Overview and Scope
The automotive pump transmits fluids (liquid or gas) by lowering or raising the pressure on the fluids to improve vehicle performance and fuel efficiency. Automotive pumps function by lifting, compressing, or transferring fluids around the vehicle’s operating system by using mechanical force or electric energy from a motor.
Sizing and Forecast
The automotive pumps market size has grown strongly in recent years. It will grow from $21.25 billion in 2023 to $22.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increased demand for fuel efficiency and reduced emissions, changes in consumer preferences and driving habits, government regulations and safety standards, improvements in manufacturing processes.
The automotive pumps market size is expected to see strong growth in the next few years. It will grow to $28.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increased demand for electric and hybrid vehicles, growing focus on sustainability and reducing emissions, electrification of vehicles, increased focus on electric and hybrid powertrains, growing demand for electric and fuel cell vehicles. Major trends in the forecast period include development of energy-efficient pumps, use of advanced materials for pump components, integration of variable-speed pump technologies, adoption of electrified cooling and lubrication systems, miniaturization of pumps for lightweight and compact designs.
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Segmentation & Regional Insights
The automotive pumps market covered in this report is segmented –
1) By Pump Type: Automotive Fuel Injection Pumps, Automotive Fuel Supply Pumps, Automotive Engine Oil Pumps, Automotive Transmission Oil Pumps, Automotive Coolant Pumps, Automotive Steering Pumps, Automotive Vacuum Pumps, Automotive Windshield Washer Pumps
2) By Electric Vehicle Type: BEV, FCEV, HEV, PHEV
3) By Technology Type: Electric Automotive Pumps, Mechanical Automotive Pumps
4) By Sales Channel: OEM, Aftermarket
Asia-Pacific was the largest region in the automotive pumps market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising electrification of vehicles is expected to propel the growth of the automotive pump market. An automotive pump is a device that functions by lifting, compressing, or transferring fluids around the vehicle’s operating system by using mechanical force or electric energy from a motor. An increase in fuel costs is persuading commuters to look at cheaper alternatives. Electric vehicles are a zero-emission and economical option that is gaining popularity. For instance, in 2022, increasing sales of electric vehicles pushed the total number of electric cars on the world’s roads to 26 million, up 60% relative to 2021. Thus, the rising electrification of vehicles is driving the growth of the automotive pump market.
Key Industry Players
Major companies operating in the automotive pumps market report are Aisin Seiki Co. Ltd., Denso Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, KSPG AG, Magna International Inc., SHW AG, ZF Friedrichshafen AG, Continental AG, Concentric AB, Hella KGaA Hueck & Co., Seiki Co. Ltd., Valeo SA, Hitachi Automotive Systems Ltd., JTEKT Corporation, Magneti Marelli SpA, Delphi Technologies plc, TI Automotive Inc., Rheinmetall Automotive AG, MS Motorservice International GmbH, GMB Corporation, Pierburg GmbH, Mahle GmbH, BorgWarner Inc., Schaeffler AG, Mikuni Corporation, Bosch Mahle Turbo Systems GmbH & Co KG, SMP Deutschland GmbH, Melling Engine Parts, Gates Corporation
The automotive pumps market report table of contents includes:
1. Executive Summary
2. Automotive Pumps Market Characteristics
3. Automotive Pumps Market Trends And Strategies
4. Automotive Pumps Market – Macro Economic Scenario
5. Global Automotive Pumps Market Size and Growth
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31. Global Automotive Pumps Market Competitive Benchmarking
32. Global Automotive Pumps Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Pumps Market
34. Automotive Pumps Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Aisin Seiki Co. Ltd.
Denso Corporation
Johnson Electric Holdings Limited
KSPG AG
Magna International Inc.
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