VALLEY COTTAGE, N.Y., Jan. 29, 2016 (GLOBE NEWSWIRE) -- Future Market Insights (FMI) delivers key insights on the global automotive pumps market in its upcoming report titled “Automotive Pumps Market: Global Industry Analysis and Opportunity Assessment 2015-2025”.
The global automotive pumps market is projected to expand at a CAGR of 3.8% during the forecast period (2015–2025), in terms of value largely contributed by increasing demand for advanced pumps, regarding which FMI offers vital insights in detail in this report.
On the basis of pump type, the market has been segmented into fuel supply pump, fuel injection pump, transmission oil pump, engine oil pump, steering pump, coolant pump, windshield washer pump and vacuum pump. The fuel supply pump segment is estimated to remain the largest segment, accounting for over 43.4% of the global market value in 2015. Vacuum pump segment is expected to be the fastest growing pump type in terms of volume and value throughout the forecast period. The vacuum pump segment is expected to expand rapidly at a CAGR of 5.6% during the forecast period.
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Growth of the global automotive pumps market is mainly driven by increasing automotive production and growing vehicle parc, along with utilization of advanced pumps to curb vehicular emissions. Moreover, other factors driving growth of the automotive pumps market include technological advancements in different pumps for application in mid-size car segment. Assessing the various factors driving market growth, the FMI analyst said, “Growth in automotive production and vehicle parc, especially in developing economies, coupled with advancement of technology in the automobile industry is bolstering growth of the automotive pumps market”.
This report covers trends that are driving growth of each segment and respective sub-segments and offers analysis and insights on the potential of the automotive pumps market in specific regions. APEJ is expected to dominate the automotive pumps market, accounting for over 37.4% share of the overall market by the end of 2025. Western Europe is expected to be the second largest market, accounting for over 18.5% of market share by the end of 2025. Among all the regions, Middle East & Africa is anticipated to expand at the highest CAGR in terms of value from 2015 to 2025, followed by APEJ and Japan.
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Another key trend noticed in the research includes, growing adoption of electrical technology for pump actuations. Demand for mechanical pumps is anticipated to plummet over the forecast period owing to vehicle electrification trend and increasing introduction of comfort features in mid-size passenger car segment. Replacement rate of automotive pumps is very marginal and for some of the pumps it is negligible which leads to low aftermarket revenue opportunity for manufacturers. Localization of trade partners, pump component assemblers and backward integration by automakers are some of the trends identified at automotive manufacturer level.
The report also segments the two wheelers pumps market on the basis of pump type and region. On the basis of basis of pump type, the market is segment into engine oil pump, coolant pump and fuel injection pump. On the basis of region, the market is segmented into seven regions namely North America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Middle East and Africa, Latin America and Japan.
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Key players in the global Automotive Pumps market include Robert Bosch, Magna International, Denso Corporation, KSPG AG, Continental, Pricol Ltd, Delphi Automotive LLP, Wabco Holdings Inc., MagnetiMarelli, Concentric AB, among others. Currently, major participants such as Aisin Seiki, Inc., Magna International, Denso Corporation, TRW and KSPG AG are focusing on business expansion in emerging regions in order to enhance their global presence. These key players are also focusing on product innovation in the pumps segment in order cater to specific consumer demands and for product differentiation.
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Source: Future Market Insights