Facts and Factors Market Research has published a new report titled “Automotive Pumps Market By Vehicle (Heavy Commercial, Light Commercial, and Passenger Cars), by Product (Windshield Water, Oil, Fuel, Water, Fuel Injection, Steering, Vacuum, and Transmission), by Displacement (Fixed and Variable), and by Technology (Electrical and Mechanical): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027.”
According to the report, the global automotive pumps market was valued approximately USD 57 billion in 2018 and is expected to reach a value of around USD 95.31 billion by 2027, at a CAGR of around 5.9% between 2019 and 2027.
Pumps that specifically transfer automotive fluids into automobiles are called automotive pumps. These pumps are witnessing increased popularity across the world, as they enhance a vehicle’s fuel efficiency. These pumps are used in a wide range of automotive components, which includes transmitters, lubricants, coolants, steering, etc. Automotive pumps are also used for facilitating fluid circulation inside a system for an automobile’s optimum operational performance.
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Growing adoption of electric pumps majorly driving automotive pumps market
Electric pumps have several benefits, such as low-temperature fluctuations and high efficiency. These advantages are fuelling the replacement of mechanical pumps with electric pumps across the world. Thus, there has been an upsurge in the demand for electric pumps globally. Additionally, several automotive manufacturers are shifting to electric pumps for complying with environmental regulations mandated by the government, as electric pumps emit less carbon dioxide via combustion engines. These pumps function without any kind of engine operations. The rise in the demand for electric vehicles is also propelling the market for automotive pumps. By 2030, more than 125 billion units of electric vehicles are projected to be on roads across the world.
In addition, the automotive pumps market is also fuelled by the constant technical enhancements of automotive technologies. Major IT companies are collaborating and partnering with globally leading automotive manufacturers to scrutinize the information gathered from connected automobiles and develop autonomous driving solutions. The major advantage of using automotive pumps is that they offer enhanced fuel efficiency. This is driving their increased adoption by the global automotive sector. In 2017, the global production of automobiles was around 97.31 billion.
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Mechanical pumps are projected to dominate the technology segment
The mechanical pumps segment is likely to lead the market growth, as these pumps utilize mechanical force for pumping fluid. Electric pumps, on the other hand, use a motor’s electrical energy to pump fluids. Geared or mechanical pumps are driven mechanically via the camshaft or belts and obtain power from a vehicle’s engine.
Steering pumps are likely to be the largest market segment
The steering pumps segment is likely to hold the largest share of global automotive pumps market in the years ahead, owing to its increased adoption in electro-hydraulic and hydraulic power steering processes. Hatchback cars are commonly equipped with hydraulic steering systems.
North America leads the global automotive pumps market
Strict laws to curb pollution levels by the government, regional presence of globally automotive pumps manufacturers, several market-relevant activities, and a strong consumer base are likely to fuel the North American automotive pumps market over the forecasted timeline. Apart from this, the region is a pioneer in adopting latest technologies, increasing preference for eco-friendly and smart vehicles by the regional consumers in countries like Canada and the U.S. will further drive this regional market’s growth.
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Key players operating in the automotive pumps market are Delphi Automotive LLP, Aisin Seiki, SHW AG, Robert Bosch, Mikuni Corporation, TRW Automotive, Johnson Electric, Magna International, Denso Corporation, and KSPG AG, among others.
This report segments the automotive pumps market as follows:
Global Automotive Pumps Market: By Vehicle Analysis
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars
Global Automotive Pumps Market: By Product Analysis
- Fuel Pumps
- Fuel Injection Pumps
- Water Pumps
- Steering Pumps
- Transmission Pumps
- Oil Pumps
- Vacuum Pumps
- Windshield Water Pumps
Global Automotive Pumps Market: By Displacement Analysis
- Fixed Displacement
- Variable Displacement
Global Automotive Pumps Market: By Technology Analysis
- Electrical Pumps
- Mechanical Pumps
Global Automotive Pumps Market: By Region Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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