According to Fact.MR’s new business intelligence report, the global automotive pumps market is anticipated to register a promising growth during the period 2017-2026, with market revenues likely to surpass US$ 54 billion by 2019-end. Growing consumer preference for green technology, along with the need to adhere to stringent carbon and VOC emission regulations, are encouraging automotive manufacturers to focus on enhancing energy performance of vehicles. With their crucial role in maintenance of energy efficiency, the automotive pumps are likely to gain center stage in the near future.
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Integration of Smart Technologies in Automotive Pumps to Underpin Market Growth
Increasing demand for fuel-efficient and lightweight vehicles has been influencing leading automotive manufactures to implement innovative technologies in automobile components. Advances in technologies such as automatic transmission, gasoline direct injection, and gasoline turbocharger that enable efficient circulation of oil in all parts of an automobile are likely to create lucrative opportunities for manufacturers of automotive pumps.
Growing vehicle parc and the emergence of a large middle-class demographic with high disposable income are directly translating into the growth of automotive market in emerging economies and eventually complementing the expansion of automotive pumps market. In addition, high purchasing capabilities of consumers in these regions are prompting automakers to improve their production of mid-sized and compact cars. Moreover, introduction of premium aspects such as anti-lock brake system (ABS), power steering, easy gear shift, and cabin comfort system in these cars is likely to influence the need for custom-made automotive pumps which may open new avenues of market growth.
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With escalating demand for high-performance vehicles on the account rising fuel prices, automotive manufactures are heavily investing in R&D to develop highly efficient transmission system and low-friction pumps which will possibly create potential growth prospects of automotive pumps market.
Electric Automotive Pumps Sales Continue to Surge
Electric automotive pumps are independent of combustion engines which help enhance fuel efficiency and significantly reduce the carbon emission of vehicles. This has led to adoption transition from mechanical automotive pumps to electric pumps. Expanding at an estimated CAGR of 5.5% over the forecast period, the sales of electric automotive pumps are projected to cross 590,000 units by 2026-end. Electric pumps are highly sought-after for their excellent performance standards and are predicted to contribute a slightly higher share than mechanical variants to the automotive pumps market by the end of the forecast period.
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The Global Automotive Pumps Market report presents a comprehensive analysis of the Automotive Pumps market by offering valuable insights to assist the businesses and key players in formulating fruitful strategies during the forecast timeline of 2020-2027.
The report studies the historical data to provide an assessment of key segments and sub-segments, revenue, industrial chain analysis, and demand and supply data.
The report also sheds light on the technological breakthroughs and product advancements happening in the Automotive Pumps market.
According to the report, the Automotive Pumps industry is likely to witness significant growth over the projected timeline.The report also covers the impact of the COVID-19 pandemic on the Automotive Pumps market and major segments.
The pandemic has affected every industry vertical either positively or negatively.
The report also offers a thorough current and future analysis of the impact of the COVID-19 pandemic on the overall growth of the market.To get a sample PDF copy of the report, visit@ https://www.reportsanddata.com/sample-enquiry-form/2351The report presents a panoramic view of the competitive landscape of the Automotive Pumps market, covering details about the key manufacturers and companies, price analysis, revenue estimation, gross profit margins, business expansion plans, and other vital details that offers the readers deep insights into each company operating in the industry.
