The global automotive fuel transfer pumps market was valued at $49,052.6 million in 2015, and it is expected to grow at a CAGR of 4.7% during 2016 - 2022. Changing consumer preferences and technological advancements are expected to drive the demand for automotive fuel transfer pumps over the forecast period. The ongoing technological advancements such as interactive safety systems, self-driving cars and vehicle connectivity are expected to change the global scenario of the automotive industry over the forecast period. Currently, automobiles are being launched with smart features and technology that abide with the latest standards such as safety, emission, performance and quality. The demand of such products with superior comfort features is also increasing.
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In past ten years span, the manufacturing companies are actively engrossed in the integration of various technologies such as automatic transmission, gasoline turbochargers, gasoline direct injection and power steering. To fulfill these requirements, dedicated automotive fuel transfer pumps are required for the efficient operation of automobile. With the rapidly changing dynamics of automotive industry, these technologies are likely to augment the growth of global automotive fuel transfer pumps market.
The global automotive fuel transfer pumps market is witnessing increasing adoption of electric pumps, growing demand for smart automobiles and the replacement of gasoline port fuel injection by gasoline direct injection technology. This is expected to positively impact the market growth over the forecast period.
The global automotive fuel transfer pumps market is exhibiting consistent growth in the adoption of electric pumps, on account of their better performance and increased efficiency as compared to mechanical pumps. Electric pumps offer various benefits such as enhanced pressure regulation, less prone to wear & tear and high durability. The adoption of electric pumps is comparatively high, resulting in increase in vehicle pricing. With the growing awareness about the benefits of electric pumps, the demand for automobiles equipped with electric pumps has been increasing; however, this attribute requires extra cost. Majority of the vehicles nowadays are equipped with electric pumps and this trend is likely to continue over the forecast period.
Among the various types of automotive fuel transfer pumps, the fuel supply pump held the largest share in 2015 in terms of value. The market of fuel transfer pumps was the largest in passenger car segment in 2015, compared to other vehicle types. Based on technology of automotive fuel transfer pumps, electrical fuel transfer pump was globally the larger segment in 2015.
In 2015, Asia-Pacific accounted for the largest share in the global automotive fuel transfer pumps market; whereas the market in Middle East and Africa is expected to grow at the fastest rate, during the forecast period. The major reason for the fast growth of the market in the Middle East and Africa includes increasing investments in technology up gradation and burgeoning demand for passenger cars and light commercial vehicles in this region.
Europe was the second automotive fuel transfer pumps largest market in 2015. The widespread presence of automotive manufacturing giants in Europe is expected to positively impact the market growth over the forecast period. Demand for fuel-efficient vehicles such as hybrid and electric passenger vehicles in countries such as Germany, France and Italy is projected to boost the market demand significantly in the near future. However, on account of economic instability, this region is expected to witness below average growth rate in the coming years.
The information and data in the publication “Global Automotive Fuel Transfer Pumps Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. Bottom-up and top down approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
Some of the major players operating in the global automotive fuel transfer pumps market include Robert Bosch GmbH, Denso Corporation, Continental AG, Aisin Seiki Co. Ltd., Delphi Automotive PLC, Johnson Electric, SHW AG, Magna International Inc., Mikuni Corporation, and JTEKT Corporation.
GLOBAL AUTOMOTIVE FUEL TGRANSFER PUMPS MARKET SEGMENTATION
By Pump Type
By Vehicle Type