The global automotive pump market is expected to attain a valuation of USD 64.57 billion in 2023 and is projected to reach USD 118 billion by 2033. A CAGR of 6.2% is anticipated for the market during the 2023 to 2033 forecast period.
The increasing pollution levels serve as a significant catalyst for the sales of automotive pumps. The automotive industry has been a prominent contributor to the alarming surge in pollution levels. According to the World Health Organization (WHO), in 2016 alone, ambient air pollution led to 4.2 million fatalities. Additionally, the Environment Protection Agency (EPA) has revealed that motor vehicles in the United States contribute to nearly 75% of carbon monoxide emissions.
Multiple international organizations and governmental bodies are introducing limitations on the automotive industry to curb pollution. Inefficient combustion and obsolete cooling technologies are among the primary culprits behind high levels of vehicular pollution, leading to decreased fuel efficiency in vehicles. In this context, the implementation of sustainable electric water pumps (EWPs) could prove advantageous for automobile manufacturers.
To decrease carbon emissions primarily generated by gasoline or diesel vehicles, governments worldwide are imposing stringent standards and regulations on the automobile industry. This is expected to be a major driver for growth in the automotive pump market throughout the forecast period.
| Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 64.57 billion |
| Anticipated Forecast Value (2033) | USD 118 billion |
| Projected Growth Rate (2023 to 2033) | CAGR 6.2% |
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The automotive pump market was worth USD 47.4 billion in 2017. It accumulated a market value of USD 61.6 billion in 2022 while growing at a CAGR of 5.3% during the historical period.
As more car manufacturers prioritize environmentally friendly driving solutions, there is a notable surge in the demand for electric automotive pumps. Despite a decline in vehicle production during the pandemic, the consistent growth in demand for electric vehicles and hybrid vehicles will continue to drive the market for automotive pumps.
The automobile industry is poised to experience a significant impact on the production, installation, and utilization of automotive pump components due to a multitude of regulations and government policies. The growing need for regulations stems from the requirements for equipment standardization, regional market segmentation, and the identification of organized sectors within the automotive industry.
An example of this is the implementation of tax credits by the United States federal government in 2009, which incentivized consumers to buy plug-in hybrid electric vehicles (PHEVs). The introduction of such favorable regulations is expected to generate profitable growth prospects for the market.
On-board diagnostics (OBD) encompasses a vehicle's self-diagnostic and reporting functionality, enabling vehicle owners or repair technicians to access the status of different vehicle sub-systems. The latest iteration of OBD, known as next-generation OBD, offers real-time data about the vehicle while driving. Unlike carburetors or older mechanical fuel-injection systems, electronic fuel injection (EFI) relies on computer control, and OBD simplifies its operation.
The market is projected to be worth USD 118 billion by the end of forecast period while exhibiting a CAGR of 6.2%.
Rising Trend of Vehicle Electrification to Drive Market Growth
The automotive pumps market is poised for growth, owing to a growing fleet of electric and hybrid vehicles, increased consumer spending, favorable regulatory frameworks, and the development of EV technologies, including full battery-electric and plug-in hybrid electric models. In 2020, consumer spending on electric vehicle purchases reached USD 120 billion, and governments worldwide allocated USD 14 billion to support electric vehicle sales, representing a 25% increase from 2019.
The demand for automotive pumps is driven by various factors such as the growing trend of vehicle electrification, more stringent enforcement of environmental regulations, and the increased integration of current automation technologies, such as automatic transmission and gasoline turbocharged direct injection, into vehicles to mitigate vehicular emissions.
Contemporary vehicles are now equipped with advanced technology and intelligent features that adhere to the most rigorous safety, quality, emission, and performance standards. Vehicle manufacturers are integrating a range of modern technologies, including power steering, gasoline direct injection, gasoline turbochargers, and automatic transmission, into their vehicles.
Megacities are increasingly troubled by photochemical haze caused by a combination of exhaust emissions and sunlight. In response to this, modern gasoline vehicles are equipped with on-board mechanisms aimed at reducing hydrocarbon (HC) emissions. Environmental concerns have led to a surge in consumer demand for electric cars, as well as governmental focus and subsidies in recent years. These factors are fuelling market growth during the forecast period.
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Low Replacement Rate Impacting Aftermarket Potential
Automotive pumps are an integral part of the transmission, driveline and auxiliary systems, which are rarely replaced in automotive. Replacement rate across the globe varies according to the category of pump, ranging between 0.1% and 1% of the vehicle parc. With advancement in technologies, replacement rate is expected to further reduce over the forecast period. Thus, offering very low aftermarket potential for automotive pump manufacturers across the globe.
Extensive Proliferation of the Domestic Automotive Industry widening Sales Prospects
China is expected to dominate the automotive pump market in Asia Pacific by accounting for more than 25% market share in 2023. The region is expected to grow with a CAGR of 6.5% from 2023 to 2033.
In recent years, the growth of the automotive industry in China has drawn the attention of numerous global automakers. China is now recognized as the largest automotive market globally, with a growing focus on automotive pumps. The transition from new auto sales to the rapid development of hybrid automotive vehicles presents lucrative opportunities in the Chinese market.
The demand for automotive pumps in the regional market is significantly driven by the impetus given to the manufacturing of hybrid vehicles. China's Ministry of Industry and Information Technology recently implemented a government policy that permits automakers to gradually increase the production of petrol-electric hybrids while reducing the production of more expensive all-electric vehicles from 2021 to 2023. The government offers tax exemptions for hybrid vehicle production, aiming to promote their usage, enhance acceptance, and reduce pollution emissions.
