The global automotive pumps market size is expected to grow from $18.95 billion in 2021 to $19.76 billion in 2022 at a compound annual growth rate (CAGR) of 4.25%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global automotive pump market size is expected to reach $24.34 billion in 2026 at a CAGR of 5.35%.
What is the Global Automotive Pumps Market?
The automotive pumps market consists of sales of automotive pumps by entities (organizations, partnerships, and sole proprietors) that are used in vehicles to transmit 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.
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What drives the Global Automotive Pumps Market?
The rising electrification of vehicles is expected to propel the growth of the automotive pumps 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, as of 2020, there were 10 million electric vehicles on the roads globally. In 2020, global electric car sales reached about 3 million, with new electric car registrations increasing by 40%. Thus, the rising electrification of vehicles is driving the growth of the automotive pumps market.
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Global Automotive Pumps Market Segments
The global automotive pumps market is segmented:
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
By Electric Vehicle Type: BEV, FCEV, HEV, PHEV
By Technology Type: Electric Automotive Pumps, Mechanical Automotive Pumps
By Sales Channel: OEM, Aftermarket
By Geography: The regions covered in the automotive pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Automotive Pumps Global Market Report 2022provides market size and growth forecasts for the global automotive pumps market, global automotive pumps market share, automotive pumps market segments and geographies, automotive pumps market competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive pumps market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Automotive Pumps Industry Playersinclude Aisin Seiki, Denso Corporation, Robert Bosch GmbH, Johnson Electric, KSPG AG, Magna International, SHW AG, ZF, Continental AG, Concentric AB, HELLA KGaA Hueck & Co., Seiki Co. Ltd, Valeo, Hitachi Automotive Systems Ltd., JTEKT Corporation, Magneti Marelli S.p.A, Pricol Ltd., TI Automotive Ltd, Rheinmetall Automotive AG, The Sherwin-Williams Company, and Mikuni Corporation. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
