The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Automotive Pumps Global Market Report 2024, the automotive pumps market is expected to show significant growth in the forecast period.

The automotive pumps market has experienced robust growth driven by various factors, including increased demand for fuel efficiency, rising emissions standards, and advancements in manufacturing processes. With the rise of electric and hybrid vehicles, the market is poised for continued expansion, offering innovative solutions to meet evolving industry demands.

Historic Growth and Market Outlook

• The market has grown steadily from $21.25 billion in 2023 to $22.52 billion in 2024, showcasing a commendable CAGR of 6.0%.
• Historic growth can be attributed to factors such as consumer preferences, government regulations, and improvements in manufacturing.
• Projections suggest further growth, with the market expected to reach $28.23 billion by 2028, reflecting a CAGR of 5.8%.

Rising Electrification of Vehicles

• The increasing adoption of electric vehicles (EVs) is a key driver of the automotive pumps market.
• Electric vehicles offer zero-emission alternatives and are gaining popularity due to rising fuel costs.
• The global fleet of electric cars reached 26 million in 2022, reflecting a 60% increase from the previous year, fueling demand for automotive pumps.

Launch of Gasoline Direct Injection (GDI) Fuel Pump

• Major companies are focusing on developing innovative products like the Gasoline Direct Injection (GDI) fuel pump to optimize fuel consumption.
• GDI technology injects fuel directly into the combustion chamber, enhancing engine efficiency.
• Stanadyne’s development of the electrically driven GDI fuel pump aims to optimize fuel flow and pressure, reducing consumption while enhancing performance.

Strategic Acquisitions Drive Market Expansion

• Advik Hi-Tech’s acquisition of Hanon Bangalore Operations Pvt. Ltd. underscores strategic expansion initiatives in the automotive pumps market.
• The acquisition enhances Advik Hi-Tech’s global manufacturing and R&D capabilities, enabling it to offer a comprehensive pump portfolio to global vehicle manufacturers.
• Hanon Bangalore Operations brings expertise in automotive pumps, strengthening Advik Hi-Tech’s position in the industry.

Market Segmentation and Technological Trends

• The market is segmented based on pump type, electric vehicle type, technology type, and sales channel, catering to diverse industry needs.
• Pump types include fuel injection pumps, coolant pumps, transmission oil pumps, among others.
• Electric vehicle types encompass battery electric vehicles (BEVs), fuel cell electric vehicles (FCEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs).

Asia-Pacific Emerges as Key Market Hub

• Asia-Pacific, the largest region in the automotive pumps market in 2023, is expected to witness significant growth in the forecast period.
• Rapid industrialization, technological advancements, and increasing vehicle production drive market expansion in the region.
• Asia-Pacific’s prominence underscores its pivotal role in shaping the global automotive pumps market landscape.

View More On The Automotive Pumps Market Report 2024 –
https://www.thebusinessresearchcompany.com/report/automotive-pumps-global-market-report

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The Automotive Pumps Global Market Report 2024  provides an in-depth analysis on the automotive pumps market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the automotive pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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