The "Automotive Pump Market by Type (Fuel Pump, Water Pump, Vacuum Pump, Fuel Injection Pump, Steering Pump, & Headlight Washer Pump), Technology, Displacement, Vehicle Application, Electric Vehicle & Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Automotive Pump Market is Estimated to Grow from USD 12.7 Billion in 2020 to USD 17.7 Billion by 2025, at a CAGR of 6.9%
High focus of automakers to introduce fuel-efficient vehicles coupled with stringent emission norms in several countries are anticipated to trigger the demand for automotive pumps.
Major vehicle manufacturers across the globe are focusing on introducing fuel-efficient vehicles to cater to the increased demand from consumers. Moreover, to curb rising pollution, several countries have implemented stringent emission norms for passenger cars and commercial vehicles. These factors are anticipated to push the growth of the market.
However, the growth of battery-operated vehicles is considered a major restraint for the growth of the automotive pump market. Though the outbreak of pandemic COVID-19 all over the world has disturbed the economic and financial structures of the whole world. The auto industry has noticed a fall due to production halt of vehicle parts and assembly which has collapsed the economies of US, China, UK, Germany, France, Italy, Japan, and many other countries. Thus, rescheduling launch of models and projects, stabilizing dealer networks, managing tight cash flows, and reviewing investment portfolios have affected the production and sales of vehicles across the globe, which has resulted in a dip of the automotive pump market in 2020 as compared to 2019.
HEV is the largest electric vehicle segment of the automotive pump market during the forecast period.
HEVs comprise an internal combustion engine as well as a battery. Thus, the architecture of an HEV is most suitable for installing pumps for regulating the flow of the fluid. Applications such as cooling, lubrication, and fuel injection require pumps for their efficient operation. Thus, the rising demand for HEV segment vehicles is expected to inflate the demand for automotive pumps and contribute to the growth of the global market.
Due to the COVID-19 pandemic, automakers such as Volkswagen, Ford, Toyota, BYD, GM has extended its production suspension due to the fall in demand and supply chain issues. Moreover, COVID-19 has halted production and plunged sales and forced key players in the global automotive field to buckle up and rethink plans. For instance, the Q1 sales of heavy trucks for 2020 fell by 25.9% YoY in Germany, 8.9% YoY in the US, 49.9% in India.
Passenger car segment is expected to dominate the automotive pump market.
The increase in the disposable income of consumers has pushed the demand for passenger cars, which, in turn, has driven the growth of the automotive pump market. The passenger car segment is anticipated to hold the largest share in the automotive pump market. The market for automotive pump in passenger cars is expected to grow at a significant rate, particularly in the emerging economies of Asia Pacific. Furthermore, the increasing demand for electric cars by consumers and several amendments in transport policies made by various governments to curb harmful emissions are expected to drive the growth of the passenger car segment.
Asia Pacific is expected to record the highest growth rate during the forecast period.
The Asia Pacific market is a vast geographical region comprising countries such as Japan, China, India, South Korea, and Thailand. China is the largest producer of automobiles in the world. The country's automotive sector has witnessed significant growth in recent years. Moreover, component manufacturing startups and Tier I companies have strengthened their foothold in the region, thereby inflating the growth of the market. In addition, established automakers in Japan, China, and South Korea are expected to cater to the increased demand for pumps from OEMs in the region.
The outbreak of COVID-19 in China has halted the production of vehicles and auto parts due to which indirectly the market for automotive pumps has also suffered loss for the year 2020. In the first quarter of 2020, auto parts production upstream and vehicle manufacturing midstream were generally delayed for two to three weeks, therefore the market demand also was affected growth. Although, since the Chinese government has released multiple measures to boost economy recovery, including stabilizing domestic consumption, supporting new energy vehicle development and other monetary and fiscal policies, the auto industry is projected to show significant improvement in the second quarter of 2020
Market Dynamics
Drivers
- Rising Focus of Automakers Toward Fuel-Efficient Vehicles
- Stringent Emission Norms by Government Regulatory Authorities
Restraints
- Anticipated Growth of Electric Vehicles in the Coming Years
- Increase in Installation of Electric Power Steering in Passenger Cars
Opportunities
- Growth in the Use of Ethanol Fuel in the Automotive Industry
- Increasing Trend of Engine Downsizing
Challenges
- Increase in the Cost of Electrification of Automotive Pumps
Companies Mentioned
- Aisin Seiki
- Continental
- Cummins
- Delphi
- Denso
- Gmb Corporation
- Hella
- Hitachi
- Infineon
- Johnson Electric
- Magna International
- Magneti Marelli
- Mahle
- Mikuni
- Mitsubishi Electric
- Pricol
- Repxpert (Schaeffler)
- Rheinmetall Automotive
- Robert Bosch
- Schadek
- Shw
- Ti Automotive
- Valeo
- Wabco Holdings
- ZF
For more information about this report visit https://www.researchandmarkets.com/r/bwfrcj
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