LONDON, April 12, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s Automotive Pumps Market research report, the increasing electrification of vehicles is expected to propel the growth of the automotive pumps market. An automotive pump is a device that works by lifting, compressing, or transferring fluids around the vehicle’s operating system using mechanical force or electrical power from a motor. An increase in fuel costs persuades commuters to look for cheaper alternatives. Electric vehicles are a zero-emission and cost-effective option that is growing in popularity. For example, in 2020 there were 10 million electric vehicles on the roads worldwide. In 2020, global electric car sales reached around 3 million, with new electric car registrations increasing by 40%. Thus, the increasing electrification of vehicles is driving the growth of the automotive pumps market.

The global automotive pumps market share is expected to grow from $18.95 billion in 2021 to $19.76 billion in 2022 at a compound annual growth rate (CAGR) of 4.25%. The market growth is mainly driven by businesses resuming operations and adapting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing , remote working and closing business activities. which resulted in operational difficulties. The growth of the global automotive pumps market is expected to reach $24.34 billion in 2026 to CAGR of 5.35%.

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The increasing adoption of new technologies is gaining popularity among automotive pump industry trends. New technologies such as gasoline-powered turbochargers, gasoline direct injection, and automatic transmission enable efficient circulation of oil to all parts of an automobile, creating lucrative opportunities for automotive pump manufacturers. For example, in February 2019, Robert Bosch GmbH, an auto parts manufacturer based in Germany, launched an electric coolant pump, the ECP 160. The ECP 160 is designed to replace mechanical pumps in combustion engines and can work in other applications, such as electric motors, batteries or inverter cooling. It has a robust design that is suitable for mounting on engines thanks to its resistance to high temperatures (up to 140°C) and its high resistance to vibrations.

The major players in automotive pumps market are Aisin Seiki, Denso Corporation, Robert Bosch GmbH, Johnson Electric, KSPG AG, Magna International, SHW AG, ZF, Continental AG, Concentric AB, HELLA KGaA Hueck & Co., Seiki Co. Ltd , Valeo, Hitachi Automotive Systems Ltd., JTEKT Corporation, Magneti Marelli SpA, Pricol Ltd., TI Automotive Ltd, Rheinmetall Automotive AG, The Sherwin-Williams Company and Mikuni Corporation.

The global automotive pumps market forecast report is segmented by pump type into automotive fuel injection pumps, automotive fuel supply pumps, automotive engine oil pumps, automotive transmission oil pumps, automotive coolant pumps, automotive steering pumps, automotive vacuum pumps, automotive windshield washer pumps; by type of electric vehicle in BEV, FCEV, HEV, PHEV; by type of technology in electric automotive pumps, mechanical automotive pumps; by sales channel in OEM, aftermarket.

Asia Pacific was the greater region in the automotive pumps market in 2021 and is also expected to be the fastest growing region during the forecast period. Regions covered in the Global Automotive Pumps Market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Global Automotive Pumps Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide Automotive Pumps market overviews, analyzes the Automotive Pumps market and forecast market size and growth for the overall market, Automotive Pumps Market Segments & Geographies, Automotive Pumps Market Trends, Automotive Pumps Market Drivers, Automotive Pumps Market Constraints, Revenues, Profiles and market shares of top automotive pump market competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.

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