An ESOMAR-certified market research and consulting firm’s report predicts the global automotive pumps market to surpass a market value of US$ 98 Bn, exceeding a CAGR of 6% by the end of the 2021-2031 assessment period. Usage of vehicles has propelled in developing countries over time. This, in turn, has increased the demand for automotive pumps.
Historically, between 2016 and 2020, the automotive pumps market garnered a market value of more than US$ 54 Bn by the end of the aforementioned period, expanding at a CAGR of 4%. As automotive manufacturing contracted during the first half of 2020, attributed to COVID-19, prospects for automotive pumps dipped significantly, eventually getting restored as restrictions eased.
Manufacturers of automotive pumps are focusing on developing pumps that would reduce carbon emissions. In addition, the increasing sales of vehicles will have a positive outlook on the automotive pumps industry. It is expected that by 2030, the U.S would reduce its net greenhouse gas emissions by 50-52% below 2005 levels in 2030, while India plans to reduce the same by 33-35%.
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Key Takeaways from the Market Study
- Electric automotive pumps to represent over 2/3rd of total demand, expanding at 5.5% CAGR
- Automotive fuel supply pumps sales to reach US$ 30 Bn by 2031
- Demand for automotive pumps across passenger cars to surge, expanding at over 5% CAGR
- Asia to grow at a CAGR of 5.7% in the forecast period, with a market share exceeding 40%
- Automotive pumps industry expected to generate 3 out of 10 sales throughout Europe
- India, China and Germany to dominate the automotive pumps market.
- Global automotive pumps industry to expand nearly 2x from 2021 to 2031
“Increased emphasis on net greenhouse gas emission reduction is prompting vehicle manufacturers to incorporate automotive pumps and improve automobile efficiency,” says a research analyst.
Competitive Landscape
- In June 2017, Delphi Automotive Plc. entered into partnership with Transdev, a French-based international private public transport company, to develop a global, fully-automated, mobility-on-demand (AMoD) transport system. The new joint venture will further extend to development of Self-Driving Buses, beginning with two pilot projects in France.
- Denso Corporation, TRW Automotive, Mikuni Corporation, Continental AG, Johnson Electric, Mahle Group, Magna International, KSPG AG-A, Robert Bosch Gmbh, SHW AG, Davies Craig are key market players for automotive pumps.