Global Automotive Pump Market Expected to Reach USD 118 Billion by 2033, Growing at a CAGR of 6.2%

According to Future Market Insights, the global automotive pump market is projected to reach a valuation of USD 64.57 billion in 2023 and is expected to grow to USD 118 billion by 2033. This growth corresponds to a compound annual growth rate (CAGR) of 6.2% over the forecast period from 2023 to 2033.

The expansion of the automotive pump market is expected to be significantly influenced by the global rise in vehicle usage, coupled with the adoption of advanced technologies aimed at producing fuel-efficient vehicles that comply with volatile organic compound (VOC) emission regulations.

Automakers and manufacturers are heavily investing in research and development as well as the production of automotive components. They are increasingly integrating smart technologies such as automatic transmission, gasoline direct injection, and gasoline turbochargers, all of which depend on automotive pumps for optimal performance. This trend is likely to create substantial growth opportunities within the automotive pump market.

Rising disposable incomes, especially in emerging economies, have boosted individual purchasing power, leading automakers to focus more on mid-sized and compact cars. The incorporation of premium features such as easy gear shifting, power steering, anti-lock braking systems (ABS), and enhanced cabin comfort systems in these vehicles is presenting new opportunities for market growth.

The growing demand for high-performance vehicles that are both fuel-efficient and lightweight drives the need for continuous innovation in the automotive pump industry. These pumps are crucial for enhancing the energy efficiency of vehicles. The adoption of variable automotive displacement oil pumps, which ensure maximum oil circulation throughout the engine while efficiently dissipating heat, is expected to contribute to the overall growth of the industry.

Full Market Assessment: Comprehensive Report
https://www.futuremarketinsights.com/reports/automotive-pumps-market

Key Takeaways

Europe automotive pump market is expected to grow with a CAGR of 6.3% during the forecast period.
The market in India is projected to witness a CAGR of 6.4% during the forecast period.
The market in China is expected to grow with a CAGR of 6.5% during the forecast period.
By sales channel, OEM is projected to lead the segment and is estimated to grow with a CAGR of 6.7% during the forecast period.
By technology, electric pump segment is expected to grow with a CAGR of 7% throughout the forecast period.

“The incorporation of smart technologies like automatic transmission, gasoline direct injection, and gasoline turbochargers is expected to fuel the market growth during the forecast period,” – comments an FMI analyst.

Competitive Landscape

The automotive pump market is highly competitive, with several key industry players investing heavily in the production of these services.

The key industry players are DENSO Corporation, Johnson Electric Holdings Limited, HELLA KGaA Hueck & Co., Hitachi Automotive Systems, Ltd., Concentric AB, Continental AG, Delphi Automotive LLP, JTEKT Corporation, KSPG AG, Magna International Inc., Magneti Marelli S.p.A, Robert Bosch GmbH, Pricol Ltd., SHW Group, TI Automotive Ltd, ZF TRW Automotive Holdings Corp.

Some recent developments in the market are:

In January 2022, Aisan Industry Co., Ltd., a manufacturer specializing in engine components, successfully finalized the acquisition of Denso Corporation’s fuel pump module business. This strategic move aimed to enhance Aisan Industry’s powertrain portfolio and capitalize on potential market expansion prospects.
In August 2022, HELLA KGaA Hueck & Co, an automotive supplier known for its FORVIA brand, unveiled an expansion to its already extensive thermal management portfolio. The company introduced two new additions: the electronic Valve Actuator and the high-performance Media Pump, both designed to enhance coolant circulation capabilities.

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global automotive pump market, providing historical data for 2017 to 2022 and forecast statistics from 2023 to 2033.

To understand opportunities in the automotive pump market, the market is segmented on the basis of pump, sales channel, technology, vehicle type, and region.

Key Segmentations

Pump: