Automotive Pumps Market Size, Growth and Trends, 2019-2027

 

Automotive Pumps Market

Automotive pumps are crucial components in any automotive or other internal combustion engined equipment for transferring fluid and improving fuel economy and vehicle performance. Automotive pumps are utilised in a wide range of vehicle components, including steering, transmission, coolant, gasoline, and lubrication. Automotive pumps are in high demand in order to give environmentally friendly solutions in automobiles. The automotive pumps market is divided into three segments based on vehicle type: passenger automobiles, light commercial vehicles, and heavy commercial vehicles. The market has been divided into two segments based on sales channel: original equipment manufacturer (OEM) and aftermarket.

Increased usage of pumps due to technological advancements is likely to fuel growth in the global automotive pumps market during the forecast period. Automobiles manufactured nowadays are outfitted with innovative technology and smart features that meet the most recent safety, quality, emission, and performance criteria. On the contrary, buyers are growing more price-sensitive, seeking vehicles with better comfort amenities at a fair price. Furthermore, during the last decade, automotive manufacturers have begun to include a variety of new technology into their vehicles, such as power steering, gasoline direct injection, gasoline turbochargers, and automatic transmission. Such technologies necessitate the use of an automobile pump to ensure proper operation. As a result, these factors are projected to fuel market expansion in the near future.

The global Automotive Pumps Market was accounted for US$ 51,885.07 Mn in terms of value and 738,923 units in terms of volume in 2019 and is expected to grow at CAGR of 3.8% for the period 2019-2027.

Global automobile manufacturing is predicted to drive growth in the global Automotive Pumps Market throughout the forecast period. Due to increased automobile manufacturing and vehicle parc, automotive pumps have seen substantial demand in recent years. In reality, regardless of global economic situations, the global car sector has prospered well. Automotive output is predicted to grow at a CAGR of 3-3.5 percent throughout the projection period, according to Coherent Market Insights. Furthermore, emerging economies are predicted to produce more automobiles than industrialised nations. This is due to these nations' increasing urbanisation and stable economic conditions. As a result of these reasons, the worldwide automotive pumps market is likely to increase throughout the forecast period.

During the forecast period, the global automotive pumps market is likely to be hampered by a low replacement rate and limited aftermarket potential. Automotive pumps are an essential component of the gearbox, driveline, and auxiliary systems, which are seldom changed. The global replacement rate varies depending on the kind of pump, ranging between 0.1 and 1% of the vehicle parc. During the predicted period, technological developments are likely to significantly lower the replacement rate. As a result, the relatively low potential presented by the aftermarket and the low replacement rate are projected to impede the growth of the global automotive pumps market in the near future.

The availability of superior replacements for electric motors for pumps is likely to impede the growth of the global automotive pumps market over the forecast period. Automotive pumps are categorised as electric or mechanical pumps based on whether they are activated by electrical or mechanical energy. Certain functions provided by steering or brake booster pumps can also be accomplished using electric motors. As a result, market growth is likely to be hampered throughout the projection period.

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