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Automotive Pumps Global Market Report 2022
Major players in the automotive pumps market are Aisin Seiki, Denso Corporation, Robert Bosch GmbH, Johnson Electric, KSPG AG, Magna International, SHW AG, ZF, Continental AG, Concentric AB, HELLA KGaA Hueck & Co.
New York, June 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Pumps Global Market Report 2022" - https://www.reportlinker.com/p06282664/?utm_source=GNW
, Seiki Co. Ltd, Valeo, Hitachi Automotive Systems Ltd., JTEKT Corporation, Magneti Marelli S.p.A, Pricol Ltd., TI Automotive Ltd, Rheinmetall Automotive AG, The Sherwin-Williams Company, and Mikuni Corporation.
The global automotive pumps market is expected to grow from $18.95 billion in 2021 to $19.76 billion in 2022 at a compound annual growth rate (CAGR) of 4.25%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $24.34 billion in 2026 at a CAGR of 5.35%.
The automotive pumps market consists of sales of automotive pumps by entities (organizations, partnerships, and sole proprietors) that are used in vehicles to transmit fluids (liquid or gas) by lowering or raising the pressure on the fluids to improve vehicle performance and fuel efficiency. Automotive pumps function by lifting, compressing, or transferring fluids around the vehicle’s operating system by using mechanical force or electric energy from a motor.
The main types of automotive pumps are automotive fuel injection pumps, automotive fuel supply pumps, automotive engine oil pumps, automotive transmission oil pumps, automotive coolant pumps, automotive steering pumps, automotive vacuum pumps, and automotive windshield washer pumps.The automotive fuel injection pump is a rotary pump or distributor pump, used in vehicles such as small trucks and cars for pumping fuel into the cylinders of the engine.
Autonomous pumps are used in various types of electric vehicles including battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV).By technology, types of automotive pumps are electric automotive pumps and mechanical automotive pumps.
Automotive pumps are sold through OEM and aftermarket sales channel.
Asia Pacific was the largest region in the automotive pumps market in 2021 and is also expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rising electrification of vehicles is expected to propel the growth of the automotive pumps market.An automotive pump is a device that functions by lifting, compressing, or transferring fluids around the vehicle’s operating system by using mechanical force or electric energy from a motor.
An increase in fuel costs is persuading commuters to look at cheaper alternatives.Electric vehicles are a zero-emission and economical option that is gaining popularity.
For instance, as of 2020, there were 10 million electric vehicles on the roads globally.In 2020, global electric car sales reached about 3 million, with new electric car registrations increasing by 40%.
Thus, the rising electrification of vehicles is driving the growth of the automotive pumps market.
The growing adoption of new technologies is a key trend gaining popularity in the automotive pumps market.New technologies such as gasoline turbocharger, gasoline direct injection, and automatic transmission enable efficient circulation of oil in all parts of an automobile to create lucrative opportunities for manufacturers of automotive pumps.
For instance, in February 2019, Robert Bosch GmbH, a Germany-based manufacturer of auto parts launched an electric coolant pump, ECP 160.The ECP 160 is designed to replace mechanical pumps in combustion engines and can operate in other applications, such as electric motors, batteries, or inverter cooling.
It has a robust design that is suitable for mounting to engines thanks to high-temperature resistance (up to 140°C) and high vibration resistance.
In February 2021, ADVIK Hi-Tech, an India-based automotive component manufacturer, acquired Hanon Bangalore Operations Pvt. Ltd. for an undisclosed sum from Hanon Systems in South Korea. The acquisition is intended to help ADVIK Hi-Tech expand its global manufacturing and R&D capabilities in the powertrain systems industry, allowing it to offer a comprehensive pump portfolio to global vehicle manufacturers, including oil pumps, water pumps, and vacuum pumps. Hanon Bangalore Operations is an India-based manufacturer of automotive pumps for the global vehicle industry.
The countries covered in the Automotive Pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06282664/?utm_source=GNW
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