Automotive Pumps Market Synopsis
As per the research by Market Research Future Reports (MRFR), the global automotive pumps market 2022 is likely to augment due to the increasing vehicle electrification, growing production of the vehicle, rising integration of developed automation techniques. The expanding automotive industry results to rise in demand for the Automotive Pumps Market. The increasing inclination towards electrification and the increasing focus of fuel efficiency propel the expansion of the automotive pump market. Besides, the demand for environment-friendly services has increased which has resulted in an additional growth of the market.
Moreover, the growth in vehicle manufacturing, along with the stringent emission norms and adoption of new technologies, are some factors that influence the market. The rising demand for fuel-efficient automobiles has increased considerably, which has grown the demand in the automotive pumps market. However, the increase in electronic vehicles will have an impact on the automotive pump market. Besides that, the expenses associated with it may cause an obstacle in the expansion of the market.
The sudden outbreak of COVID-19 has resulted in a changed market structure. The market is likely to have a considerable impact. We will provide COVID-19 impact analysis with the report.
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Key Players
The forefront players of the global automotive pumps market are TRW Automotive, Delphi Automotive, Aisin Seiki Co. Ltd., Denso Corporation, Johnson Electric, Robert Bosch Gmbh, KSPG AG-A- Rheinmetall, Magna International, Mikuni Corporation, and SHW AG.
Industry News
The German auto supplier, which acquired U.S airbag and safety company TRW automotive in 2015, has developed an external airbag safety system. The system is known as Prosip for Proactive Side Impact Protection. With the system, the airbag deploys upon recognizing that a hit to the side of a vehicle is imminent and unavoidable.
Regional Analysis
The regional analysis of Europe, Asia-Pacific, North America, and the Rest of the World (ROW) has been conducted. As per the analysis by MRFR, the APAC region is anticipated to be the fastest-growing market for the automotive pumps market. The developing countries like India and China have played a significant role by attributing features like manufacturing lightweight vehicles and enhanced fuel efficiency. Besides, the increasing focus on emphasis on controlling the vehicular emission will propel the demand for automotive pumps market. Moreover, the strict emission regulations, along with the increasing demand for fuel-efficient vehicles, is likely to propel the market in the region. However, the increasing adoption of electronic motors can pose a challenge to the automotive pumps market. As per the analysis, the second position is attained by Europe.
The existing key players are investing in research and development, which is likely to propel the market. Besides, the innovation is ICT vertical is estimated to be the critical factor for growth. However, the automotive sector in North America and Europe is inclining towards the electric vehicle owing to the increasing environmental concerns, high maintenance, expensive fuel price, ad purchasing cost of internal combustion engine vehicles.
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