June 17, 2024

Automotive Transmission Pump Market is Estimated to Witness High Growth Owing to Rising Vehicle Production

 Transmission pumps assist in circulating automatic transmission fluid (ATF) within the transmission and provide supply pressure. Key functions include lubricating, cooling and transmitting power from the engine to the drive wheels. Growing demand for fuel-efficient and lightweight vehicles along with stringent emission regulations have prompted original equipment manufacturers (OEMs) to focus on improving drivetrain technologies, thus propelling the need for efficient transmission pumps.

The Global automotive transmission pump market is estimated to be valued at US$ 40.42 Bn in 2024 and is expected to exhibit a CAGR of 25% over the forecast period from 2024 to 2030.

Key Takeaways
Key players operating in the automotive transmission pump market are Facebook, Inc., Kiwi, Inc., Astute Solutions, Google, Inc., Pandorabots, Inc., Haptik, Inc., Yahoo Inc., Helpshift, ToyTalk (PullString Inc.), Imperson Ltd., Slack Technologies, Inc., Kasisto Inc., and Microsoft Corporation.

The key opportunities in the market include developing low cost and more durable transmission pumps targeting commercial vehicles. Manufacturers are focusing on lightweight designs and electric pumps to improve fuel efficiency. 3D printing technologies allow customizable complex pump designs.

Global expansion of the market has been propelled by growing sales of vehicles in emerging nations of Asia Pacific and Latin America along with demand for enhanced driving experiences. Parts suppliers are investing in new production plants across China, Mexico and India to cater to the rising regional demand.

Market drivers
Rising vehicle production driven by high demand, easier credit availability and economic growth in developing nations is a major growth driving factor. Growth outlook for the automotive industry is positive with sales expected to rise over 25% by 2030. This will substantially boost demand for transmission pumps during the forecast period.

PEST Analysis
Political: The Automotive Transmission Pump Market Size is impacted by different government regulations regarding emissions and fuel efficiency norms. Stringent regulations impose the use of advanced pumps and components to reduce emissions and improve fuel efficiency.

Economic: Fluctuating oil prices impact consumer demand and spending power. Higher oil prices increase operating costs for fleet owners and discourage personal vehicle usage, thereby slowing market growth. However, growing economy boosts disposable incomes and automotive sales.

Social: Rapid urbanization increases commuter traffic and reliance on personal vehicles for daily commute. Higher congestion raises demand for efficient transmission systems. Additionally, rising environmental concerns drive adoption of electric vehicles supported by advanced pumps.

Technological: Development of innovative low viscosity transmission fluids and newer materials for durable pumps support improved performance. Advancements in engine downsizing and the introduction of hybrid/electric powertrains demand compatible high-pressure pumps for optimal transmission function. The transition to automated transmissions with more control units also influences pump design.

In terms of value, the automotive transmission pump market is concentrated in Asia Pacific, North America, and Europe. Asia Pacific dominates the market with China, India, and Japan representing major markets. Increasing vehicle production and sales from regional automakers as well as international brands drive the large size of the Asia Pacific market.

The automotive transmission pump market is forecast to grow the fastest in Asia Pacific, namely China and India, during the forecast period. Rapid economic development, rising disposable incomes, and expanding middle class population translate to increased automotive demand and ownership in developing countries of Asia Pacific. Government support for the automotive industry along with industrialization also stimulates market growth.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it