The global fuel pumps market size was valued at USD 7.43 billion in 2022, and it is expected to hit around USD 10.70 billion by 2032, poised to grow at a CAGR of 3.71% during the forecast period from 2023 to 2032.
Access our Premium Real Time Data Intelligence Tool, Visit: Precedence Statistics
Fuel pumps are positioned at the fuel tank and are critical components in both gasoline and diesel engines, responsible for delivering fuel from the fuel tank to the engine. Fuel pumps are available in two main types: mechanical and electric. Mechanical fuel pumps have been used in automobiles for many years and are driven by the camshaft. These pumps use a diaphragm to draw fuel from the fuel tank and deliver it to the carburetor or fuel injectors. Mechanical fuel pumps are simple and reliable but are not as efficient as electric fuel pumps. Electric fuel pumps use an electric motor to deliver fuel from the fuel tank to the engine. These pumps are more efficient than mechanical pumps and can deliver fuel at higher pressures. Electric fuel pumps are commonly used in modern vehicles, and many new vehicles come equipped with electric fuel pumps as standard equipment.
The fuel pumps ensure that engines receive the fuel they need to operate efficiently and reliably. The factors that are likely to augment the growth of the fuel pump market include increasing demand for fuel-efficient vehicles, government regulations mandating fuel efficiency and emissions standards, and technological advancements in fuel pump design, among others.
The growing automotive production is anticipated to augment the growth of the fuel pump market during the forecast period. As the global automotive industry continues to grow, the demand for fuel pumps is expected to rise. The automotive industry is a major market for fuel pumps, as these components are critical to the operation of both gasoline and diesel engines. Furthermore, the increasing demand for fuel-efficient vehicles is also likely to support the growth of the market. With the continuous increase in fuel prices and rise in environmental concerns, there is a growing demand for fuel-efficient vehicles. Fuel pumps help in improving engine efficiency and performance, and fuel pump manufacturers are investing heavily in developing new technologies that can help automakers meet fuel efficiency standards and reduce emissions.
Additionally, advances in fuel pump technology, including the development of electric fuel pumps are also expected to drive the growth of the fuel pump market in the years to come. Electric fuel pumps are more efficient and reliable than traditional mechanical pumps, and software systems that optimize engine performance can help automakers meet fuel efficiency and emissions standards.
Report Scope of the Fuel Pumps Market:
|Market Size in 2023||USD 7.71 Billion|
|Market Size by 2032||USD 10.70 Billion|
|Growth Rate from 2023 to 2032||CAGR of 3.71%|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||By Technology and By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Growing automotive industry
The growing automotive industry is expected to support the growth of the fuel pump market within the estimated timeframe. The automotive industry is one of the largest and most important industries in the world, and it plays an important role in the global economy. Fuel pumps are an essential part of any vehicle that uses an internal combustion engine, as they are responsible for delivering fuel from the fuel tank to the engine. Hence, with the growing automotive industry, the demand for fuel pumps is also likely to increase, as more vehicles are produced and sold each year.
Besides, the rising global population, increasing urbanization, and growing demand for personal mobility is likely to augment the demand for automobiles during the forecast period. As the population of the world continues to grow, the demand for personal mobility increases which is expected to drive the demand for vehicles. Furthermore, as more people move into urban areas, the need for personal transportation also increases, as public transportation may not be readily available or convenient. This trend is particularly evident in emerging economies, where the automotive industry is growing rapidly. Also, with the development of new technologies, vehicles become more efficient, reliable, and safe; this in turn is supporting the growth in the sales of the new vehicles. For instance, the development of hybrid vehicles has created new opportunities for the automotive industry, as consumers seek out more environmentally-friendly alternatives to traditional gasoline-powered vehicles. Thus, owing to the increasing automotive production and sales the demand for fuel pumps is also expected to rise during the forecast period.
Dependence on fossil fuels
The dependence on fossil fuels is expected to restrain the growth of the fuel pump market in the long term. Fossil fuels are finite resources, and their production and use have significant environmental impacts, such as air pollution and greenhouse gas emissions. As society becomes more aware of these issues and governments implement policies to address them, there is likely to be a shift away from fossil fuels towards cleaner and more sustainable energy sources. This shift away from fossil fuels could have a significant impact on the growth of the fuel pump market, which is currently dominated by pumps designed to handle gasoline, diesel, and other fossil fuels.
As demand for these fuels decreases, the demand for the corresponding fuel pumps is also likely to decrease. This could lead to a reduction in investment in the development of new fuel pump technologies, as well as a decline in the overall size of the fuel pump market. Consequently, this is expected to restrain the growth of the fuel pump market within the estimated timeframe.
