Global Automotive Pumps Market (2022 to 2027) – Growth in Ethanol Fuel Use in the Automotive Industry Presents Opportunities – ResearchAndMarkets.com

0

DUBLIN–(BUSINESS WIRE)–The “Global Automotive Pumps Market by Type, Technology (Electrical, Mechanical), Displacement, Vehicle Type, Sales Channel (OEM, Aftermarket), EV (BEV, HEV, PHEV, FCEV), All-Vehicle field, application and “Region – Global forecast to 2027” report has been added to from ResearchAndMarkets.com offer.

The global Automotive Pumps Market is expected to grow from USD 14.8 Billion in 2022 to USD 18.0 Billion by 2027, growing at a CAGR of 4.1%.

HEV is the largest EV segment of the automotive pump market during the forecast period

HEVs include an internal combustion engine as well as a battery. Thus, the architecture of an HEV is the most suitable for installing fluid flow control pumps. Applications such as cooling, lubrication and fuel injection require pumps for efficient operation. Thus, the growing demand for HEV segment vehicles is expected to inflate the demand for automotive pumps and contribute to the growth of the global market.

Additionally, the demand for the hybrid vehicle market is increasing due to stringent emission regulation standards and growing demand for low or zero emission vehicles. In addition, governments in various countries provide purchase subsidies and tax rebates for hybrid vehicles.

For example, in June 2021, the Indian government announced the decision to extend the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME) program by two years until March 31, 2024. The program, launched in 2019 to promote the sales of hybrid and electric vehicles, was to be completed by 2022. The government around the world plans to launch electric vehicle promotion programs, the electric vehicle market would increase and proportionally with the sales of new electric vehicles, the car market the pumps would go up.

The passenger car segment is expected to dominate the automotive pump market

Rising consumer disposable income has pushed the demand for passenger cars, which in turn has driven the growth of the automotive pump market. The passenger car segment is expected to hold the largest share of the automotive pumps market. The automotive pump market in passenger cars is expected to grow at a significant rate, especially in emerging Asia-Pacific economies. In addition, growing consumer demand for electric cars and several changes in transportation policies made by various governments to reduce harmful emissions are expected to drive the growth of the passenger car segment.

Asia-Pacific is expected to register the highest growth rate during the forecast period

The Asia-Pacific market is a large geographical region comprising countries such as Japan, China, India, South Korea, and Thailand. China is the largest automobile producer in the world. The country’s automotive sector has experienced significant growth in recent years. Additionally, component manufacturing startups and Tier I companies have increased their presence in the region, thereby inflating the growth of the market. In addition, automakers based in Japan, China and South Korea are expected to meet increased demand for pumps from OEMs in the region.

Market dynamics

Drivers

  • Growing demand for fuel efficient vehicles

  • Implementation of strict emission standards by regulatory authorities

  • Growing trend of engine downsizing

  • Demand for lightweight automotive components

Constraints

  • Growing demand for electric vehicles

  • Increased installation of electric power steering in passenger cars

  • Growing demand for SUVs

Opportunities

  • Growth in the use of ethanol in the automotive industry

  • Growing adoption of new technologies

  • Strong growth in plug-in hybrid electric vehicle sales

  • Improving the sustainability of passenger and freight transport

Challenges

  • Increased cost of electrifying automotive pumps

  • Decline in secondary market growth

Companies cited

  • Aisin Company

  • Borgwarner Inc.

  • Carter Fuel Systems

  • Continental AG

  • Cummins

  • Denso

  • Eaton Company

  • GMB Company

  • Hella KGaA Heuck & Co.

  • Hitachi

  • Infineon Technologies SA

  • Johnson Electric

  • Magna International Inc.

  • Magneti Marelli SpA

  • Mahle GmbH

  • Mikuni Corporation

  • Mitsubishi Electric Corporation

  • Mtq Engine Systems

  • Pricol Limited

  • Rheinmetall Automotive

  • Robert Bosch GmbH

  • SHW AG

  • Standard Engine Products, Inc.

  • IT fluid systems

  • Knitting

  • Valeo

  • ZF Group

For more information about this report visit https://www.researchandmarkets.com/r/jx6hl

Share.

Comments are closed.