The automotive transmission pump market is estimated to be valued at US$ 35.08 billion in 2021 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The automotive transmission pump market caters to the demand for transmission pumps used in vehicles. Transmission pumps are an integral part of the automotive transmission system and are responsible for maintaining the proper fluid flow within the system. They play a crucial role in ensuring smooth power transmission and efficient performance of the vehicle. With the increasing vehicle production globally and the growing demand for automatic transmission vehicles, the market for automotive transmission pumps is expected to witness significant growth.
The automotive transmission pump market is driven by various factors. One of the key drivers is the rising vehicle production across the globe. The increasing disposable income of consumers and the growing urbanization have led to an upsurge in vehicle sales, thereby boosting the demand for transmission pumps.
Another driver for the market is the growing demand for automatic transmission vehicles. Automatic transmissions offer convenience and ease of use, leading to their higher adoption among consumers. This, in turn, fuels the demand for automotive transmission pumps.
The automotive transmission pump market can be segmented based on pump type, vehicle type, and region. In terms of pump type, the market is dominated by variable displacement pumps. These pumps offer advantages such as improved fuel efficiency, reduced emissions, and enhanced performance. They are widely used in passenger vehicles, commercial vehicles, and off-highway vehicles. The dominance of variable displacement pumps can be attributed to their ability to adjust the fluid flow based on the engine’s requirements, offering better control and efficiency compared to fixed displacement pumps.
Political: The automotive transmission pump market is influenced by government regulations and policies related to emissions and fuel efficiency standards. Governments are implementing stringent regulations to reduce carbon emissions, which is driving the adoption of advanced pumps in vehicles.
Economic: The economic factors affecting the market include GDP growth, disposable income, and consumer purchasing power. Increasing disposable income and urbanization in developing countries are fueling the demand for vehicles, boosting the market growth.
Social: Changing consumer preferences towards fuel-efficient vehicles and increasing awareness about environmental sustainability are shaping the market. Consumers are seeking vehicles with improved fuel efficiency and lower emissions, which has led to the adoption of advanced transmission pumps.
Technological: Technological advancements such as the development of electric vehicles and hybrid vehicles are influencing the automotive transmission pump market. The shift towards electric vehicles requires the integration of different types of pumps to meet the unique requirements of these vehicles.
The global Automotive Transmission Pump Market Share is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period. The increasing demand for vehicles, coupled with the implementation of stringent emission standards, is driving the market growth.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the market. The region has a large automotive industry, with countries like China, India, and Japan leading in vehicle production. The growing population, rising disposable income, and urbanization in these countries are contributing to market growth.
Key players operating in the automotive transmission pump market include Aisin Seiki Co., Ltd., Bosch Limited, Magna International Inc., ZF Friedrichshafen AG, Schaeffler AG, BorgWarner Inc., JTEKT Corporation, Denso Corporation, Eaton Corporation, Hitachi Automotive Systems, Ltd., Valeo SA, GKN Automotive Limited, Hyundai WIA Corporation, Aisin AW Co., Ltd., and Metaldyne Performance Group Inc. These players are focusing on technological advancements, collaborations, and mergers to strengthen their market position and gain a competitive edge.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it