Fact.MR’s report on the automotive pumps market has introduced interesting insights about the steadily progressing market. The market analysis has revealed that stricter emission standards and preference for green technology have led significant investments in the R&D to enhance engine performance. With their indispensable role in the maintenance of engine efficiency, the automotive pumps market is expected to report a steady CAGR in the range of 4 – 5 % during the forecast period of 2017 – 2026.
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The report delivers a thorough analysis of the key factors responsible to transform the growth trajectory of the automotive pumps market. Increasing demand for fuel-efficient vehicles and expansion of automotive aftermarket are few of the prime fillips identified which are likely to drive the automotive pumps market in the coming years.
Study envisages that increasing demand for light-weight fuel-efficient vehicles has led to the adoption transition from mechanical pumps to electrical pumps. This analysis has revealed the dominance of electrical pumps in the automotive pumps market with over two-third revenue share of the market and over 4% of CAGR during the forecast.
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Manufacturers in the automotive pumps market are observed to engage in developing efficient fuel supply pumps that facilitate lower fuel consumption, are affordable and meet the quality standards. Further, as per the study, demand for high-performance vehicles with optimum fuel economy has increased adoption of fuel supply pumps. Based on this, the study reveals that the fuel supply pumps segment is estimated to report the highest revenue among all pump types and surpass US$ 30,700 Million by the end of 2026. The fuel injection pumps are estimated to report rapid expansion owing to steadily rising sales of diesel-powered automobiles.
During the forecast period, with one of the largest automotive manufacturing markets in the world, the Asia Pacific excluding Japan (APEJ) region is expected to helm the automotive pumps market, representing a CAGR surpassing 5%. Ameliorating economic scenario and low labor costs in the region, particularly in China and South Korea, have bolstered the growth of the automotive manufacturing industry, in turn, explaining lucrativeness of the market.
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Based on vehicle type, the passenger car (PC) segment reported the highest market valuation owing to the impressive sales of passenger vehicle across world regions. However, light commercial vehicle (LCV) segment was analyzed to be the rapidly expanding segment with the CAGR over 5% during the period of 2017 – 2026 against the backdrop of improving sales of LCVs, particularly in APEJ and North America.
Another important insight derived in the study is regarding the changing dynamics of the sales channel in the automotive pumps market. Expansion of aftermarket in the automotive industry is evident, however, owing to the rising importance of green technology, OEMs in the automotive pumps market are shifting their production procedures towards manufacturing a single, all-purpose automotive pumps with multiple functions. According to the Fact.MR valuations, the OEM sales channel clearly dominates the sales channel segment with the sales touching US$ 55,000 Mn by 2026 end and is expected to grow at a CAGR of 4% during the forecast period.
Major emphasis is given on the changing regulatory standards with respect to carbon emission and energy consumption and their impact on the automotive industry growth. As automakers shift their production strategies towards developing advanced automotive technologies, automotive pumps market is expected to move in the direction of novel product developments in a bid to meet the stringent emission and energy standards. Further, evolution in the vehicle design, especially electric and autonomous vehicles as the next-gen vehicles with the advanced automotive technologies are expected to challenge the growth of the automotive pumps market during the forecast period. The study elaborates business strategies of manufacturers that are developing novel designs of automotive pumps suitable to the modern design of next-gen vehicles.
Mohit Loshali, an experienced campaigner, writes about the latest evolutions and trends in the automotive and allied domains. He has helped clients from across the globe with his thought-provoking research and analysis.