The role of automobile pumps in improving the engine economy has led to a rise in R&D spending to develop cutting edge vehicle pumps
Luton, Bedfordshire, United Kingdom, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Pumps Market.
The global Automotive Pumps Market is expected to grow at a 4.2% CAGR from 2022 to 2029. It is expected to reach above USD 19.74 billion by 2029 from USD 13.75 billion in 2020.
Automotive pump manufacturers are focusing on implementing cutting-edge automation technologies. Additionally, the rising demand from end users will drive the growth of the automotive pump market. Due to increased global vehicle utilization and the adoption of cutting-edge technologies to build fuel-efficient vehicles that abide by VOC (volatile organic compound) pollution laws, the automotive pumps Market is predicted to grow quickly.
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According to research, the Asian industry's demand for automotive pumps is anticipated to grow at a CAGR of 5.7% during the forecast period and hold a market share of 42%.
The Aisin Group’s Aisin Tohoku Co. stated in December 2020 that it will expand its facility to begin producing small and medium-sized motor goods, mostly electric water pumps, by 2022. The electric water pump will be manufactured in the facility for the first time.
Aisin Corporation said in April 2019 that it will make a fresh investment to strengthen its Automatic Transmission (AT) business in the United States and to expand its production facility. Aisin AW will contribute to the development of the car industry in the United States in the future by improving its capacity to manufacture ATs for SUVs. This move by the corporation might help it expand its automotive pump product portfolio.
Adoption of automotive pumps is limited by difficulties
The share of automobile pumps has decreased due to the significant use of innovative technologies in product development, which is anticipated to reduce the aftermarket potential of these technologies in the near future. This is regarded as one of the major issues impeding the market for automotive pumps from expanding. Governments and regulatory authorities are continuously working to reduce the air pollution generated by the automotive industry and other industries due to growing worldwide concerns around carbon and VOC emissions. This has increased the popularity of electric vehicles, which are lacking internal combustion engines and run on electric power, which is anticipated to have a negative impact on the market for automotive pumps in the future.
Automotive Fuel Supply Pumps Gaining Momentum
Both changing pollution regulations and increasing auto sales around the world have a big impact on how the automotive sector develops. Customers are looking for fuel-efficient, high-performance vehicles that are lightweight. The importance of automobile pumps in improving the engine economy has led to a rise in R&D spending to create cutting-edge automotive pumps.
Scope of the Report:
2029: 19.74 billion
By Type, by Technology, by Displacement , by Electric Vehicle, and by Application
North America: includes the US, Canada, Mexico
Market growth driving factors, challenges & pitfalls, opportunities, trends, key players analysis, and region analysis
Engine downsizing, which utilizes advanced technologies like turbochargers, superchargers, and direct injection, is one of the most current trends in the automotive industry. OEMs are placing more and more emphasis on adopting compact engines that have power on par with or more than the current engines. Smaller engines contribute to a lighter overall vehicle, which increases the fuel efficiency of both gasoline and diesel engines.
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Key Market Segments: Automotive Pumps Market
Automotive Pumps Market by Type, 2020-2029, (USD Million), (Thousand Units)
Fuel Injection Pump
Transmission Oil Pump
Headlight Washer Pump
Automotive Pumps Market by Technology, 2020-2029, (USD Million), (Thousand Units)
Automotive Pumps Market by Displacement, 2020-2029, (USD Million), (Thousand Units)
Automotive Pumps Market by Electric Vehicle, 2020-2029, (USD Million), (Thousand Units)
Automotive Pumps Market by Application, 2020-2029, (USD Million), (Thousand Units)
Body & Interior
Engine & HVAC
Automotive Pumps Market by Vehicle Type, 2020-2029, (USD Million), (Thousand Units)
Light Commercial Vehicle
Heavy Commercial Vehicle
Automotive Pumps Market by Region, 2020-2029, (USD Million), (Thousand Units)
Middle East And Africa
Important Countries In All Regions Are Covered.
Frequently Asked Questions
What is the worth of the global Automotive Pumps market?
The Automotive Pumps market size had crossed USD 13.75 billion in 2020 and will observe a CAGR of more than 4.2% up to 2029 driven by the rising technological advancements.
What is the size of the Asia Pacific Automotive Pumps industry?
The Asia Pacific held more than 42% of the Automotive Pumps market revenue share in 2021 and will witness expansion.
What are the drivers, restraints and challenges for Automotive Pumps market, globally?
The cost of electrifying automotive pumps has risen which is a challenge for the automotive pumps market. Sales of plug-in hybrid electric cars are increasing rapidly which is an opportunity for the automotive pumps market. The cost of electrifying automotive pumps has risen which is a challenge for the automotive pumps market.
On the basis of material, which is the largest segment of the Automotive Pumps market?
During the projection period, the mechanical pump is expected to be the largest market. Mechanical pumps, sometimes known as geared pumps, are powered by a vehicle’s engine and are mechanically driven by drive belts or the camshaft.
Finally, researchers throw light on the pinpoint analysis of Global Automotive Pumps market dynamics. It also measures the sustainable trends and platforms which are the basic roots behind the market growth. The degree of competition is also measured in the research report. With the help of SWOT and Porter’s five analyses, the market has been deeply analyzed. It also helps to address the risk and challenges in front of the businesses. Furthermore, it offers extensive research on sales approaches.
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