AUTOMOTIVE TRANSMISSION PUMP MARKET ANALYSIS

Automotive Transmission Pump Market, By Type (Gear pumps, Vane pumps, and Centrifugal pumps), By Vehicle Type (Passenger cars, Light commercial vehicles (LCVs), and Heavy commercial vehicles), By Transmission Type (Manual transmissions and Automatic transmissions), By Sales Channel (Original equipment manufacturers (OEMs) and Aftermarket), By Material (Cast iron, Aluminum, and Composite materials), By End User (Passenger cars, Commercial vehicles, Off-highway vehicles, and Specialty vehicles), By Geography (North America, Europe, Asia Pacific, Latin America, Middle East)

Published In : Dec 2023
Code : CMI5878
Pages :150
Formats :
Excel and PDF
Industry : Automotive and Transportation

Automotive Transmission Pump MarketSize and Trends

The automotive transmission pump market size is estimated to be valued at US$ 34.16 Bn in 2023 and is projected to reach US$ 49.39 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030.

Automotive Transmission Pump Market Trends

Shift towards electric and hybrid powertrains: The automotive industry is witnessing a significant shift towards electric and hybrid powertrains. This trend is driven by increasing environmental concerns, government regulations, and advancements in battery technology. As a result, there is a growing demand for transmission pumps designed specifically for electric and hybrid vehicles or for hybrid systems in traditional internal combustion engines.

In 2020, according to the United States Department of Energy, hybrid electric vehicles made up around 2.1% of total annual U.S. vehicle sales. The share is projected to grow to 3-5% over the next three years (2022- 2024) as fuel efficiency and emissions regulations tighten along with declining battery costs for automakers.

Continuously variable transmissions (CVTs): Continuously variable transmissions (CVTs) are gaining popularity in passenger vehicles due to their smooth and seamless gear shifting capabilities. CVTs offer improved fuel efficiency by continuously adjusting the gear ratio, thus eliminating the need for traditional stepped gears. As CVTs become more prevalent, the demand for transmission pumps that are optimized for CVT systems is expected to increase.

According to the International Energy Agency, electric vehicles now account for approximately 10% of new passenger vehicle sales as of 2022, indicating growing usage of efficient powertrains including CVTs especially in internal combustion engine vehicles.

Figure 1. Automotive Transmission Pump Market Share (%), By Region, 2023