Increasing urbanization and the need for environment-friendly solutions are expected to bolster the growth of the global automotive pumps market. To boost their market presence leading market participants such as Robert Bosch, Magna International, Pricol Ltd., Wabco Holdings Inc., Concentric AB, KSPG, Continental, Aisin Seiki, and Delphi Automotive are developing various integrated technologies. These technologies include automatic transmission, gasoline turbochargers, power steering, gasoline turbochargers and injection of gasoline into automotive, whose efficient operation requires smooth and dedicated automotive pumps.
A recent report added to the repository of Market Research Reports Search Engine stated that the automotive pumps market is expected to rise at a positive CAGR of 3.8% in the period from 2015-2025. Automotive pumps are used to inject automotive fluid in vehicles, but as customers are becoming more demanding regarding safety and environmental concerns, manufacturers have been compelled to produce efficient pumps to lift vehicle performance and fuel efficiency. These factors are expected to bring about a boost in the manufacture as well as sales of automotive pumps. As the technology and smart features in modern vehicles are taking a leap, the need for environment friendly solutions, better performance standards, and quality regarding the vehicles parts is also increasing
Advanced Technologies Give Manufacturers in Automotive Pumps Market a Competitive Edge
With improvements in luxury vehicles, consumers are gaining awareness about vehicle requirement that will not only improve the vehicle performance but also caters to the pressing regulatory frameworks pertaining to increasing carbon footprint. Upgraded technologies in automobiles are being adopted by manufacturers to meet these requirements. Advanced pumps to curb vehicular emissions and to inject gasoline directly are proving to be key factors in the upsurge of the automotive pumps market.
Moreover, elements such as an increase in vehicle production and intensifying implementation of environment regulations transmission are also adding up to the forecast progress of the market.
Asia Pacific Excluding Japan (APEJ) to Emerge Dominant in the Automotive Pumps Market
The global automotive pumps market has been geographically divided into North America, Western Europe, Eastern Europe, Middle East and Africa, Asia Pacific excluding Japan (APEJ) and Japan and Latin America. The regions that were leading the market in 2015 are APEJ and Western Europe, who collectively have been assessed to account for a share of 53.4% in the market. Due to growing vehicle parks in the region and increasing automotive production, APEJ is anticipated to lead the global market for automotive pumps. Middle East and Africa, in terms of the rate of growth, continues to remain the most striking market.
Browse Full Global Automotive Pumps Market Report with TOC:http://www.mrrse.com/automotive-pumps-market
Price Sensitivity to Hamper the Market for Automotive Pumps
As consumers are becoming price sensitive, they are leaning towards superior features and comfort at reasonable prices. This is creating a challenge for manufacturers as they try to optimize the cost of production and match it with a reasonable selling price to not degrade the quality of the products. Due to these high-end demands, local substitutes are becoming available in the market; this is further creating a hindrance for the global market growth. Also, as the industry is taking a leap with advanced technologies, replacement rate is expected to decrease in the forecast period of 2015-2025. This will affect the aftermarket manufacturers of automotive pumps across the globe.
New growth opportunities for the market are seen in North America and Western Europe. North America is expected to account US$11,520.40 mn by the end of 2025 and Western Europe at the end of 2025 is projected to be the region with the second-largest market.