21-Sep-2021 | Facts and Factors
As per a recently issued market research report by Facts & Factors, the global automotive pump market was about USD 15.8 Billion in 2020, with sales value projected to hit around USD 24.78 Billion by the end of 2026 and expected to grow at a CAGR of 8.5% during 2021 2026.
Automotive pumps are the sole component in the anatomy of the automobile that is responsible for transferring fuel from the fuel tank to the carburetor or the fuel injector of an internal combustion engine. The fuel pressure inside the fuel pump is often highly regulated and often lies between a certain range for smoother functioning of the engine. The primary driving factors for the global automotive pump market can be credited to the rising production and sales of electric vehicles coupled with factors pertaining to increased efficiency and optimum performance measures.
Moreover, increasing digitalization measures coupled with EPS and drive-by-wire technology will further open new revenue streams for the global automotive pump market during the forecast period. A rising trend of environmentally friendly automotive components coupled with rising technological advancements will increase the footprint of the global automotive pump during the forecast duration. Increasing disposable income among consumers coupled with the rising consumer awareness will further increase the boundaries of the global automotive pumps market during the forecast period.
Top Market Players
The key market participants for the global automotive pumps market are TRW Automotive, KSPG AG, Mikuni Corporation, SHW, Concentric AB, Hella Co., Continental AG, JTEKT Corporation, MagnetiMarelli, and Pricol Ltd., among others.
Market Dynamics
The global automotive pumps market can be divided against transmission pump, fuel pump, oil pump, steering pump, water pump, windshield pump, vacuum pump, and injection pump on the basis of pump type. The segment pertaining to the fuel pumps is expected to occupy the largest market share during the advent of the forecast owing to increased functionality coupled with the rising demand for fuel-efficient vehicles to name a few.
The global automotive pumps market can be broken down into mechanical pumps and electrical pumps on the basis of technology. The electrical pumps segment is expected to witness the largest market share during the advent of the forecast owing to the rising uses of smart electronics among electric pumps making them highly viable coupled with the increasing demand for electric vehicles to name a few.
Europe to Flourish During the Advent of the Forecast in Terms of Global Revenue Contribution
Europe is expected to witness the largest market share during the advent of the forecast owing to the region’s current grasp on the automobile sector coupled with the early adoption of electrification measures to name a few. Moreover, the stringent government regulations coupled with the rising vehicular production will increase the footprint of the global automotive pumps market during the forecast period. Additionally, increased government-based incentives for setting up local production plants will further open new revenue opportunities for the automotive pump market during the forecast.
Browse in full “Automotive Pumps Market By Pump Type (Transmission Pump, Fuel Pump, Oil Pump, Steering Pump, Water Pump, Windshield Pump, Vacuum Pump, & Injection Pump), By Sales Channel (OEM & Aftermarket), By Technology (Mechanical Pump & Electrical Pump), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, &Heavy Commercial Vehicles), And By Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026” report at https://www.fnfresearch.com/automotive-pumps-market-by-vehicle-heavy-commercial-light
The global automotive pumps market can be segmented into:
Global Automotive Pumps Market: By Pump Type Segment Analysis
Global Automotive Pumps Market: By Sales Channel Segment Analysis
Global Automotive Pumps Market: By Technology Segment Analysis
Global Automotive Pumps Market: By Vehicle Type Segment Analysis
Global Automotive Pumps Market: By Regional Segment Analysis
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