Global Automotive Pump Market Is Estimated to Be Worth US$ 118 Billion by 2033
Image source: Future Market Insights
The global increase in vehicle usage, combined with the adoption of cutting-edge technologies to manufacture fuel-efficient vehicles that comply with VOC emission regulations, is anticipated to make a substantial impact on the automotive pump market's expansion.
Numerous automakers and manufacturers are making significant investments in research and development, as well as the production of automotive components. They are incorporating smart technologies like automatic transmission, gasoline direct injection, and gasoline turbochargers, all of which rely on automotive pumps for efficient operation. This trend is expected to generate promising growth opportunities for the automotive pump market.
The increasing disposable incomes, particularly in emerging economies, have led to an increased purchasing power among individuals. This trend has prompted automakers to place greater emphasis on mid-sized and compact cars. The introduction of premium features such as easy gear shift, power steering, anti-lock braking system, and cabin comfort systems in these vehicles, is presenting numerous opportunities for market expansion.
With a growing demand for high-performance vehicles that are both fuel-efficient and lightweight, there is a continuous need for product innovation in the automotive pump industry. These pumps play a key role in improving the energy efficiency of vehicles. The adoption of variable automotive displacement oil pumps, which facilitate maximum oil circulation through all engine parts while effectively absorbing the heat generated, may contribute to the overall growth of the industry.
Europe automotive pump market is expected to grow with a CAGR of 6.3% during the forecast period.
The market in India is projected to witness a CAGR of 6.4% during the forecast period.
The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
By sales channel, OEM is projected to lead the segment and is estimated to grow with a CAGR of 6.7% during the forecast period.
By technology, electric pump segment is expected to grow with a CAGR of 7% throughout the forecast period.
“The incorporation of smart technologies like automatic transmission, gasoline direct injection, and gasoline turbochargers is expected to fuel the market growth during the forecast period,”- comments an FMI analyst.
Source: Future Market Insights