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Automotive Oil Pump Market to Surpass Valuation of US$ 22.68 Bn by 2031: Transparency Market Research

Automotive |

Automotive Oil Pump Market: Introduction

According to the report, the global automotive oil pump market is projected to surpass US$ 22.68 Bn by 2031, expanding at a CAGR of 4.12% during the forecast period. Electric vehicles (EVs) have emerged as a suitable alternative for conventional fuel vehicles, particularly in urban areas and cities. These vehicles are environment-friendly and do not emit harmful gases. Hence, regulatory bodies of several countries are taking efforts to boost their adoption. The demand for EVs is significantly high in the passenger car market in Europe, followed by Asia Pacific and North America.

The rise in demand for EVs is anticipated to propel the demand for types of automotive oil pumps, such as electric oil pump. Thus, in turn, is likely to boost the automotive oil pump market during the forecast period.

Expansion of Automotive Oil Pump Market:

The increase in popularity of customization is likely to drive the demand for automotive oil pumps, such as automotive fluid extractor pump, in the near future. Manufacturers are rapidly preferring customization of oil pumps due to growing competition and changing market dynamics. Moreover, consistently evolving customer preferences are further prompting manufacturers across the globe to develop cutting-edge automobile designs. They are providing specific requirements or customized oil pumps, such as compact pumps, low vibration pumps, and brushless fuel pumps, to customers.

Pump manufacturers that would engage in comprehensive strategies to integrate customization in their business operations are set to be well-placed to gain long-term supply contracts with automakers. Ongoing development of compact and high performance motors & engines by automakers are projected to boost the automotive oil pump market during the forecast period.

In terms of vehicle type, the passenger vehicle segment accounted for a major share of the global automotive oil pump market in 2020. The passenger car sub-segment dominates the market, due to high production of passenger cars globally. As per International Organization of Motor Vehicle Manufacturers, 63.7 million passenger vehicles were sold globally in 2019. Increase in use of automotive oil pumps, such as electric oil pumps, in passenger cars is due to improved efficiency and less emission of pollutants. These factors are projected to propel the market during the forecast period.

Based on sales channel, the OEM segment is estimated to dominate the automotive oil pump market in the next few years. This expansion is attributable to the ability of OEMs to produce superior quality automotive oil pumps. The introduction of stringent norms to reduce vehicle emissions and enhance fuel-efficiency is expected to propel the demand for lightweight and fuel-efficient advanced OEM parts worldwide. The rise in demand for hybrid and luxury vehicles is another factor that is estimated to fuel the segment.

Significant implementation of advanced technologies in product development has led to a decline in replacement rate of automotive oil pumps, which is likely to minimize the aftermarket potential of these products in the near future. This is considered to be one of the key factors hampering the automotive oil pump market across the globe.

Regional Analysis of Automotive Oil Pump Market

Based on region, the global automotive oil pump market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a major share of the global automotive oil pump market. The automotive industry has been witnessing significant rise in terms of vehicle production in Asia Pacific for the last few years, as compared to that in the mature markets of Europe and North America. Therefore, Asia Pacific has emerged as a hub for automotive production, given the nascent stage of the market, state-promoted support, and cost advantages for OEMs.

Low automobile market penetration and increased vehicle production in the region offer significant opportunities to automobile manufacturers and automotive components & equipment suppliers. This can be primarily attributed to the production expansions made by automobile manufacturers to cater to the rising demand and comply with fuel-efficiency norms & regulations. The expansion can be ascribed to the growing focus of international as well as domestic players on the market in Asia Pacific. Low production cost of automotive oil pumps in the region is also a major factor driving the market in the region.

Major Players

Prominent players operating in the global automotive oil pump market include BorgWarner Inc., Denso Corporation, SHW AG, Aisin Seiki Co. Ltd., Delphi Automotive, Johnson Electric, Robert Bosch GmbH, TRW Automotive, Magna International, FTE Automotive, Mitsuba Corp., Laxmi Oil Pumps & Systems (P) Ltd., Mikuni Corporation, Rheinmetall Automotive, MAHLE GmbH, and Hitachi Automotive Systems Americas, Inc.

Global Automotive Oil Pump Market: Segmentation

  • Automotive Oil Pump Market, by Displacement Type
    • Fixed Displacement
    • Variable Displacement
  • Automotive Oil Pump Market, by Pump Type
    • Electric Oil Pump
    • Mechanical Oil Pump
  • Automotive Oil Pump Market, by Lubrication System
    • Wet Sump Lubrication
    • Dry Sump Lubrication
  • Automotive Oil Pump Market, by Discharge Type
    • Gear Pump
    • Gerotor
    • Vane Pump
    • Others
  • Automotive Oil Pump Market, by Vehicle Type
    • Passenger Vehicles
      • Hatchback
      • Sedan
      • Utility Vehicles
    • Light Commercial Vehicles
    • Trucks
    • Buses & Coaches
  • Automotive Oil Pump Market, by Sales Channel
    • OEMs
    • Aftermarket
  • Automotive Oil Pump Market, by Region
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • Latin America

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