Automotive Pumps Market Analysis

Automotive Pumps Market Analysis

The steering pump held a major automotive pumps market valuation of USD 3.6 Billion in 2022. As vehicle manufacturers continue to prioritize driver convenience, the demand for power steering systems and the accompanying steering pumps rises. The rising popularity of sport utility vehicles (SUVs) and the increasing demand for heavy-duty commercial vehicles contribute to the increased demand for steering pumps. These vehicle segments often require robust power steering systems due to their size, weight, and handling requirements, necessitating larger and more powerful steering pumps. Vacuum pumps industry size exceeded USD 5.05 billion in 2020 and is projected foresee 5.8% growth in the future.
 

The mechanical segment crossed a valuation of USD 10.2 Billion in 2022. Mechanical pumps have a proven track record of reliability and durability in various automotive applications. They are known for their robustness and ability to withstand demanding operating conditions, making them a preferred choice in critical pumping systems. The product can handle various types of fluids, including coolant, oil, fuel, and hydraulic fluids. Their design and construction can be tailored to accommodate specific fluid characteristics, making them versatile in different automotive systems. Automotive electric vacuum pump market is expected to observe 3.3% growth rate through 2032.
 

The passenger cars hold 65.06% of the automotive pumps market share in 2022 and is expected to grow at a lucrative pace through 2032. Modern passenger cars are equipped with advanced systems and features that require efficient pumping solutions. These include power steering systems, fuel injection systems, cooling systems, HVAC systems, transmission systems, and braking systems, all of which rely on the product for proper operation. As vehicle systems become more complex, the demand for pumps that meet the specific requirements of these systems increases.
 

The aftermarket captured industry share of around 66% in 2022 and is will substantially grow at a profitable pace by 2032. As vehicles age, the wear and tear on various components, including pumps, becomes more evident. Automotive pumps are essential for the proper functioning of various systems such as the cooling system, fuel system, and power steering system. As vehicles require maintenance and replacement of worn-out parts, the product requirement in the aftermarket increases.
 

U.S. automotive pumps market exceeded revenue of USD 3.07 billion in 2022 and is anticipated to expand at a significant leap by 2032. North America is a significant hub for automotive production, with numerous assembly plants operated by both domestic and international automakers. The region experiences a steady increase in vehicle production, leading to a higher demand for automotive pumps to support the manufacturing of new vehicles.