The automotive pump market is expected to witness a significant growth in 2021, thanks to the implementation of various carbon emission norms across various countries. A study by Future Market Insights (FMI) on automotive pump market has forecast it to reach US$ 106.0 Mn by the end of 2031, growing at a CAGR of 6.1% over the forecast years (2021-2031).
The rising passenger vehicle sales will remain a chief growth driver. In terms of vehicle type, passenger vehicle segment is forecast to remain dominant, accounting for over 70% of sales recorded in the market.
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Key Takeaways of Automotive Pump Market Study
- After a period of slow growth amid COVID-19, the automotive pump sales is poised to recover, exhibiting nearly 6% Y-o-Y growth in 2021
- The demand from the U.S. will remain a chief growth driver as the country continues accounting for over 80% of sales registered in North America
- Increasing passenger vehicle production will support growth in the U.K., enabling it to register 3.5% Y-o-Y growth in 2021
- Within Western Europe, Germany, France, and Spain are expected to emerge as key pockets for sales
- While China will continue dominating APEJ on the back of booming vehicle production, the demand from India and South Korea will continue rising at a positive rate
- Japan will emerge as a highly lucrative market exhibiting positively rising sales through the forecast period
“The increasing demand for environment friendly vehicles aimed at curbing carbon emission is expected to provide an impetus to compact utility vehicle sales. Compact size, low fuel consumption and high performance of compact utility vehicles are key factors boosting their sales. This also will create attractive opportunities for automotive pump sales in the coming years,” said a lead analyst at FMI.
Who is winning?
The automotive pump market is a highly competitive. There is ample focus on innovations, research and developments by market players as they seek gaining competitive advantage. Some of the players are focusing to carve a niche for specific demography. Expansion of electric vehicle market is expected to boost sales of automotive pumps in the coming years. Companies operating in the market are therefore focusing on merger and acquisition to expand their footprint and product portfolio.
- In October, Johnson acquired Stackpole International, a prominent engine & transmission pumps and powder metal components supplier.
- In October, Magna International’s powertrain manufacturing unit in Benevento, Italy, completed production of five million oil pumps for the Fiat 1.4-litre engine since 2005
Some of the leading players operating in the market are Delphi Automotive, DENSO Corporation, ZF TRW, Johnson Electric and Continental AG.
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Global Automotive Pump Market by Segments
- Fuel Supply Pump
- Fuel Injection Pump
- Transmission Oil Pump
- Conventional Engine Oil Pump
- Variable Engine Oil Pump
- Steering Pump
- Coolant Pump
- Windshield Washer Pump
- Vacuum Pump
- Sales Channel
- Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Two Wheeler
- Rest of Latin America
- Rest of Western Europe
- Rest of Eastern Europe
- Australia and New Zealand
- South Korea
- Rest of APEJ
- South Africa
- Restof MEA
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Key Questions Answered in the Report
- Which is the most lucrative market for automotive pumps?
China currently leads the automotive pump market. Sales in China will be account for nearly 38% of total demand through 2031.
- Which vehicle type exhibits high demand for automotive pumps?
The passenger car segment is expected to dominate the automotive pump market. The rising sales of passenger cars are driving the growth of this segment.
- What is the growth rate of automotive pump market?
Global automotive pump market is likely to rise at a CAGR of 6.1 % between 2021 and 2031.
- Which are some of the leading companies in the automotive pump market?
Some of the leading companies in the global automotive pump market are Aisin Seiki, Denso Corporation and Delphi Automotive.
- Which vehicle type is driving sales of automotive pump market?
The passenger vehicles are driving sales of automotive pump because they are comparatively economical than commercial vehicles and account for larger share of the total vehicle owning population.