Automotive Pump Market was expected to be USD 14.89 billion in 2023, projected to rise at a compound annual growth rate (CAGR) of 4.40% from 2024 to 2031, and estimated to be US$ 20.95 Billion in 2024.
Top 10 Key Companies in Automotive Pump Industry:
- MAHLE GmbH
- Hitachi Astemo Americas
- Bosch Limited
- Continental AG
- DENSO CORPORATION
- AISIN CORPORATION
- MOBIS INDIA LIMITED
- ZF Friedrichshafen AG
- MS Motorservice International GmbH
- Magna International
Regional Overview:-
North America is set to record growth at a CAGR of 5.12% over 2024-2031. The aging vehicle fleet in the region is leading to a rise in demand for replacement pumps within the aftermarket sector. With the prolonged lifespan of vehicles, the need for efficient automotive pumps to maintain vehicle performance and longevity is propelling market expansion
Emerging Trends:-
Advanced Driver-Assistance Systems (ADAS): The integration of automotive pumps with ADAS features is a prominent trend. Pumps used in power steering and braking systems require high reliability and response rates to support functions like adaptive cruise control and lane-keeping assistance. This integration enhances vehicle safety and performance, driving further market growth.
Development of Lightweight Materials: Manufacturers are increasingly focusing on developing lightweight materials for pump components to improve fuel efficiency and vehicle performance. The use of advanced polymers, composites, and lightweight metals such as aluminum is becoming more common. These innovations are crucial as automakers strive to meet stringent emission regulations.
Segmentation:-
By Type: Key segments include fuel pumps, water pumps, steering pumps, windshield pumps, vacuum pumps, and transmission oil pumps. Steering pumps, in particular, generated the highest revenue in 2023, driven by the demand for SUVs and commercial vehicles.
By Technology: The market is divided into electric and mechanical pumps. Electric pumps are gaining popularity due to their higher efficiency and integration with electric and hybrid vehicles. However, mechanical pumps still hold a significant market share due to their widespread use in conventional vehicles.
By Vehicle Type: The market is categorized into passenger cars, light commercial vehicles, and heavy commercial vehicles. Heavy commercial vehicles are expected to witness substantial growth, fueled by urbanization, infrastructure development, and the expansion of logistics sectors.
