March 31, 2022 04:23 ET | Source: Research and Markets Research and Markets
Dublin, March 31, 2022 (GLOBE NEWSWIRE) -- The "Global Automotive Pump Market, By Pump Type (Oil Pump, Water Pump, Fuel Pump, Vacuum Pump, Windshield Washer Pump, etc), By Technology, By Sales Channel, By Vehicle Type, By Displacement Type, By Region, By Competition, Forecast and Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering. The Global Automotive Pump Market valued at USD79.35 billion in 2020 and is expected to grow further with a CAGR of 6.56% in the forecast period, 2022-2026 to achieve market value of USD115.28 billion by 2026F.
Growth factors for the Global Automotive Pump Market include surging demand for fuel efficiency in automobiles and increased vehicle production globally. Increasing demand for automatic transmission in automobiles and growing research and development in the automobiles to satisfy automation demands, are further driving the growth of the Global Automotive Pump Market in the upcoming five years.
Expanding automotive industry, growing technological advancement in the automotive pumps and their production along with expanding fleet of commercial vehicles are further supporting the growth of the Global Automotive Pump Market in the next five years.
Government initiatives, and strict regulation to reduce carbon emission, introduction and gaining popularity of the electric vehicles, along with rising disposable income among the working population, are also substantiating the growth of the Global Automotive Pump Market in the future five years. Increasing urbanization, expanding manufacturing units, growing number of the market players and increasing demands from the automotive industry are also aiding the growth of the Global Automotive Pump Market. An automotive pump is a device installed in automobiles for transmitting fluids (liquid or gas) by decreasing or increasing the pressure on fluids. Automotive pumps have applications in several vehicle systems such as transmission, windshield, steering, coolant, and lubrication. The growing demand for environment-friendly solutions has influenced manufacturers to develop well-organized automotive pumps. The Global Automotive Pump Market is segmented by pump type, technology, sales channel, vehicle type, displacement type, regional distribution, and competitive landscape.
Based on technology, the market is further bifurcated into mechanical pump and electrical pump. Mechanical pumps are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of growing production of non-electric vehicles and large fleet of vehicles.
Electric pumps are expected to register fastest growing CAGR value in the next five years on account of growing technological advancements and increased production of innovative electric vehicles and fuel pump designs. Moreover, increased investment in the electric vehicles and their parts manufacturing further substantiate the growth of the Global Automotive Pump Market. Aisin Group, Robert Bosch GmbH, DENSO Corporation, ZF Friedrichshafen AG, Continental AG, BorgWarner Inc., Johnson Electric Holdings Limited, Rheinmetall AG, SHW AG, Hitachi, Ltd. etc. are among the major market players in the global platform that lead the market growth of the Global Automotive Pump Market.
Company Profiles: Detailed analysis of the major companies present in the Global Automotive Pump Market.
Years considered for this report:
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