The automotive transmission pump is an important component in internal combustion engine vehicles that helps transfer automatic transmission fluid from the oil pan to various valves and transmission gears. The pumps enable smooth gear shifts and play a vital role in increasing vehicle fuel efficiency. With the rapid adoption of EVs globally due to rising environment awareness and stringent emission norms, EV production is projected to surge exponentially in the coming years. The absence of multiple gears in EVs eliminates the need for a conventional transmission pump. However, the growing emphasis on developing affordable electric cars with extended driving ranges has propelled extensive R&D towards developing innovative transmission pump designs compatible with hybrid vehicles.
The global Automotive Transmission Pump Market is estimated to be valued at US$ 40.42 Bn in 2024 and is expected to exhibit a CAGR of 25% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing production of hybrid electric vehicles (HEVs) that integrate conventional and electric powertrains is a major factor driving innovations in transmission pump design. Transmission pump manufacturers are focusing on developing low power-consuming pumps compatible with HEVs to improve fuel efficiency. Lightweight aluminum casings and magnetic drive technology are some innovations aimed at reducing pumping losses in hybrid drivetrains. With governments globally promoting domestic EV manufacturing to meet climate targets, overall hybrid and electric vehicle sales are expected to surge considerably in the coming decade, spurring growth opportunities for transmission pump producers catering to next-gen e-mobility solutions.SWOT Analysis
Strength: The automotive transmission pump market size is witnessing high demand due to increasing vehicle production globally. Efficient transmission pumps improve vehicle performance.
Weakness: Transportation delays due to supply chain disruptions can negatively impact just-in-time manufacturing of pumps. Development of new transmission technologies poses a threat.
Opportunity: Growing demand for electric vehicles creates opportunities for developing efficient transmission pumps suitable for EVs.
Threats: Decline in global vehicle sales during economic slowdowns impacts market demand. Shift towards more fuel efficient vehicles with fewer moving parts acts as a challenge.
Key Takeaways
The global automotive transmission pump market is expected to witness high growth.
Increase in vehicle production and sales especially in Asia Pacific and North America is driving market revenues. These regions accounted for over 60% of global light vehicle production in 2021 and are poised to maintain their dominance through the forecast period.
Key players operating in the automotive transmission pump industry are enhancing manufacturing capabilities and expanding product portfolios to cater to changing transmission technologies and designs. For example, in 2021 Kiwi increased production of vane pumps suitable for both conventional and hybrid vehicle transmissions at its new manufacturing plant in Mexico.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it