Latest News - Automotive Pump Market: Mechanical is expected to lead the Type segment during 2024-2028

The Automotive Pump Market is being driven by Growth of automotive industry in emerging economies

The Automotive Pump Market is expected to grow at a CAGR of 4.14% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3.49 billion. The global automotive industry is making significant strides towards minimizing environmental impact, with key players in the value chain, including tier-1 suppliers like Continental Automotive GmbH, collaborating with governments and institutions to drive sustainability initiatives. Continental's innovative response to stringent hydrocarbon evaporation legislation is the development of an electric Active Purge Pump. This cutting-edge technology, designed to remove hydrocarbon-laden air from the canister, effectively reduces evaporative hydrocarbon emissions, contributing to a more eco-friendly automotive sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Mechanical
  • Automatic
• Application
  • Passenger cars
  • Commercial vehicles
• Geography
  • Europe
    • Germany
    • UK
  • North America
    • US
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth of automotive industry in emerging economies
• Growth in sales of electronic fuel-injected vehicles
• Adoption of new or improved emission standards for vehicles

However, the market also witnesses some limitations, which are as follows:

• High cost of electric fuel pumps
• Increasing demand for hybrid and electric vehicles
• Increasing availability of counterfeit automotive pump products

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Market Scope in Automotive Pump Market Research Report

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Research Analysis Overview

The Automotive Pump Market is witnessing significant growth due to various factors, including the implementation of stringent environmental laws and the shift towards vehicle electrification. With the increasing focus on reducing carbon emissions and improving air quality, particularly in megacities, automotive Original Equipment Manufacturers (OEMs) are investing heavily in EV technologies and electric vehicle (EV) sub-systems. Fuel pumps for conventional vehicles continue to dominate the market, but the demand for cooling technologies for both passenger automobiles and commercial vehicles is increasing due to rising emission levels from combustion technologies. Radiators, paint and solvents, and liquefied gases are some of the key vehicle sub-systems where pumps are used. Environmental laws, such as Carbon emission norms, are driving the demand for more efficient and cleaner cooling and fuel systems. The growing popularity of electric vehicles (EVs) is also expected to boost the market for pumps used in EV technologies, such as battery cooling systems and charging infrastructure. However, the increasing use of EVs and the shift towards cleaner technologies is also posing challenges for the market, as the production of batteries and other EV components requires large amounts of energy and raw materials, contributing to the production of photochemical haze and other environmental issues. Therefore, the focus is on developing more sustainable and eco-friendly pump technologies to mitigate these challenges.

Market Research Overview

According to Technavio, the global automotive pump market is a segment of the broader automotive parts and equipment market, which encompasses businesses producing components and accessories for various automobile types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. The global automotive parts and equipment market's size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for this market include the rising demand for electronic components in automobiles, such as electronic control units (ECUs), and the increasing sales of EVs, motorcycles, and PCs over the past decade. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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