Automotive Transmission Pump Market to Reach US$ 56.42 billion by 2022 with a CAGR of 5.5%10/20/2023 Market Overview:
The global automotive transmission pump market is projected to reach a value of US$ 56.42 billion by 2022, exhibiting a CAGR of 5.5% during the forecast period of 2023-2030. Automotive transmission pumps play a vital role in transferring power from the engine to the wheels, ensuring smooth operation and optimal performance of the vehicle. These pumps assist in maintaining appropriate fluid pressure for efficient gear shifting, lubrication, and cooling of the transmission system. The increasing demand for automatic transmission vehicles, advancements in transmission technologies, and a rise in vehicle production globally are driving the growth of the automotive transmission pump market. Market Key Trends: One key trend in the automotive transmission pump market is the shift towards electric vehicles (EVs) and hybrid electric vehicles (HEVs). With the growing emphasis on reducing carbon emissions and promoting sustainable transportation, the adoption of EVs and HEVs has witnessed significant growth. Electric and hybrid vehicles utilize transmission systems that are different from traditional internal combustion engine (ICE) vehicles. These alternative powertrain systems require specialized transmission pumps to support their unique operation and power delivery. Therefore, the automotive transmission pump market is witnessing a surge in demand for pumps specifically designed for electric and hybrid vehicles. Factors such as increasing government support for EVs, advancements in battery technology, and improved charging infrastructure are contributing to the adoption of electric and hybrid vehicles, subsequently driving the demand for transmission pumps in this segment. Segment Analysis: The automotive transmission pump market can be segmented based on type, vehicle type, and region. In terms of type, the market is dominated by the gear pump segment. The gear pump is widely used in automotive transmissions due to its ability to provide high pressure and flow rates, making it ideal for handling the lubrication and cooling requirements of the transmission system. The gear pump segment is expected to dominate the market throughout the forecast period due to its reliability, durability, and cost-effectiveness. In terms of vehicle type, the passenger car segment is the leading sub-segment in the automotive transmission pump market. This can be attributed to the increasing production and sales of passenger cars worldwide. The rising disposable income, changing lifestyles, and increasing urbanization are driving the demand for passenger cars, which in turn, is boosting the demand for automotive transmission pumps. Additionally, the growing emphasis on fuel efficiency and emission control in passenger cars is further propelling the demand for advanced transmission systems, driving the growth of the automotive transmission pump market. Key Takeaways: The global Automotive Transmission Pump Market Share is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period from 2023 to 2030. This growth can be attributed to several factors. Firstly, the increasing demand for automatic transmission systems in vehicles is fueling the market growth. Automatic transmission systems offer convenience, smooth shifting, and improved fuel efficiency, leading to their widespread adoption. Regionally, Asia Pacific is the fastest-growing and dominating region in the automotive transmission pump market. This can be attributed to the rapidly growing automotive industry in countries like China, Japan, and India. The increasing production and sales of vehicles, coupled with the rising investments in the development of automotive manufacturing facilities, are driving the demand for automotive transmission pumps in the region. Additionally, the presence of major automotive component manufacturers in Asia Pacific is further boosting the 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 key players are focusing on product innovation, strategic collaborations, and mergers and acquisitions to gain a competitive edge in the market. Read More, https://www.insightprobing.com/automotive-transmission-pump-market-trends-size-and-share-analysis/
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