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Automotive Pumps Market Size

Report ID: GMI6001
Published Date: Jul 2024
Report Format: PDF

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Automotive Pumps Market Size

Automotive Pumps Market size was valued at USD 15.1 billion in 2023 and is anticipated to register a CAGR of 4.8% between 2024 and 2032. This growth can be attributed to several factors such as increasing vehicle production, shift towards electric vehicles (EVs), and stringent emission regulations. According to the International Organization of Motor Vehicle Manufacturers (OICA), global vehicle production reached 80.1 million units in 2021, a 3% increase from 2020. This growth in vehicle production directly correlates with increased demand for automotive pumps, which are essential components in various vehicle systems.

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Furthermore, the shift towards electric vehicles (EVs) is also contributing to market expansion, as EVs require specialized pumps for battery cooling and thermal management systems. The International Energy Agency (IEA) reports that global electric car sales doubled in 2021 to a new record of 6.6 million, with nearly 10% of global car sales being electric in 2021. This trend is expected to continue, further driving demand for automotive pumps.

Automotive Pumps Market Report Attributes
Report Attribute	Details
Base Year:	2023
Automotive Pumps Market Size in 2023:	USD 15.1 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.8%
2032 Value Projection:	USD 22.8 Billion
Historical Data for:	2021 - 2023
No. of Pages:	340
Tables, Charts & Figures:	531
Segments covered:	Type, Technology, Vehicle, Sales Channel, Region
Growth Drivers:	Increasing vehicle production Stringent emission and fuel efficiency regulations Rising demand for electric vehicles (EVs)
Pitfalls & Challenges:	Fluctuating raw materials prices High cost associated with the manufacturing and development of advanced pump technologies

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One major concern is the fluctuating costs of steel, aluminum, and rubber squeeze makes it difficult to profit margins as production costs rise. Unpredictable pricing makes it difficult to set stable selling prices, and in extreme cases, material shortages can disrupt production schedules. However, manufacturers can tackle this situation by diversifying suppliers for better control and optimize production processes to minimize waste.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of automotive pumps reached USD 15.1 billion in 2023 and is set to witness 4.8% CAGR between 2024 and 2032, attributed to the increasing vehicle production, and shift towards electric vehicles.

The steering automotive pumps industry accounted for USD 3.9 billion in 2023 and is expected to grow at 5.3% CAGR during 2024 to 2032, owing to the increasing popularity of large SUVs and commercial vehicles.

Asia Pacific market generated USD 5.9 billion in 2023 and is expected to reach USD 9.2 billion by 2032, attributed to the growing economies of China, India, and Southeast Asian nations.

Aisin Seiki Co., Ltd., BorgWarner Inc., Continental AG, Delphi Technologies, Denso Corporation, HELLA GmbH & Co. KGaA, Hitachi Automotive Systems, Ltd., Johnson Electric Holdings Limited, and Magna International Inc. among others.