Automotive pumps market is likely to see promising growth over the forthcoming years, owing to rising customer expectations vis-à-vis quality, reliability, and utility in the automotive sector. Imposition of stringent rules and regulations apropos of vehicle emissions and rising demand for fuel-efficient vehicles are also shaping the dynamics of automotive pumps market. High disposition shown to green technologies have translated into significant investments in research and development for enhancement of engine performance. Having an undeniable prominence in terms of amelioration of engine efficacy, the automotive pumps market is expected to grow at CAGR in the range of 4 to 5% through 2026. These insights are as per the latest Fact.MR report which offers an end-to-end analysis of the automotive pumps market.
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The report sheds light on the fact that contemporary trends and futuristic demand vis-à-vis energy efficient systems will have significant implications on performance requirements of automotive pumps.
“Rising customer demand for pump modules offering high reliability, high efficacy, low noise, and longer shelf-life is paving ways for an unwavering phase of innovations in the automotive pumps landscape. Manufacturers are offering custom engineered pumps to establish a harmonic correlation between product performances and modern-age automotive requirements”, Senior Analyst, Fact.MR
The report finds that electric pumps, by virtue of their high precision and independence, are replacing their mechanical variants. The buoyancy can be gauged by the fact that electrical pumps are foreseen to account over two-third revenue share of the overall market and grow at a CAGR of 4% during the forecast timeline. Contribution of automotive pumps in reducing fuel consumption and curbing emissions, unlike the mechanical ones, is one of the primary cornerstones fostering adoption rate. In addition to that, rising demand for light-weight vehicles have also taken off in the recent years, inducing a massive transition from mechanical to electrical pumps.
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Use of Powder Metallurgy Method- A Prominent Manufacturing Trend
Use of powder metallurgy in automotive pump sets is identified as a key trend, wherein manufacturers use new approaches to take the product performance a notch higher. Considering the generic market trends, demand for upgraded versions of automotive pumps are also coming at high prices. In this regard, manufacturers are making efforts to offer cost-optimized integrated solutions in a bid to retain customer confidence.
As per the report, Asia Pacific excluding Japan (APEJ) is likely to offer profit-making opportunities for the market players, representing a healthy growth at an impressive CAGR of over 5%. Improving economic front with thriving automotive investments in APEJ, primarily in China and South Korea, is further likely to empower the demand for automotive pumps in this region.
Intense competition in the global automotive pumps market space is reviving the focus of manufacturers on research and development activities. The evolving technology needs are hard-pressing manufacturers to introduce novel products to solidify their market sustenance. In order to thrive in the global market space, manufacturers need to focus on two major challenges i.e. accelerating innovations and integrating technologies, which would have deep-rooted influences on their brand equity.
The Fact.MR study provides captivating intelligence along with a detailed opportunity assessment in the automotive pumps market.
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