Implementation of Stringent Regulations to Curb Pollution Levels encouraging uptake
The market in Europe is expected to be in second place in terms of market share. The regional market is expected to grow with a CAGR of 6.3% during the forecast period.
The growth in the regional market can be attributed to the implementation of stringent government regulations on emission levels. As a result, the high sales and production of electric vehicles (EVs) are expected to fuel market growth in this region.
The adoption of automotive pumps in the region is expected to be driven by increased awareness of strict pollution regulations. Furthermore, the presence of major automotive manufacturers in the region is expected to be a significant contributor to the market expansion.
Germany is at the forefront of the global automotive sector, and its economically crucial car manufacturing industry is slowly recovering from a period of production halts during the lockdown. Due to government support and measures, such as reducing the value-added tax on all goods, including cars, there might be an increase in demand for automotive pump manufacturers in response to the rising sales of cars. The announcement of incentives for electric cars by the German government is anticipated to open up profitable growth prospects for the market in the upcoming years.
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Electric Automotive Pumps to experience high uptake
As per FMI, demand for electric automotive pumps is expected to grow at a CAGR of 7% throughout the forecast period. The automotive market is witnessing a growing demand for enhanced fuel efficiency, reduced CO2 emissions, and improved reliability.
To meet these requirements, the utilization of electric pumps and the integration or substitution of mechanical pumps can prove beneficial. This is attributed to their ability to minimize friction and hydraulic losses, and operate on-demand, activating the pump only when necessary.
Electric pumps offer greater energy efficiency compared to mechanical pumps, as they have lower hydraulic losses. Additionally, electric pumps operate independently of the combustion engine and can be controlled with higher precision, enabling them to be used only when necessary. This results in improved fuel efficiency, thermal resistance, and emission control. For example, Continental's electric fuel pumps have been shown to reduce carbon emissions by 1.5-2 g per km for 1.8L diesel engines.
Sales of Automotive Pumps through OEMs to experience high growth
Original equipment manufacturer (OEMs) segment accounted for a revenue share of 58.6% in 2022. The segment is projected to grow with a CAGR of 6.7% throughout the forecast period.
Automotive Original Equipment Manufacturers (OEMs) play a vital role in the production of vehicles, as they are essential for transforming various components into the final product. As more automotive OEMs intensify their investments in research and development, we can expect to witness advancements in superior fuel pump designs. It is worth noting that the aftermarket sale of automotive pumps is approximately one-fifth lower than that of OEMs.
Start-ups are crucial in identifying growth opportunities, including automotive pump market. They efficiently convert inputs to outputs and adapt to market changes, contributing to the industry's expansion. Some start-ups are expected to drive growth in the automotive pump market.
The automotive pump market is highly competitive, with several key industry players investing heavily in the production of these services.
The key industry players are DENSO Corporation, Johnson Electric Holdings Limited, HELLA KGaA Hueck & Co., Hitachi Automotive Systems, Ltd., Concentric AB, Continental AG, Delphi Automotive LLP, JTEKT Corporation, KSPG AG, Magna International Inc., Magneti Marelli S.p.A, Robert Bosch GmbH, Pricol Ltd., SHW Group, TI Automotive Ltd, ZF, and TRW Automotive Holdings Corp.
Key market players are leveraging organic growth strategies like acquisition, mergers, tie-ups, and collaboration to bolster their product portfolio.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 64.57 billion |
| Market Value in 2033 | USD 118 billion |
| Growth Rate | CAGR of 6.2% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2017 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Pump, Sales channel, Technology, Vehicle type, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa; |
| Key Countries Profiled | United States, Canada,Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Concentric AB; Continental AG; Delphi Automotive LLP; DENSO Corporation; HELLA KGaA Hueck & Co.; Hitachi Automotive Systems, Ltd.; Johnson Electric Holdings Limited; JTEKT Corporation; KSPG AG; Magna International Inc.; Magneti Marelli S.p.A; Robert Bosch GmbH; Pricol Ltd.; SHW Group; TI Automotive Ltd; ZF TRW Automotive Holdings Corp |
| Customization & Pricing | Available upon Request |
The market recorded a CAGR of 5.3% in 2022.
Players opt for mergers, collaborations, acquisitions, and tie-ups.
The global market size is to reach USD 118 billion by 2033.
Asia Pacific is projected to emerge as a lucrative market.
The original equipment manufacturer (OEMs) segment was the key segment.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Pump 5.1. Fuel Supply Pump 5.2. Fuel Injection Pump 5.3. Transmission Oil Pump 5.4. Conventional Engine Oil Pump 5.5. Variable Engine Oil Pump 5.6. Steering Pump 5.7. Coolant Pump 5.8. Windshield Washer Pump 5.9. Vacuum Pump 6. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Sales Channel 6.1. OEM 6.2. Aftermarket 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Technology 7.1. Electric 7.2. Mechanical 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Vehicle Type 8.1. Passenger Cars 8.2. Light Commercial Vehicles 8.3. Heavy Commercial Vehicles 8.4. Two Wheeler 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. MEA 10. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Concentric AB 17.2. Continental AG 17.3. Delphi Automotive LLP 17.4. DENSO Corporation 17.5. HELLA KGaA Hueck & Co. 17.6. Hitachi Automotive Systems, Ltd. 17.7. Johnson Electric Holdings Limited 17.8. JTEKT Corporation 17.9. KSPG AG 17.10. Magna International Inc. 17.11. Magneti Marelli S.p.A 17.12. Robert Bosch GmbH 17.13. Pricol Ltd. 17.14. SHW Group 17.15. TI Automotive Ltd 17.16. ZF TRW Automotive Holdings Corp 18. Assumptions & Acronyms Used 19. Research Methodology
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Automotive Pump Market
