(EMAILWIRE.COM, March 17, 2022 ) The global Automotive Pump Market is projected to grow at a CAGR of 4.2% during the forecast period, to reach USD 17.5 billion by 2026 from an estimated USD 14.2 billion in 2021.
The major factors driving the growth of the market are fluctuating fuel prices that have increased the demand for fuel-efficient vehicles and increasing pressure on automakers to comply with the emission norms. In addition, the consistent growth in the demand for passenger cars is likely to trigger the growth of the automotive pump market during the forecast period. Also, heavy investments in R&D activities by vehicle manufacturers to develop efficient fluid technology for automotive are expected to push the growth of the market. Infrastructural development in emerging countries is pected to drive the growth of commercial vehicles, which in turn would boost the demand for automotive pumps.
The major automotive pump market players include Aisin Corporation (Japan), Denso (Japan), Valeo (France), Continental AG (Germany), Robert Bosch GmbH (Germany).
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The mechanical pump is expected to be the largest segment in the automotive pump market
The mechanical pump is anticipated to be the largest market during the forecast period. A mechanical pump, also known as a geared pump, is mechanically driven through drive belts or the camshaft and powered by the engine of a vehicle. The mechanical pump market is expected to grow slowly in the coming years as compared to electrical pumps, as electrical pumps are being widely used instead of mechanical pumps to make automobiles more efficient. Traditional mechanical water pumps have long been a reliable means of delivering water to the engine, where it circulates through cavities in the engine block and cylinder heads and returns back to the radiator. There are some of the advantages of mechanical pumps over electric pumps, as electric pumps cannot produce the top-end flow volume that a mechanical pump can; hence they cannot keep things cool as required. To meet the fuel-efficiency levels, mechanical pumps are being replaced with electric pumps. In developed and developing economies, the demand for fuel-efficient vehicles is increasing. This, in turn, is restraining the growth of the market for mechanical pumps, and OEMs are continuously focusing on the development of efficient automotive pumps.
Passenger car is expected to dominate the automotive pump market
The passenger car segment is expected to be the largest segment by vehicle type during the forecast period. This is due to the anticipated growth in the sales of passenger cars in the coming years is expected to fuel the automotive pumps market for this segment globally. Additionally, owing to rapid globalization and the economic growth of emerging countries such as Brazil and India, the standard of living of consumers has improved in the recent decade. 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 pumps market. The automotive pumps market for passenger cars is expected to grow at a significant rate, particularly in the emerging economies of Asia Pacific. The market growth in the region can be attributed to the adoption of fuel-efficient vehicles, which has fueled the demand for advanced pump technologies.
The steering pump is estimated to be the largest market during the forecast period
The steering pump segment is expected to dominate the automotive pump market during the forecast period. The steering pump market for the HCV segment is growing at the highest CAGR. This is mainly attributed to the increasing installation rate of hydraulic power steering systems over manual steering systems in the heavy vehicle segment. The Asia Pacific region captures over half of the steering pump market, owing to the growing installation rate of hydraulic and electrohydraulic systems in LCVs and HCVs. Mostly, commercial vehicles are integrated with a hydraulic steering system, which is equipped with a pump. The increase in the sales of commercial vehicles in the Asia Pacific and North America due to infrastructural development is expected to make them the largest and the fastest-growing markets, respectively. ZF Group, Nexteer, and Denso are the key players in the automotive steering pump market. The high penetration of hydraulic power steering in the commercial vehicle segment is the key factor for the growth of the steering pump market. The rapid urbanization in the Asia Pacific is expected to drive the demand for commercial vehicles in the region. Hence, the market for automotive steering pumps would grow.
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Asia Pacific: India is expected to grow at the highest CAGR during the forecast period.
Owing to favourable government policies, such as 100% FDI with prior government approval, leaner policies for manufacturing and imports for licensing and approvals, and World Trade Organization (WTO) compliant policies, the automotive industry in the country is growing at a higher CAGR than most countries in the region. Various government initiatives, such as Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME), will foster the popularity of EVs and drive the sales of automotive electric pumps in India. The passenger car segment in India for automotive pumps is expected to grow at the highest CAGR during the forecast period and is expected to be the largest market during the forecast period. The pickup in economic activity and several government initiatives are likely to propel the automotive market growth in India, thus leading to growth in the automotive pumps market.