Automotive Pumps Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated all its market reports with the latest information for the year 2024, projecting trends and forecasts until 2033
LONDON, GREATER LONDON, UNITED KINGDOM, September 16, 2024 /EINPresswire.com/ -- The automotive pumps market has experienced robust growth in recent years, expanding from $21.25 billion in 2023 to $22.52 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increased demand for fuel efficiency and reduced emissions, changes in consumer preferences and driving habits, government regulations and safety standards, improvements in manufacturing processes.
What Is The Estimated Market Size Of The Global Automotive Pumps Market And Its Annual Growth Rate?
The automotive pumps market is projected to continue its strong growth, reaching $28.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to increased demand for electric and hybrid vehicles, growing focus on sustainability and reducing emissions, electrification of vehicles, increased focus on electric and hybrid powertrains, growing demand for electric and fuel cell vehicles.
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Growth Driver Of The Automotive Pumps Market
The rising electrification of vehicles is expected to propel the growth of the automotive pump market. An automotive pump is a device that functions by lifting, compressing, or transferring fluids around the vehicle's operating system by using mechanical force or electric energy from a motor. An increase in fuel costs is persuading commuters to look at cheaper alternatives. Electric vehicles are a zero-emission and economical option that is gaining popularity.
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Which Market Players Are Steering the Automotive Pumps Market Growth?
Key players in the automotive pumps market include Aisin Seiki Co. Ltd., Denso Corporation, Robert Bosch GmbH, Johnson Electric Holdings Limited, KSPG AG, Magna International Inc.
What Are the Dominant Trends in Automotive Pumps Market Overview?
The growing adoption of new technologies is a key trend gaining popularity in the automotive pump market. New technologies such as gasoline turbochargers, gasoline direct injection, and automatic transmission enable efficient circulation of oil in all parts of an automobile to create lucrative opportunities for manufacturers of automotive pumps.
How Is The Global Automotive Pumps Market Segmented?
1) By Pump Type: Automotive Fuel Injection Pumps, Automotive Fuel Supply Pumps, Automotive Engine Oil Pumps, Automotive Transmission Oil Pumps, Automotive Coolant Pumps, Automotive Steering Pumps, Automotive Vacuum Pumps, Automotive Windshield Washer Pumps
2) By Electric Vehicle Type: BEV, FCEV, HEV, PHEV
3) By Technology Type: Electric Automotive Pumps, Mechanical Automotive Pumps
4) By Sales Channel: OEM, Aftermarket
Geographical Insights: Asia-Pacific Leading The Automotive Pumps Market
Asia-Pacific was the largest region in the automotive pumps market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Automotive Pumps Market Definition
The automotive pump transmits fluids (liquid or gas) by lowering or raising the pressure on the fluids to improve vehicle performance and fuel efficiency. Automotive pumps function by lifting, compressing, or transferring fluids around the vehicle's operating system by using mechanical force or electric energy from a motor.
Automotive Pumps Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global automotive pumps market report covering trends, opportunities, strategies, and more
The Automotive Pumps Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive pumps market size, automotive pumps market drivers and trends, automotive pumps market major players, automotive pumps competitors' revenues, automotive pumps market positioning, and automotive pumps market growth across geographies. The automotive pumps market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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