Automotive Pumps Market: Key Insights
The automotive pumps market grew at over 4% CAGR during 2012-2016 on the back of booming automotive industry and technological developments.
Global sales of automotive pumps surpassed 780,000 units in 2018 and the market is estimated to grow at a volume CAGR of 5.3% during the forecast period of 2017-2026.
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Asia Pacific Excluding Japan (APEJ) will remain the largest market for automotive pumps 2017-2026 period. An exponential increase in demand for automobiles, along with introduction of premium features in mid-sized cars remains a key factor influencing the growth of automotive pumps market in the region.
APEJ is also anticipated to emerge as the most attractive market of automotive pumps, expanding at a promising CAGR of 5.7% over the forecast period.
What is Driving the Growth of Automotive Pumps Market?
Increasing vehicle parc across the globe, lined with the adoption of innovative technologies to produce fuel efficient vehicles and to adhere to VOC (volatile organic compound) emission regulations is expected to significantly contribute to the growth of automotive pumps market.
Various automakers and manufacturers are heavily investing in R&D and production of automotive components by integrating smart technologies such as automatic transmission, gasoline direct injection, and gasoline turbocharger which require automotive pumps for optimum functioning. This factor will possibly create potential growth prospects of the automotive pumps market.
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A surge in middle class demographic and their high purchasing capabilities on the account of stable economic growth and rising disposable income, especially in emerging economies, has been encouraging automakers to focus on mid-sized and compact cars. Introduction of premium aspects such as easy gear shift, power steering, anti-lock braking system (ABS), and cabin comfort system in these cars may present opportunities for the use of customized automotive pumps.
Globally, as consumers seek high-performance vehicles that are fuel-efficient as well as lightweight, continuous product innovations are readily adopted for automotive pumps which play a vital role in enhancing the energy efficiency of vehicles. Inclination toward the adoption of variable automotive displacement oil pumps that enable circulation of maximum oil through all engine parts and absorption of heat generated may complement the overall expansion of automotive pumps market.
Rising fuel cost due to over exploitation of conventional fuel reserves are further prompting automotive manufacturers to develop highly efficient transmission system. Incorporation of such innovative systems along with low-friction pumps in a range of vehicles is expected to gain momentum in the coming years and eventually serve as a catalysts for the growth of automotive pumps market.
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What are the Challenges Limiting the Automotive Pumps Market?
With significant implementation of advanced technologies in product development, there has been a decrease in replacement rate of automotive pumps, which is likely to minimize the aftermarket potential of these products in the foreseeable future. This is considered to be one of the critical factors hampering the growth of automotive pumps market.
Due to rising global concerns regarding carbon emissions and VOCs emission, several government organizations and regulatory bodies are constantly making effort to reduce air pollution caused by automotive and other industries. This has led to rise in the adoption of electric vehicles run by electric engine and are independent of internal combustion engines, which in turn is likely to negatively affect the growth of automotive pumps market in the future.
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