Increasing demand for Water efficient vehicles, stringent government emission regulations will drive the market at a high CAGR during the forecast period.
The automotive Water Pump market was valued at USD 12.66 Billion in 2020 and is expected to reach USD 21.26 Billion by year 2028, at a CAGR of 6.60% CAGR during the forecast period (from 2018 – 2028). The growth of the automotive Water Pump market is majorly driven by the key factors, including the growing implementation of stringent environmental regulations, rising vehicle production and demand, and increasing vehicle electrification. Further, the rising in the adoption of advanced automotive technologies such as gasoline direct injection and automatic transmission is also driving the growth of the automotive Water Pump market.
Automotive Water Pump are one of the critical components of the entire automotive system where Water Pump transfer pressurized automotive fluids to different vehicle components such as the lubrication system, Water system, coolant system, transmission system, and steering system. Based on the function, automotive Water Pump are categorized as the oil pump, Water pump, steering pump, transmission pump, windshield washer pump, and vacuum pump, and others.
The growth in revenue is primarily attributed to factors such as the increasing penetration of mobile devices, such as smartphones, tablets, and smartwatches, increased affordability and accessibility of the Internet for people worldwide, and rapid digitalization across various industrial sectors. Other factors such as rapid adoption of emerging technologies, such as AI, machine learning, big data analytics, IoT, and cloud computing, the emergence of the 5G technology, rising demand for advanced Wi-Fi systems, increasing need for faster internet services, and growing concerns about user data safety and privacy are also expected to contribute to the global market revenue growth.
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Automotive Water Pump play a crucial role in transferring fluids within vehicles and are used in various systems such as coolant, steering, Water, transmission, and lubrication. While these Water Pump have traditionally been used to improve Water efficiency and vehicle performance, the increasing demand for environmentally friendly solutions has prompted manufacturers to develop more efficient Water Pump.
The automotive industry has witnessed a significant shift towards electric vehicles (EVs) in recent years, particularly in urban areas and cities. Electric vehicles are known for their environmental friendliness and zero emissions, making them an attractive alternative to gasoline-powered vehicles. Consequently, regulatory bodies in many countries have taken initiatives to promote the adoption of electric vehicles and reduce reliance on fossil Waters.
In terms of regional demand, Europe leads the way in the passenger car market for electric vehicles, followed by Asia and North America. The European market has seen a particularly high demand for electric vehicles, driven by various factors such as government incentives, stricter emissions regulations, and increasing awareness of environmental issues.
Between 2017 and 2018, the total sales of electric vehicles grew at an impressive compound annual growth rate (CAGR) of around 200%. This indicates a rapid increase in the acceptance and adoption of electric vehicles by consumers, as well as the ongoing transition towards cleaner and more sustainable transportation options.
Overall, the growing vehicle production, increasing electrification of vehicles, implementation of environmental regulations, and acceptance of advanced automotive technologies like gasoline direct injection are all significant factors driving the automotive Water Pump market forward.
Top Companies Operating in the Global Automotive Water Pump Market:
Aisin Seiki (Japan), Delphi (UK), Denso (Japan), Johnson Electric (Hong Kong), Bosch (Germany), KSPG (Germany), Magna (Canada), SHW (Germany), and ZF (Germany), and others
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The global market is further segmented into type and application:
Automotive Water Pump Market by Type (Revenue, USD Million; 2018–2028)
- Water Pump
- Water Injection Pump
- Water Pump
- Windshield Pump
- Steering Pump
- Transmission Oil Pump
- Vacuum Pump
- Headlight Washer Pump
- Braking System
Automotive Water Pump Market by Technology (Revenue, USD Million; 2018–2028)
- Diaphragm Pump
- Turbo Water Pump
Automotive Water Pump Market by Displacement (Revenue, USD Million; 2018–2028)
- Variable Displacement
- Fixed Displacement
Automotive Water Pump Market by Vehicle Type (Revenue, USD Million; 2018–2028)
- 2 Wheeler
- 4 Wheeler
- Passenger Cars
- Commercial Vehicles
Automotive Water Pump Market by Propulsion Type (Revenue, USD Million; 2018–2028)
- Gasoline Operated
- Electric Powered
Automotive Water Pump Market by Channel (Revenue, USD Million; 2018–2028)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further key findings from the report suggest-
- Due to the better operating efficiency, electric Water Pump are expected to witness a surged growth during the forecast period and it will slow down the growth and usage of mechanical Water Pump
- Steering Water Pump are widely used in hydraulic and electro-hydraulic power steering systems of the vehicle; however, with the advancements in technology of steering systems, hydraulic and electro-hydraulic steering systems are getting substituted by Electric Power Steering (EPS) system. The electric power steering system (EPS), which requires an electric motor and sensors, excludes the need for a steering pump.
- To reduce the dependency on the internal combustion engine to create a require vacuum for braking, suppliers and auto-makers are shifting towards electric vacuum Water Pump
- Along with the dependency on the IC engine, these Water Pump also help reduce overall energy requirement, CO2 emission and maintenance cost
- Continental AG (Germany based automotive supplier) has revealed details of its new active purge pump (APP) technology to meet stricter hydrocarbon evaporation legislation around the globe
- Asia Pacific region is estimated to hold for the major market share in the automotive Water Pump market
- Hybrid electric vehicles include an internal combustion engine as well as a battery operated system. Hence, the architecture of an hybrid electric vehicle is the most suitable for installing automotive Water Pump for regulating the flow of the fluid within the entire system
- Growing demand for hybrid electric vehicles segment is projected to inflate the demand for overall automotive Water Pump and propel the growth of the global market
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