The global automotive pumps market is projected to grow at a CAGR of 4.1% during the forecast period, to reach USD 18.0 billion by 2027 from an estimated USD 14.8 billion in 2022. Automotive pumps perform different functions including raising, compressing, or transferring fluids by mechanical action and facilitate circulation of fluids around a system for a vehicle’s operational performance.
By Technology: Electric segment is the fastest-growing segment of the automotive pump market during the forecast period
Electric pumps, which work with the help of electric motors, are gradually replacing mechanical pumps. The use of electric pumps is increasing due to their many advantages over mechanical pumps. Electric fuel pump provides more fuel efficiency as compared to mechanical fuel pump. However, the installation of electric pump requires sophisticated electrical circuit, which increases the cost. Major global automakers are now using electric pumps in vehicular architecture.
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By Vehicle Type: Passenger car segment is expected to be the fastest-growing segment in the automotive pump market
Growing number of favourable government policies, mandating the reduction in CO2 emissions in new vehicles and growing disposable income are expected to create opportunities for the passenger car market growth. Also, economic growth in emerging countries has enhanced the purchasing power of people hence resulting in the growth of passenger car segment. The passenger car segment is expected to grow 4.1% CAGR reaching USD 18 billion in 2027 from USD 14.8 billion in 2022.
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
Key Market Players:
The major market players include Aisin Corporation (Japan), Denso (Japan), Robert Bosch GmbH (Germany), Valeo (France), Continental AG (Germany) among others.
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