Market Research Future (MRFR) has published a cooked research report on the “Global Fuel Pumps Market” that contains information from 2018 to 2032. The fuel pumps market is estimated to register a CAGR of 4.20% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global fuel pumps market— Carter Fuel Systems LLC, Daewha Fuel Pump Ind. Ltd., Aisin Seiki Co., Ltd., Bosch Automotive Service Solutions Inc., Continental AG, Delphi Technologies PLC, Denso Corporation, Aisan Industry, General, Motors Company, Hitachi Automotive Systems, Ltd., Johnson Electric Holdings Limited, Valeo SA., and others
The global fuel pumps market is accounted to register a CAGR of 4.20% during the forecast period and is estimated to reach USD 11.00 Billion by 2032.
The fuel pumps market plays a critical role in the automotive and industrial sectors, providing the necessary components for fuel delivery in engines and machinery. As the global transportation industry expands and vehicle electrification continues, fuel pump technology is evolving to meet efficiency and emission standards. Key players in this market produce a range of fuel pumps, from traditional mechanical ones to modern electric and high-pressure systems, to serve the diverse needs of the automotive and industrial sectors.
The global fuel pumps market has been segmented based technology and application.
On the basis of technology, the market is segmented into mechanical, electric. The electric segment dominated the market, accounting for 67.24% of market revenue. In general, electric gas pumps are more efficient than mechanical ones.
Based on application, the global fuel pumps market has been segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, off high-way vehicles. The category of passenger cars produced the largest revenue (41.24%). Passenger cars make up the majority of the automotive market and sell millions of units annually all over the world.
The global fuel pumps market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe fuel pumps market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The fuel pumps market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World fuel pumps market comprises of Middle East, Africa, and Latin America.
The North America fuel pumps market dominated this market in 2022 (45.80%). Local purchasers' preferences for larger vehicles, such as trucks and SUVs, have increased. This tendency has increased the demand for high-performance fuel pumps that can support these larger, frequently more potent engines.
Moreover, the second-largest market share is held by the fuel pumps market in Europe. Due to Europe's relatively high gasoline prices, people place a great value on fuel efficiency. This encourages the use of advanced fuel pump technologies to improve mileage and reduce fuel costs.
Additionally, The Asia-Pacific fuel pumps Market is expected to grow at the fastest CAGR from 2023 to 2032. The fact that urbanization in the Asia-Pacific region results in rising traffic and congestion serves as a stark reminder of the need for fuel-efficient technology that reduces emissions and improves mileage.
Furthermore, the rest of the world's fuel pumps market is divided into the Middle East, Africa, and Latin America. Latin America's fuel pumps market is a vital component of the automotive and industrial sectors, providing fuel delivery solutions. As the region's transportation industry expands, and environmental regulations evolve, the market is adapting to meet efficiency and emission standards. Manufacturers offer various fuel pump types, including electric and mechanical, to address diverse automotive and industrial needs in the Latin American market.
Key Findings of the Study