Global Automotive pump market was valued USD 14.7 billion in 2019. Automotive pump market is projected to grow at a CAGR of 5.2% from the forecast period of 2020-2026.
The COVID19 has affected all business across the globe. Automotive market has experienced a major hit due to this pandemic and it is expected that after this pandemic, sales of vehicles will be primary concern for OEMs. Due to pandemic there was lockdown all over the world, the companies suffered shutdown because of which the production was stopped. The supply of raw material was on halt which has affected production immensely. Automotive pump market is expecting decline in 2020. However it is expected to witness boost by the year 2022.
For more details, visit: Global Automotive Pump Market By Technology (Electrical Pump, Mechanical Pump), By Vehicle Type (Passenger Cars ,Light Commercial Vehicle, Heavy Commercial Vehicle),By Region–Forecast & Opportunities to 2026
The increasing demand of vehicles has led to increase in automotive pump factor. The demand is increasing among lower middle- class, higher section and upper middle-class driving the automotive pump market during the forecast period.
On the basis of type, the automotive pump market is segmented into steering, fuel pump, water pump, windshield water pump, transmission oil pump, injection pump, vacuum pump and headlight washer pump. Steering pump segment and fuel injection pump segment accounted for maximum market shared.
On the basis of technology, the automotive pump market is segmented into electrical pump and mechanical pump. Mechanical pump utilized mechanical force to pump the fluid. They use camshaft and drive belt in order to derive power from engine. Electric pump use electrical energy from motor to pump the fluids. The mechanical pump market is projected to grow at a highest CAGR during the forecast period.
On the basis on of vehicle type the automotive pump is segmented into passenger vehicle, light commercial vehicle and heavy commercial vehicle. In 2019, the passenger vehicle segment has accounted for maximum market share by value globally. The passenger car market despite hit by pandemic is expected witness growth at highest CAGR in the automotive pump market.
Asia-Pacific region is expected to register growth at highest CAGR during the forecast period 2020-2026. Asia-Pacific is fast growing region with countries like china and India. The automotive market is growing rapidly in this region. Many large and small scale automotive industries are setting their foot in this region. The growth of sale of passenger and commercial vehicle cars are driving automotive pump market in this region. The ecological imbalance has been increasing in the regions like china, India and Thailand etc. thus the automobile manufacturers are shifting towards alternative fuel vehicles which involve use of automotive pump larger than usual in a vehicle. This factor is driving market and Indi is expected to register highest growth during the forecast period.
The key players are Delphi, Aisin-seiki , Denso, Johnson Electric, Robert BOSCH, KSPG AG-A Rheinmentall, Mikuni corporation, Magna international, TRW Automotive, SHW AG, Continental, Valeo, TRICO and Hitachi etc.
- What are the expected industry trends over the next three to five years?
- Which of the automotive pump technology is likely to lead by 2025?
- Which of the vehicle type segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?