Rising urbanization and evolving lifestyles have been greatly improving the car industry, thus further increasing the automotive pumps' market. Newer automobiles are provided with sophisticated technology and advanced features, obeying all new quality, emissions, performance, and safety norms. As a result, automobiles today are considerably more fuel-efficient as well as safer than previous models. In fact, it is not uncommon to find numerous car owners making full use of car manufacturers' pumps and accessories to enhance their automobiles' efficiency and safety.
Market Dynamics
Launch of new fuel engines is expected to propel growth of the globalautomotive pumps market. For instance, in February 2020, Mahindra launched new 190hp 2.0-litre direct-injection turbo-petrol engine at Auto Expo 2020.
R&D in automotive pumps is expected to offer lucrative growth opportunities for players in the global automotive pumps market. For instance, in December 2019, researchers from Maritime University of Szczecin, Poland, reported assessment of problems of maintaining fuel injection pumps of marine diesel engines.
Among product types, the demand for electric automotive pumps is higher compared to their mechanical counterparts. This can be attributed to higher energy efficiency of electric automotive pumps.
Among regions, Europe is expected to witness decline in the automotive pumps market, owing to emergence of Covid-19. For instance, according to the Society of Motor Manufacturers and Traders, the new car registrations in the U.K. decreased by 44% in March 2020 compared that in March 2019.
The automotive pumps market in North America has witnessed automobile recalls due to faulty pumps. For instance, in October 2020, Toyota and Lexus expanded a recall of 1.5 million cars, trucks, and SUVs because their fuel pumps could stop working and cause a sudden stall or hesitation while driving.
Asia Pacific is expected to witness significant growth in the automotive pumps market, owing to increasing expansion of production capacity. For instance, in July 2019, Robert Bosch GmbH inaugurated its new plant in Bidadi, Bangalore, India.
Competitive Analysis
Major players operating in the global automotive pumps market include, JTEKT Corporation, ZF TRW Automotive Holdings Corp., Aisin Seiki Co. Ltd., WABCO Holdings, Inc., Concentric AB, TI Automotive Ltd., Continental AG, SHW AG, Delphi Automotive LLP, Pricol Ltd., DENSO Corporation, Robert Bosch GmbH, HELLA KGaA Hueck & Co., Magneti Marelli S.p.A, Hitachi Automotive Systems, Ltd., Magna International Inc., Johnson Electric Holdings Limited, and KSPG AG.
January 2019: JTEKT Corporation launched its latest mobility technologies including automotive pumps at North American International Auto Show (NAIAS).
In-depth report on Global Automotive Pumps Market by Coherent Market Insights:
https://www.coherentmarketinsights.com/market-insight/automotive-pumps-market-3699
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