Automotive Pumps Industry on Course for $18.0 Billion by 2027
The global automotive pumps market size was valued at USD 18.0 billion by 2027 and is expected to reach USD 14.8 billion in 2022, at a CAGR of 4.1% during the forecast period 2022-2027. Automotive pumps perform different functions including raising, compressing, or transferring fluids by mechanical action and facilitate circulation of fluids around a system for a vehicle’s operational performance. Market Dynamics: Driver: Increasing trend of engine downsizing One of the recent trends in the automotive industry is engine downsizing, which is done by using upgraded technologies such as turbochargers, superchargers, and direct injection technology. OEMs are increasingly focusing on using small engines with power equal to or greater than the existing engines. Smaller engines help decrease the overall weight of the vehicle and, thus, improve fuel efficiency in gasoline and diesel engines. For instance, most of the Mercedes-Benz and BMW cars manufactured today are equippe...