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(I-AutoNewsWire.com, September 29, 2020 ) The Global Automotive Pump Market is projected to grow at a CAGR of 6.9% during the forecast period, to reach USD 17.7 billion by 2025 from an estimated USD 12.7 billion in 2020.
Automotive pumps perform different functions including raising, compressing, or transferring fluids by mechanical action and facilitate the circulation of fluids around a system for a vehicle’s operational performance.
The major automotive pump market players include Aisin Seiki (Japan), Delphi (UK), Denso (Japan), Johnson Electric (Hong Kong), Robert Bosch (Germany)
By Technology: Mechanical pump is expected to be the largest segment in the automotive pump market
The mechanical pump is anticipated to be the largest market during the forecast period. Mechanical automotive pumps use mechanical force to pump the fluid, whereas electric pumps utilize electric energy from a motor to pump the fluid. Mechanical pumps, also known as geared pumps, are mechanically driven through drive belts or the camshaft and derive power from the engine of a vehicle. However, the mechanical pump market is expected to grow slowly in the coming years as electrical pumps are increasingly used in place of mechanical pumps to make automobiles more efficient.
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By Vehicle Type: Passenger car segment is expected to dominate the automotive pump market
The rising sales of passenger cars are driving the growth of this segment during the forecast period. The passenger car segment has the largest market share, in terms of value, in 2019. Hence, the market size, in terms of value, of the passenger car segment is much larger than that of other vehicle segments in the automotive pump market. The light commercial vehicle segment is expected to witness gradual growth during the forecast period.
The COVID-19 impact on passenger cars can show a positive response as citizens worldwide would prefer private cars over public transportation. For instance, ever since China lifted its lockdown, the number of private cars on roads in Beijing and other cities has almost doubled, and there has been an increase in new car dealerships. In Chinese cities, many residents have shown the intention of new car purchases in this situation.
By Type: Steering pump is estimated to be the largest market during the forecast period
The steering pump segment is expected to dominate the automotive pump market during the forecast period. The hatchback segment of passenger cars is equipped with a hydraulic steering system whereas commercial vehicles are maneuvered by the same steering system, thereby fueling the growth of the steering pump market. Steering pumps are used in hydraulic and electro-hydraulic power steering systems. However, with advancements in steering systems technology, hydraulic and electro-hydraulic steering systems are getting replaced with Electric Power Steering (EPS) system. The EPS system, which requires an electric motor and sensors, eliminates the need for a steering pump.
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The Asia Pacific is expected to account for the largest market size during the forecast period
The Asia Pacific region is estimated to be the largest market by 2027. The region comprises some of the fastest developing economies of the world such as China and India. Also, the Asia Pacific region is the largest market for automotive as the growing purchasing power of consumers has triggered the demand for automobiles in the region. Also, the increasing sales of commercial vehicles and passenger cars in the region are driving the growth of the market. Concerns over ecological imbalance caused by vehicle emissions have increased in the past decade in countries such as India, China, Malaysia, and Thailand. These concerns have forced major vehicle manufacturers to shift focus toward low fuel consuming vehicles. Hence, Asia Pacific is expected to show incremental growth in the market during the forecast period. Moreover, the high demand for passenger cars in fast emerging countries of the region is likely to drive the growth of the Asia Pacific market during the forecast period.
Europe is home to leading automotive manufacturers and has been at the forefront in the early adoption of electrification in vehicles. Thus, the electric pump segment in Europe is expected to gain traction during the forecast period. Strict environmental policies and pollution control measures are likely to contribute to the faster adoption of efficient performing pumps in the region.
Mr. Aashish Mehra