The Global Automotive Transmission Pump Market Growth Is Accelerated By Greater Need For Maintenance And Replacement
Automotive Transmission Pump Market |
Automotive transmission pumps are
an integral component of automatic and semi-automatic transmission systems in
vehicles. They are used to circulate transmission fluid through a hydraulic
circuit in order to transmit power from the engine to drive wheels. Rising
vehicle population and greater need for maintenance and replacement of aging
vehicles have accelerated demand for automotive transmission pumps in recent
years. The global Automotive Transmission Pump Market is estimated to be valued
at US$ 35.08 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increased demand can be
attributed to the growing need for vehicle maintenance and replacement of aging
transmission pumps. As vehicles age, the transmission pumps undergo wear and
tear and need to be replaced periodically to ensure smooth transmission of
power. With rising average age of vehicles on the road globally, the demand for
replacement transmission pumps has increased substantially. Vehicle owners are
opting to replace old transmission pumps for optimal performance of the
transmission system and to avoid breakdowns. This growing aftermarket demand
for replacement transmission pumps is a key trend driving growth of the
automotive transmission pump market.
Segment Analysis
The global automotive
transmission pump market can be segmented by vehicle type into passenger cars
and commercial vehicles. The passenger cars segment is expected to dominate the
market during the forecast period. This is mainly because passenger cars have
higher production and sales volume as compared to commercial vehicles. Within
passenger cars, the automatic transmission system is widely used which drives
the demand for transmission pumps in high volume passenger car production.
Key Takeaways
The Global Automotive
Transmission Pump Market Size is expected to witness high
growth during the forecast period of 2023-2030.
Regional analysis
Asia Pacific region is expected
to dominate the automotive transmission pump market during the forecast period.
This is attributed to high vehicle production and sales in major economies
including China, India, and Japan. As per projections, over 50% of new
passenger cars and commercial vehicles produced globally will come from Asia
Pacific region between 2023-2030, thereby maintaining strong demand dynamics
for transmission pumps in the region.
Key players
Key players operating in the
automotive transmission pump market are 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., Metaldyne Performance Group Inc.
The global automotive
transmission pump market is expected to witness high growth during the forecast
period owing to rising vehicle production across major economies to cater to
increasing demand. The Asia Pacific region is expected to continue dominating
the market owing to China, India and Japan being the automobile manufacturing
hubs. Key players are focusing on expanding their footprint in high growth
markets and enhancing product portfolio with new technologies to gain higher
market share.
Get More Insights Here
https://www.newsstatix.com/automotive-transmission-pump-market-size-share-growth-outlook-2023/
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