Automotive Oil Pump Market Estimated to Grow at a CAGR Of 4.5% from 2022 to 2031, as per TMR Study
Increase in demand for fuel efficient vehicles with advanced safety features is estimated to propel automotive oil pump market growth
Wilmington, Delaware, United States, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive oil pump market is projected to reach USD 27.7 Bn by the end of 2031 from USD 17.6 Bn in 2021 according to research conducted by TMR.
Automotive pumps are primarily used to move automotive fluids in automobiles; however, they are increasingly employed to enhance fuel economy and vehicle performance. The increase in demand for eco-friendly products has prompted manufacturers to design efficient pumps.
The automotive oil pump market report states that the global market for automotive pumps is projected to expand owing to the stringent emission regulations controlling fuel economy. Concurrently, rise in vehicle production, coupled with the use of modern pumps to regulate vehicular emissions on a global scale are anticipated to drive the automotive oil pump industry growth.
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Automotive Oil Pump Market: Growth Drivers
Numerous car systems, including transmission, coolants, gasoline, and lubrication, utilize pumps. This is likely to increase the sales of automotive oil pumps. Demand for fuel-efficient automobiles has a positive impact on market growth. The stringent emission norms have increased the demand for emission free automotive products which may accelerate the growth of the global market for automotive oil pump. This expansion is attributed to the rise in manufacturing of automatic transmission systems in both developed and emerging economies.
Surge in vehicle production due to rise in demand for commercial and passenger vehicles has created revenue generation opportunities for the global automotive oil pump industry.
Rise in vehicle electrification due to enforcement of stringent rules regarding emissions has proved to be a major growth driver.
Adoption of advanced automotive technologies by major players and escalating demand for high-end models is anticipated to bring lucrative growth prospects for the automotive oil pump market.
Key Findings of Automotive Oil Pump Market
The number of commercial vehicles is expected to rise due to expansion of e-commerce business. This resulted in a significant increase in sales of commercial vehicles, which are essential for carrying products and, consequently, oil pumps. Sales of mechanical automobile oil pumps has increased due to rise in production of vehicles with internal combustion engines.
The effective transmission of gasoline from the fuel tank to the engine is crucial for smooth functioning of a car. Consequently, fuel pumps are important in automobile technology. Carburetor-based engines require electronic fuel pumps. Preference for these pumps is likely to generate lucrative growth opportunities for wet sump lubrication systems.
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Automotive Oil Pump Market: Regional Dynamics
Asia Pacific is estimated to be the most promising regional market and accounted for the largest automotive oil pump market size. Increase in vehicle production and rise in adoption of modern automotive technologies are projected to keep this region at the top of the global automotive pumps market during the forecast period. Research and development activities have created novel technological innovations which support the eco-friendly aspect. Adoption of sustainable products in this region has opened new growth avenues for the global market.
Automotive Oil Pump Market: Competitive Landscape
Key manufacturers operating in the automotive oil pump business are focusing on developing novel green products which may contribute to the expansion of their market reach. The formulation of growth strategies and associations with mergers, acquisitions, and startups have created multiple growth prospects for this market.
Key players in the global market are
Robert Bosch GmbH
Mitsubishi Electric Corporation
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Automotive Oil Pump Market: Segmentation
Electric Oil Pump
Transmission Oil Pump
Engine Oil Pump
Brake Oil Pump
Mechanical Oil Pump
Transmission Oil Pump
Engine Oil Pump
Brake Oil Pump
By Lubricant System
Wet Sump Lubrication
Dry Sump Lubrication
By Displacement Type
By Vehicle Type
Light Commercial Vehicles
Heavy Commercial Vehicles
Buses & Coaches
By Propulsion Type
Battery Electric Vehicle
Hybrid Electric Vehicle
Plug in Hybrid Electric Vehicle
By Discharge Type
Middle East & Africa
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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