CHICAGO, June 28, 2019 /PRNewswire/ -- According to the new market research report "Automotive Pump Market by Type (Fuel Pump, Water Pump, Vacuum Pump, Fuel Injection Pump, Steering Pump, & Headlight Washer Pump), Technology, Displacement, Vehicle Type (PC, LCV, HCV), EV (BEV, HEV, PHEV, FCEV), Region - Global Forecast to 2027", published by MarketsandMarkets™, the Global Automotive Pump Market is projected to grow at a CAGR of 6.3% from USD 16.3 billion in 2019 to USD 26.5 billion by 2027.
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The major factors driving the growth of the market are fluctuating fuel prices that have increased the demand for fuel-efficient vehicles and increasing pressure on automakers to comply with the emission norms. In addition, the consistent growth in the demand for passenger cars is likely to trigger the growth of the Automotive Pump Market during the forecast period. Also, heavy investments in R&D activities by vehicle manufacturers to develop efficient fluid technology for automotive are expected to push the growth of the market. Infrastructural development in emerging countries is expected to drive the growth of commercial vehicles, which in turn would boost the demand for automotive pumps.
By Technology: Electric segment is the fastest growing segment of the Automotive Pump Market during the forecast period
Electric pumps, which work with the help of electric motors, are gradually replacing mechanical pumps. The use of electric pumps is increasing due to their many advantages over mechanical pumps. Electric fuel pump provides more fuel efficiency as compared to mechanical fuel pump. However, the installation of electric pump requires sophisticated electrical circuit, which increases the cost. Major global automakers are now using electric pumps in vehicular architecture.
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By Vehicle Type: HCV is expected to be the fastest growing segment in the Automotive Pump Market
The heavy commercial vehicle segment comprises buses and trucks. Emerging countries such as China, Brazil, Iran, and India among others have witnessed rapid development of infrastructure in the recent past. This has inflated the demand for commercial vehicles for heavy duty applications. Also, economic growth in these countries has enhanced ease of doing business and paved the way for many start-ups. The growth of the transport industry has boosted the HCV market. These factors have fueled the growth of the HCV market.
Rest of the World (RoW): Brazil is expected to be the fastest growing country in the Rest of the World region by 2027
The RoW region is estimated to be the fastest growing market during the forecast period. The region comprises some of the fastest developing economies of the world such as Brazil, Iran, and South Africa. The increased spending power in Brazil and South Africa has increased the demand for passenger cars. Growing concerns about ecological imbalance because of excessive emissions by automobiles have compelled automakers to comply with the emission mandates. These factors are responsible for the growth of the Automotive Pump Market in the RoW region.
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The major players in Automotive Pump Market include Aisin Seiki (Japan), Delphi (UK), Denso (Japan), Johnson Electric (Hong Kong), Bosch (Germany), KSPG (Germany), Magna (Canada), SHW (Germany), and ZF (Germany) among others.
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