The global automotive pumps market size was valued at USD 18.0 billion by 2027 and is expected to reach USD 14.8 billion in 2022, at a CAGR of 4.1% during the forecast period 2022-2027. Automotive pumps perform different functions including raising, compressing, or transferring fluids by mechanical action and facilitate circulation of fluids around a system for a vehicle’s operational performance.
Market Dynamics:
Driver: Increasing trend of engine downsizing
One of the recent trends in the automotive industry is engine downsizing, which is done by using upgraded technologies such as turbochargers, superchargers, and direct injection technology. OEMs are increasingly focusing on using small engines with power equal to or greater than the existing engines. Smaller engines help decrease the overall weight of the vehicle and, thus, improve fuel efficiency in gasoline and diesel engines. For instance, most of the Mercedes-Benz and BMW cars manufactured today are equipped with a 4-cylinder engine instead of a 6-cylinder engine. A 4-cylinder engine increases the pressure required in the engine to provide the same power as a large engine with better efficiency. OEMs are also attempting to downsize the engine to meet the emission norms set by governments. The downsizing of the engine is expected to create new business opportunities for the automotive fuel injection pump market in the coming years.
Opportunity: Robust growth in sales of plug- in hybrid electric vehicles
A plug-in hybrid electric vehicle (PHEV) is a type of electric vehicle where the battery can be recharged by plugging a charging cable into an external electric power source along with its on-board internal combustion engine-powered generator. PHEVs are witnessing high penetration into the passenger car segment, but there are also PHEV versions of commercial vehicles and vans, utility trucks, buses, trains, motorcycles, and mopeds. PHEV shares the attributes of an electric vehicle and the traditional internal combustion engine. Growth of this segment is expected to offer lucrative opportunities for the growth of the fuel pumps market as these vehicles have a conventional IC engine where the fuel pump is used to supply fuel from the tank to the engine, which is then injected into the cylinder.
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By Technology: Electric segment is the fastest-growing segment of the automotive pump market during the forecast period
Electric pumps, which work with the help of electric motors, are gradually replacing mechanical pumps. The use of electric pumps is increasing due to their many advantages over mechanical pumps. Electric fuel pump provides more fuel efficiency as compared to mechanical fuel pump. However, the installation of electric pump requires sophisticated electrical circuit, which increases the cost. Major global automakers are now using electric pumps in vehicular architecture.
By Vehicle Type: Passenger car segment is expected to be the fastest-growing segment in the automotive pump market
Growing number of favourable government policies, mandating the reduction in CO2 emissions in new vehicles and growing disposable income are expected to create opportunities for the passenger car market growth. Also, economic growth in emerging countries has enhanced the purchasing power of people hence resulting in the growth of passenger car segment. The passenger car segment is expected to grow 4.1% CAGR reaching USD 18 billion in 2027 from USD 14.8 billion in 2022.
Asia Pacific: India is expected to grow at the highest CAGR during the forecast period.
Owing to favourable government policies, such as 100% FDI with prior government approval, leaner policies for manufacturing and imports for licensing and approvals, and World Trade Organization (WTO) compliant policies, the automotive industry in the country is growing at a higher CAGR than most countries in the region. Various government initiatives, such as Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME), will foster the popularity of EVs and drive the sales of automotive electric pumps in India. The passenger car segment in India for automotive pumps is expected to grow at the highest CAGR during the forecast period and is expected to be the largest market during the forecast period. The pickup in economic activity and several government initiatives are likely to propel the automotive market growth in India, thus leading to growth in the automotive pumps market
Key Market Players:
The major market players include Aisin Corporation (Japan), Denso (Japan), Robert Bosch GmbH (Germany), Valeo (France), Continental AG (Germany) among others.
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