. Improving economic conditions undoubtedly, contribute to market
growth, expanding the consumer's purchasing power.
Key Players
·
Aisin Seiki Co. Ltd.
·
Delphi Automotive
·
Denso Corporation
·
Robert Bosch Gmbh
·
Johnson Electric
·
KSPG AG-A- Rheinmetall
·
Mikuni Corporation
·
Magna International
·
TRW Automotive
·
SHW AG.
Also, the expansion of distribution channels is
expected to provide an impetus to the market growth during the forecast
period. On the flip side, high costs of these pumps and rising focus on
battery-driven vehicles are some of the primary factors forecasted to hamper
the growth of the automotive pumps market. Nevertheless, technological
innovations expected in the recent future would support market growth
throughout the review period, presenting cost-competitive solutions to reduce
the overall cost of these pumps.
Global Automotive Pumps Market – Regional
Analysis
The Asia Pacific region leads the global
automotive pumps market. The largest market share attributes to the burgeoning
automotive industry and the availability of innovative technologies. Besides,
the presence of several notable players and increased production capacity in
terms of volume and new facilities drive the regional market growth.
Countries like China and India hold significant
shares in the regional market, growing with the demand for lightweight vehicles
with enhanced fuel efficiency. The APAC automotive pumps market is projected to
retain its dominance throughout the estimated period.
Europe region is another lucrative market for
automotive pumps. The market is especially driven by the presence of the well
established automotive industry in the region. Moreover, innovation in the ICT
segment is referred to as a key growth driver for the growth in this region.
Substantial investments by the existing major industry players in R & D
activities required for product and technology developments fuel the demand in
the automotive pumps market.
North America also holds a substantial share in
the global automotive pumps market. Factors such as the spurring demand from
the automotive sector in the region fuel the sales in the market. The North
American automotive pumps market is estimated to increase at a significant pace
during the assessment period.
Global Automotive Pumps Market –
Competitive Analysis
Highly competitive, the automotive
pumps market appears fragmented due to the
presence of several well-established players. Industry players run programs
featuring easy lookup on an online application catalog that can be accessed
through the world. They strive to offer an extended range of OE-quality
automotive pumps for replacement and import vehicle applications, from motor
mounts to hose assemblies.
To gain a larger competitive share, industry
players initiate strategic approaches such as mergers & acquisitions,
innovation, brand reinforcement, and expansion. Due to the expected innovations
and improvements in product, service, and product innovations, the market is
soon expected to witness an intensified competition.
Industry/ Innovations/ Related News
July 06, 2020-- Rheinmetall Automotive AG (Germany), a
renowned international carmaker, announced gaining a major order for China's
electrical vacuum pumps. The order extends to a lifetime volume of €250 MN to
manufacture components by Pierburg Huayu Pump Technology (PHP), a
Shanghai-based joint venture company of Rheinmetall Automotive.
Segmentation
By product
·
Fuel Pump
·
Oil Pump
·
Steering Pump
·
Water Pump
·
Fuel Injection Pump
·
other
By Technology
·
Mechanical
·
Electrical
By Vehicle Type
·
Passenger car
·
LCV
·
HUV
·
Two Wheeler
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