Technological advancements in the fuel pumps
The increasing technological advancements to meet the increasing demand for fuel-efficient and environmentally-friendly vehicles are expected to contribute to the growth of the market in the years to come. The modern electric fuel pumps are becoming increasingly popular as they are more efficient than traditional mechanical fuel pumps and helps lower the emission levels, lowers the fuel consumption and increase the fuel pump performance. They are also quieter and more reliable. In addition, high-pressure fuel pumps are used in gasoline direct injection (GDI) systems, which are also becoming more common in modern vehicles. GDI systems use high-pressure fuel pumps to inject fuel directly into the engine cylinder, improving fuel efficiency and reducing emissions.
Also, when dealing with high-performance and race engines, a dual-channel fuel pump may be a better option. These pumps have two rows of turbine blades that supply high-pressure fuel lines to the engine, which allows for improved hot fuel flow compared to pumps with a single impeller wheel. Additionally, dual-channel pumps are known for being quieter than single-channel pumps. Furthermore, the introduction of smart fuel pumps is also supporting the growth of the market. These fuel pumps are equipped with sensors and electronic control units that can monitor the engine's fuel requirements and adjust the fuel flow rate accordingly, improving fuel efficiency and reducing emissions. Thus, these new fuel pump technologies are anticipated to create immense opportunities for market growth in the near future.
Impact of COVID-19:
The COVID-19 pandemic had a significant impact on the fuel pump market. With the pandemic causing a global economic downturn, there was a decline in demand for fuel across the transportation sector. This has directly affected the demand for fuel pumps. The pandemic also caused delays in the manufacturing and delivery of fuel pumps. Many fuel pump manufacturers had to temporarily shut down their production facilities due to lockdown measures, leading to a shortage of supply.
Furthermore, with social distancing measures in place, there has been a shift in consumer behavior towards online shopping and contactless payment options. This resulted in a decrease in demand for fuel pumps at traditional gas stations. Nonetheless, the pandemic surged in demand for delivery vehicles and other essential services, which require fuel pumps to operate. The need for increased sanitation measures at gas stations and other fueling facilities led to an increase in demand for touchless fuel pumps. Moreover, governments and regulatory bodies also implemented various measures and financial aid programs to support businesses affected by the pandemic, which may help boost the fuel pump market in the long run.
On the basis of technology, the electric fuel pumps segment is expected to grow at a fastest CAGR during the forecast period. This is attributable to the increasing pressure on fuel efficiency in automobiles as well as the growing focus on electrification to reduce carbon footprint and meet emission regulations. Furthermore, the growing utilization of these pumps in the majority of the recently produced ICE vehicles, which is a result of its improved operational abilities at high speeds and lower current consumption compared to the earlier version of the pumps, is also likely to support the segmental growth of the market within the estimated timeframe. Also, the turbine electric fuel pumps offer several benefits like precise pressure measurement is also leading to the growth of the segment in the fuel pumps market.
Based on Application, the passenger cars segment dominated the global fuel pumps market. This is owing to the increasing demand and production of passenger vehicles in major developing economies such as India, and China is also likely to support the segment growth of the fuel pumps market during the forecast period. For instance, as per the Society of Indian Automobile Manufacturers, total sales of passenger vehicles increased to 38,90,114 from 30,69,523 units wherein the passenger cars sales also increased from 14,67,039 to 17,47,376, in FY-2022-23, as compared to the preceding year. Additionally, the rising government regulations and norms with respect to reducing vehicle emission is also expected to support the segment growth of the fuel pumps market during the forecast period.
North America held the largest revenue share in 2022. This is owing to the growing automotive industry along with the increasing implications of government regulations to reduce carbon emissions and improve fuel efficiency in the region. Additionally, the increasing fuel prices are also likely to increase the demand for fuel-efficient cars in the region. Furthermore, the increasing demand for advanced fuel pumps is likely to support the regional growth of the fuel pump market during the forecast period.
Asia-Pacific is expected to grow at the fastest CAGR during the forecast period. This is attributable to the increasing demand for heavy commercial vehicles and passenger cars in the economies like India and China. Major automobile manufacturers including Hyundai, Toyota, Honda, and Suzuki have set up their manufacturing facilities in the Asia-Pacific (APAC) region. This strategic move has resulted in a decline in vehicle prices, thereby driving the demand for passenger vehicles in the region. As a result, the adoption of passenger vehicles has witnessed a significant increase across APAC. Furthermore, stringent government regulations and standards are also increasing the demand for advanced fuel pump technologies which is also likely to support the regional growth of the fuel pumps market during the forecast period.
Key Market Players:
Segments Covered in the Report:
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client