Automotive Pump Market Projected to Reach US$ 118 Billion by the Year 2033 Increasing Vehicle Production
According to Future Market Insights, the global automotive pump market is anticipated to attain a valuation of US$ 64.57 billion in 2023 and is expected to reach US$ 118 billion by 2033. During the 2023 to 2033 forecast period, the market is slated to proliferate at a CAGR of 6.2%.
The global increase in vehicle usage, combined with the adoption of cutting-edge technologies to manufacture fuel-efficient vehicles that comply with VOC (volatile organic compound) emission regulations, is anticipated to make a substantial impact on the automotive pump market’s expansion.
Numerous automakers and manufacturers are making significant investments in research and development, as well as the production of automotive components. They are incorporating smart technologies like automatic transmission, gasoline direct injection, and gasoline turbochargers, all of which rely on automotive pumps for efficient operation. This trend is expected to generate promising growth opportunities for the automotive pump market.
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The increasing disposable incomes, particularly in emerging economies, have led to an increased purchasing power among individuals. This trend has prompted automakers to place greater emphasis on mid-sized and compact cars. The introduction of premium features such as easy gear shift, power steering, anti-lock braking system (ABS), and cabin comfort systems in these vehicles, is presenting numerous opportunities for market expansion.
With a growing demand for high-performance vehicles that are both fuel-efficient and lightweight, there is a continuous need for product innovation in the automotive pump industry. These pumps play a key role in improving the energy efficiency of vehicles. The adoption of variable automotive displacement oil pumps, which facilitate maximum oil circulation through all engine parts while effectively absorbing the heat generated, may contribute to the overall growth of the industry.
“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.
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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:
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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 segmeGlobal Automotive Pump Market by Segments
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About the Automotive Division at Future Market Insights
The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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