November 18, 2021 07:48 ET | Source: Research and Market Research and Market

Dublin, November 18, 2021 (Global News Agency)-"Automotive Pump Market-Global Forecast to 2026" report has been added to ResearchAndMarkets.com's products.

The global automotive pump market is expected to grow from US$14.2 billion in 2021 to US$17.5 billion in 2026, with a compound annual growth rate of 4.2%.

The world's major automakers are focusing on launching energy-efficient vehicles to meet the increasing demands of consumers. In addition, in order to curb the increasingly serious pollution, some countries have implemented strict emission standards for passenger cars and commercial vehicles.

These factors are expected to drive market growth. However, the growth of battery-powered vehicles is considered to be the main constraining factor for the growth of the automotive pump market. Although the outbreak of the COVID-19 pandemic around the world has disrupted the economic and financial structure of the entire world.

The auto industry declined due to the economic collapse of the United States, China, Britain, Germany, France, Italy, Japan, and many other countries due to the suspension of auto parts and assembly production. However, in the first half of 2021, due to sales growth, global automakers have increased their production levels.

"In the forecast period, HEV is the largest electric vehicle segment in the automotive pump market."

HEV includes internal combustion engine and battery. Therefore, the HEV architecture is most suitable for installing pumps for regulating fluid flow. Applications such as cooling, lubrication, and fuel injection require pumps to operate effectively.

Therefore, the growing demand for vehicles in the HEV segment is expected to drive up the demand for automotive pumps and contribute to the growth of the global market. In addition, due to strict emission regulations and standards and the growing demand for low-emission or zero-emission vehicles, the demand for hybrid vehicles is on the rise. In addition, governments of various countries provide purchase subsidies and tax rebates for hybrid vehicles.

For example, in June 2021, the Indian government announced its decision to extend the second phase of the "Fast Adoption and Manufacturing of Hybrid and Electric Vehicles" (FAME) program by two years to March 31, 2024. The program was launched in 2019 to promote sales of hybrid and electric vehicles that should have ended in 2022.

Governments around the world are planning to launch an electric vehicle promotion plan. The electric vehicle market will grow. With the sales of new electric vehicles, the automotive pump market will grow accordingly.

"The passenger car segment is expected to dominate the automotive pump market."

The increase in consumer disposable income has promoted the demand for passenger cars, which in turn drove the growth of the automotive pump market. The passenger car segment is expected to occupy the largest share in the automotive pump market.

The automotive pump market in passenger cars is expected to grow at a significant rate, especially in emerging economies in the Asia-Pacific region. In addition, consumer demand for electric vehicles continues to increase, as well as a number of transportation policy amendments formulated by governments to curb harmful emissions, are expected to promote the growth of the passenger car market.

"The Asia-Pacific region is expected to record the highest growth rate during the forecast period."

The Asia-Pacific market is a vast geographic area, including countries such as Japan, China, India, South Korea, and Thailand. China is the world's largest automobile producer. In recent years, the country’s automotive industry has achieved significant growth.

In addition, component manufacturing start-ups and Tier 1 companies have strengthened their footholds in the region, thereby driving market growth. In addition, veteran automakers in Japan, China, and South Korea are expected to meet the growing demand for pumps from original equipment manufacturers in the region.

The main players in the automotive pump market are Aisin Corporation (Japan), Denso (Japan), Continental AG (Germany), Valeo (France) and Robert Bosch GmbH (Germany).

Trends and disruptions in the automotive pump market

Automotive Pump Market: Impact of COVID-19

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