New York, Aug. 07, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Pump Market by Type, Technology, Displacement, Vehicle Application, Electric Vehicle & Region – Global Forecast to 2025" - https://www.reportlinker.com/p04046912/?utm_source=GNW
7 billion in 2020 to USD 17.7 billion by 2025, at a CAGR of 6.9%. Major vehicle manufacturers across the globe are focusing on introducing fuel-efficient vehicles to cater to the increased demand from consumers. Moreover, to curb rising pollution, several countries have implemented stringent emission norms for passenger cars and commercial vehicles. These factors are anticipated to push the growth of the market. However, the growth of battery operated vehicles is considered a major restraint for the growth of the automotive pump market. Though the outbreak of pandemic COVID-19 all over the world has disturbed the economic and financial structures of the whole world. Auto industry has noticed a fall due to production halt of vehicles parts and assembly which has collapsed the economies of US, China, UK, Germany, France, Italy, Japan, and many others countries. Thus, rescheduling launch of models and projects, stabilizing dealer networks, managing tight cash flows, and reviewing investment portfolios have affected the production and sales of vehicles across the globe, which has resulted in a dip of the automotive pump market in 2020 as compared to 2019.
HEV is the largest electric vehicle segment of the automotive pump market during the forecast period.
HEVs comprise an internal combustion engine as well as a battery.Thus, the architecture of an HEV is most suitable for installing pumps for regulating the flow of the fluid.
Applications such as cooling, lubrication, and fuel injection require pumps for their efficient operation.Thus, the rising demand for HEV segment vehicles is expected to inflate the demand for automotive pumps and contribute to the growth of the global market.
Due to the COVID-19 pandemic, automaker such as Volkswagen, Ford, Toyota, BYD, GM has extended its production suspension due to the fall in demand and supply chain issues.Moreover, COVID-19 has halted production and plunged sales and forced key players in the global automotive field to buckle up and rethink plans.
For instance, the Q1 sales of heavy trucks for 2020 fell by 25.9% YoY in Germany, 8.9% YoY in US, 49.9% in India.
Passenger car segment is expected to dominate the automotive pump market.
The increase in disposable income of consumers has pushed the demand for passenger cars, which, in turn, has driven the growth of the automotive pump market.The passenger car segment is anticipated to hold the largest share in the automotive pump market.
The market for automotive pump in passenger cars is expected to grow at a significant rate, particularly in the emerging economies of Asia Pacific. Furthermore, the increasing demand for electric cars by consumers and several amendments in transport policies made by various governments to curb harmful emissions are expected to drive the growth of the passenger car segment.
Asia Pacific is expected to record the highest growth rate during the forecast period.
The Asia Pacific market is a vast geographical region comprising countries such as Japan, China, India, South Korea, and Thailand.China is the largest producer of automobiles in the world.
The country's automotive sector has witnessed significant growth in recent years.Moreover, component manufacturing startups and Tier I companies have strengthened their foothold in the region, thereby inflating the growth of the market.
In addition, established automakers in Japan, China, and South Korea are expected to cater to the increased demand for pumps from OEMs in the region.
The outbreak of COVID-19 in China has halted the production of vehicles and auto parts due to which indirectly the market for automotive pumps has also suffered loss for the year 2020. In the first quarter of 2020, auto parts production upstream and vehicle manufacturing midstream were generally delayed for two to three weeks, therefore the market demand also was affected growth. Although, since the Chinese government has released multiple measures to boost economy recovery, including stabilizing domestic consumption, supporting new energy vehicle development and other monetary and fiscal policies, auto industry is projected to show significant improvement in the second quarter of 2020
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the market.
• By Company Type: Tier I – 47%, Tier II – 33%, and OEMs – 20%
• By Designation: C Level – 43%, D Level – 39%, and Others – 18%
• By Region: Europe – 36%, Asia Pacific – 32%, North America – 24%, and RoW – 8%
The market comprises major manufacturers such as Aisin Seiki (Japan), Delphi (UK), Denso (Japan), Johnson Electric (Hong Kong), Robert Bosch (Germany), KSPG (Germany), Magna (Canada), SHW (Germany), and ZF (Germany), among others. The study includes an in-depth competitive analysis of these key players in the market with their company profiles, recent developments, and key market strategies.
The study covers the market across segments.It aims at estimating the market size and future growth potential of this market across different segments such as type, vehicle type, EV, Sales channel, technology, displacement, off-highway vehicles, and region.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p04046912/?utm_source=GNW
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