Future Market Insights has released its forecast report for the automotive pumps market. Over the last few decades, car manufacturers have integrated various technologies such as gasoline direct injection, automatic transmission, electric power steering, and gasoline turbochargers into automotive. These require a dedicated automotive pump to ensure efficient operation. These advanced technologies are expected to gain traction over the forecast period, subsequently driving the demand for automotive pumps.
The market for automotive pumps has remained competitive, with the presence of major players that have expertise in advanced manufacturing technologies. In order to sustain in the long run, product development is the key growth strategy being adopted by market participants. Launching advanced products that provide numerous operational benefits, and at the same time complying with existing emission norms and other regulations in the market, will help market players maintain product differentiation and strengthen their presence in the global automotive pumps market.
As per capita income has increased considerably in numerous nations, the demand for luxury vehicles has grown. Moreover, the demand for high-performance cars has also seen an upswing.