Automotive pumps are utilized for the administration of automotive fluids in automotive systems. Some of the systems that leverage these pumps for smooth functioning are fuel, steering, coolants, etc. Increasing focus on passenger experience is supposed to drive the demand for the automotive air pumps, automotive ac pumps, car fuel pump, etc. A recent study circulated by Market Research Future (MRFR) unfolds that the global Automotive Pumps Market Revenue is projected to mark a moderate rate of growth over the review period. The valuation of the revenue earned by the market during this period is likely to touch a decent amount, asserts MRFR.
The development of fuel-efficient technologies has led to rising demand for automotive pumps. Thus, the rising sales of automobiles are anticipated to drive the growth of the Automotive Pumps Market Revenue in the years to come. The rising income levels, especially of the middle-income population, is projected to play a key role in the development of the automotive pump market.
Rising adoption of electrification drive in vehicles is poised to catalyze the expansion of the Automotive Pumps Market Revenue in the near future. Also, the implementation of environmental regulations is projected to influence the market’s growth curve positively in the forthcoming years. The adoption of the latest technologies such as fuel injections, also poses opportunities for the players in the global market. However, the electrification of steering in vehicles is expected to check the sales of steering pumps in the years to come, thus impeding growth of the automotive fuel pumps market.
On the basis of product, the Automotive Pumps Market Revenue has been segmented into oil pump, steering pump, water pump, fuel pump, fuel injection pump, and other.
Based on technology, the Automotive Pumps Market Revenue has been divided into mechanical and electrical.
On the basis of vehicle type, the Automotive Pumps Market Revenue has been segmented into passenger car, HUV, LCV, and two-wheelers.
The regional assessment of the global Automotive Pumps Market Revenue covered in this MRFR report spans across – Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). These regions are then assessed on the basis of key country-level revenue pockets for offering analysisful intelligence. Asia Pacific has been observing a rise in its production capacity in the automotive sector. It is expected to influence the growth trajectory of the Automotive Pumps Market Revenue greatly in the upcoming years. Also, the adoption of advanced technologies in the industry is likely to favor the market’s expansion pace in the near future. Europe is also a major growth pocket with massive contribution to the global market growth rate. It is poised to generate demand owing to the presence of a developed automotive industry in the region. In addition, the development of new technologies by key players is also prognosticated to help the growth rate of the Automotive Pumps Market Revenue to accelerate.
Aisin Seiki Co. Ltd., Denso Corporation, Delphi Automotive, Robert Bosch Gmbh, KSPG AG-A- Rheinmetall, Johnson Electric, Mikuni Corporation, TRW Automotive, Magna International, and SHW AG are few of the key participants of the global Automotive Pumps Market Revenue. The development of product lines that ensure enhanced performance and fuel efficiency is projected to act as a catalyst to competition in the global market place. In addition, in order to capitalize on the opportunities unleashed by the growth of the automotive industry, the players of the market are expected to expand their regional boundaries. This, again, is prognosticated to revolutionize the competitive dashboard of the global Automotive Pumps Market Revenue in the foreseeable future. Some of the growth strategies to be employed by market participants are collaborations, agreements, strategic alliances, partnerships, mergers & acquisitions, etc.