The global automotive pumps market size is expected to reach USD 20.51 billion by 2030 according to a new study by Polaris Market Research. The report “Automotive Pumps Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles); By Type; By Electric Vehicle Type; By Sales Channel; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The significant factors such as expanding vehicle manufacturing, improved compliance with environmental standards, rising integration of automation technologies such as automatic transmission, and growing acceptance of advanced digital technologies are anticipated to propel the growth of the industry over the forecast period.
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Furthermore, they are frequently utilized to transport tropicalizing fluid for radiators, as well as pumping fuel and fuel additives. Therefore, the growing use of the industry in applications such as spraying release agents, pumping liquefied gases, and distributing paint and solvents on centralized systems is expected to propel industry growth.
Based on the vehicle type segment, the passenger car demand is expected to dominate the industry. The adoption of advanced technologies in the auto sector, along with the rising disposable income of consumers, is further leading to the increased demand for the industry.
Asia Pacific is expected to witness the largest share over the forecast period. The rapid growth in population, increased production of the vehicle in developing economies such as China and India, as well as the rapid advancement of hybrid vehicles are the factors contributing to the increased demand for the industry across the region.
Industry players such as Aisin Corporation, Continental AG, Denso, GMB Corporation, Hitachi, Johnson Electric, Magna International Inc., Mikuni Corporation, Mitsubishi Electric Corporation, Rheinmetall Automotive, Robert Bosch GmbH, SHW AG, Valeo, and ZF Group are some key players operating in the industry.
In January 2019, JTEKT announced to feature its latest mobility technologies for autonomous driving at the North American International Auto Show (NAIAS). JTEKT showed innovations such as the recently developed Lithium-Ion Capacitor, which can operate in extremely high and low temperatures, as well as JTEKT's Advanced Driver Assist System (ADAS) and Steer By Wire technologies that are in development.
Polaris Market Research has segmented the automotive pumps market report based on type, electric vehicle type, vehicle type, sales channel, and region:
Automotive Pumps, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Automotive Pumps, By Electric Vehicle Type Outlook (Revenue - USD Billion, 2018 - 2030)
Automotive Pumps, Vehicle Type Outlook (Revenue - USD Billion, 2018 - 2030)
Automotive Pumps, Sales Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Automotive Pumps, Regional Outlook (Revenue - USD Billion, 2018 - 2030)