Automotive Pumps Market Analysis

Automotive Pumps Market Analysis

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Based on type, the market can be segmented into fuel pump, fuel injection pump, water pump, windshield pump, steering pump, transmission oil pump, vacuum pump, headlight washer pump. In 2023, the steering automotive pumps accounted for revenue of around USD 3.9 billion in the year 2023 and is expected to grow at a fast rate of 5.3% CAGR from 2024 to 2032.
 

The increasing popularity of large SUVs and commercial vehicles which benefit from the robust power steering systems that hydraulic and electro-hydraulic pumps provide, allowing for better handling and maneuverability as compared to EPS in these larger classes. Secondly, the growth of Advanced Driver-Assistance Systems (ADAS) creates a demand for precise and reliable steering, which current hydraulic and electro-hydraulic pump systems can deliver effectively. So, while EPS dominates in smaller cars, steering pumps remain crucial for larger vehicles and the development of safe, high-tech driving experiences.
 

Based on technology, the automotive pumps market is categorized into electric and mechanical automotive pumps. In 2023, mechanical automotive pumps accounted for revenue of around USD 10.7 billion in the year 2023. The simple design of mechanical automotive pumps makes them more affordable to produce, which appeals to budget-conscious car manufacturers. Secondly, mechanical pumps are reliable and well-suited for certain applications.
 

Asia Pacific dominated the automotive pumps market with revenue of around USD 5.9 billion in the year 2023 and expected to reach around USD 9.2 billion by 2032. This can be attributed to the growing economies of China, India, and Southeast Asian nations through which they are experiencing rapid industrial growth.
 

As the region has become a basic hub for car manufacturing, particularly in nations like China and India as the growing economies and the corresponding rise in consumer disposable income have ignited a surge in vehicle sales. This translates directly into a growing demand for automotive pumps to service this expanding automotive industry.
 

North America: In terms of country, U.S. is dominating with the overall revenue of USD 2.3 billion in the North America market. The U.S. has a long-established and well-developed automotive industry. This translates to a strong domestic market for automotive pumps, with established supply chains and infrastructure geared towards these components. Secondly, the presence of major automotive pump manufacturers headquartered in the U.S. strengthens its position. These manufacturers cater not just to the domestic market but also export to neighboring countries within the region.
 

Europe: In terms of country, Germany is dominating the Europe market in terms of automotive pumps market share of around 15% during the year 2023. Germany has an established position as a powerhouse of car manufacturing which creates a strong domestic demand for pumps, fostering a robust market within its borders. For instance, Germany boasts companies such as Bosch and Continental AG who dominate the automotive parts landscape, not just in Germany but across Europe, thereby propelling the market.
 

Asia Pacific: In terms of country, the Chinese automotive pumps market was valued at around USD 2.8 billion in 2023 and is anticipated to register a CAGR of 5.1% between 2024 and 2032. China has emerged as a global manufacturing powerhouse, producing a vast quantity of automobiles. This translates to a massive internal demand for automotive pumps, fueling domestic production and further enhancing China's position within the region. Secondly, China's economic growth and rising middle class have led to a surge in car ownership, further amplifying the demand for pumps.