The automotive industry is one of the fastest-growing industries, significantly contributing to the gross domestic product of several countries. Unfortunately, the COVID-19 pandemic posed serious challenges for which the industry was under-prepared. Halted production and disruptions in the supply chain resulted in a huge setback in the automotive industry.As per Fact.MR- a market research and competitive intelligence provider, historically, between 2016 and 2020, the global market for automotive pumps expanded at around 4% CAGR, surpassing a market value of US$ 54 Bn by 2020.
However, with the acceleration in the vaccination process across several countries like the U.K., the U.S., Germany, India, and China, manufacturers are making conscious efforts to bring the automotive industry back on track, with innovations and expansion strategies.The COVID-19 pandemic has become a major concern for automotive stakeholders. Suspension of vehicle production and supply disruptions have brought the automotive industry to a halt. Lower vehicle sales post the pandemic will be a major concern for automotive OEMs for the next few quarters. According to experts, there is a slim chance of vehicle sale recovery in 2020. The automotive pump market, however, is expected to witness a significant boost in 2022 owing to the carbon emission norms by different countries. Before that, lower vehicle sales and abrupt stoppage in the development of new automotive technologies will result in sluggish growth of the automotive pump market in 2021.
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In the view of higher adoption of green technologies, OEMs are shifting their production procedures for automotive pumps. Within a couple of years, automotive pumps will be available integrated with multiple functions. While such automotive pumps will improve the performance of the vehicle, they will lower the product portfolio of pump manufacturers. The global market for automotive pumps is also expected to witness sluggish growth on the account of rising raw material prices associated with production of automotive pumps.
The Fact.MR report on the global automotive pumps market predicts that by the end of 2017, the global market will be valued at nearly US$ 48 Bn. The market will, however, soar at a steady pace, reflecting steady CAGR to reach US$ 60 Bn. Following highlights offer an insightful outlook on the expansion of global automotive pumps market during 2017-2022.
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Global Automotive Pumps Market Segments.
This section provides a detailed automotive pumps market breakdown based on various segments.
A historical analysis of each segment along with the forecast has been provided in the chapter.
On the basis of pump type, the global automotive pumps market has been segmented into:
- Fuel Injection
- Fuel Supply
- Engine Oil
- Transmission Oil
- Coolant
- Steering
- Vacuum
- Windshield Washer
Based on technology type, the global automotive pumps market has been segmented into:
- Electric
- Mechanical
On the basis of vehicle type, the global automotive pumps market has been segmented into:
- Passenger Car
- HCV
- LCV
Based on sales channel, the global automotive pumps market has been segmented into:
- OEM
- Aftermarket
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Key Takeaways
- According to the report, the global market for automotive pumps will acquire highest share of revenues from the Asia-Pacific excluding Japan (APEJ) region. In consideration of large automobile manufacturing hubs such as China and South Korea situated in this region, the APEJ market for automotive pumps will account for over one-third share on the global market revenues throughout the forecast period.
- The demand for automotive pumps is anticipated to be the lowest in Europe. By 2022, the sales of automotive pumps in Europe will have soared languidly, reflecting a listless CAGR.
- North America’s automotive pumps market, too, is expected to witness decelerated sales of automotive pumps in 2017, harvesting revenues just over US$ 10 Bn. Conversely, the demand for automotive pumps in Japan will be relatively more exceeding than that in the US and Canada. The automotive pumps market in Japan is poised to set forth a moderate CAGR over the forecast period.
- In 2017, global sales of fuel supply pumps are expected to translate revenues worth over US$ 20 Bn. Towards the end of forecast period, global fuel supply pump sales will mark a global revenue share of nearly half of the market value. The report also projects that mechanical pumping technology slowly and steadily lose traction in the global automotive industry. Sales of mechanical automotive pumps will showcase a negative CAGR towards the end of 2022, indicating their outright absence.
- The report also projects that by the end of 2017, the global market for automotive pumps will be dominated by passenger cars, accounting for nearly 70% share on global revenues. In terms of sales channels, OEMs will hold the dominant share, and attribute to more than US$ 47 Bn market value by 2022-end.
Leading players participating in the automotive pumps market include
- Denso Corporation
- TRW Automotive
- Mikuni Corporation
- Continental AG
- Johnson Electric
- Mahle Group
- Magna International
- KSPG AG-A
- Robert Bosch Gmbh
- SHW AG
- Davies Craig.
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Key Questions Answered in Report
- Which are the most lucrative automotive pumps markets?
- Which factors will impact the growth of automotive pumps?
- How will changing trends impact the strategies of market players?
- How can market players capture the low-hanging opportunities across regions?
- Which companies are leading the automotive pumps industry?
- What are the winning strategies of stakeholders in the market?
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