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.
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