Press release
Automotive Electric Oil Pump Market 2021 Top Key Players, Size Estimation, Industry Share, Business Analysis and Growth Forecast to 2028
The global automotive electric oil pump market size is anticipated to surpass US$ 76.1 Bn by 2030, expanding at a compound annual growth rate (CAGR) of 24.1% during the forecast period 2021 to 2030.Rise in the demand for electric mobility and fuel-efficient vehicles is driving the demand for automotive electric oil pumps. The growth owing to rising concerns about the environment and carbon emission across the globe. Increase in global carbon footprint and stringent emission norms are driving the preference of the automotive industry toward electric vehicles, which is likely to increase the demand for electric oil pump in vehicles.
Rise in demand for fuel-efficient vehicles coupled with stringent emission limits has prompted manufacturers to install electric oil pumps in their vehicles, which is anticipated to significantly propel the automotive electric oil pump market across the globe. Increase in sales of vehicles across the globe due to decline in tax rates on vehicles is also a key factor fueling the demand for electric oil pumps in vehicles.
Drivers
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Rising vehicle electrification, including electric power steering is likely to increase the demand for electric oil pump across the globe. Enactment of stringent emission norms across the globe is prompting vehicle manufacturers to develop lightweight vehicles to enhance fuel-efficiency of their vehicles. An electric oil pump is an oil pump driven by an electric motor, and is used to maintain oil pressure and lubricate the automobile components during engine stop of stop-start vehicles. Electric oil pumps are needed for hybrid electric vehicles and vehicles with idling start-stop systems. These pumps, which are able to supply oil even when the engine is switched off are characterized by high voltage, oil-pressure, and flow rate with less noise. This is anticipated to boost the automotive electric oil pump market across the globe.
Wide spread of the pandemic across the globe is prompting consumers to own vehicles, which is likely to increase the sale of vehicles and subsequently, boost the installation of electric oil pumps in vehicles in order to increase the performance of vehicles. This is likely to boost the automotive electric oil pump market across the globe.
Challenges
The COVID-19 pandemic has caused a majority of businesses across the globe to crumble, owing to forced shutdown of production and manufacturing activities. This has led the global economy to contract to its lowest growth rate. Majority of businesses in every industry are codependent and are a part of major supply chain in the market. Disruption in supply chain attributing to stoppage of transportation and shipping services and reduced demand for vehicles across the globe is likely to cause the global automotive industry to contract in Q1 and Q2 of 2020.
Advancements in material, components, and systems boost the price of the electric oil pump as compared to that of the conventional oil pump. Consequently, the price of the vehicle equipped with an electric oil pump is higher, due to the high price of the automotive electric oil pump. This is likely to hamper the market during forecast period.
Electronic Transmission Oil Pumps Eliminating Need of Electrolytic Capacitors
Intelligent transmission oil pumps for high performance applications have the potential to fully replace mechanical pumps. Vitesco Technologies – a producer of efficient electrification technologies for vehicles is developing electronic transmission oil pumps that are eliminating the need of electrolytic capacitors.
Manufacturers in the automotive electric oil pump market are increasing their R&D muscle to integrate sensors in electronic transmission oil pumps that reduce further efforts with the wiring. Such oil pumps are gaining prominence in battery EVs, commercial vehicles, and off-highway applications.
Report Highlights
Based on propulsion, the global automotive electric oil pump market has been classified into electric vehicle and IC engine vehicle. Electric vehicle is expected to be the dominant segment of the automotive electric oil pump market during the forecast period, owing to the enactment of stringent emission norms across the globe.
Based on application, the brake and transmission oil pump segments accounted for significant share of the global automotive electric oil pump market. Rising safety standards in vehicles, including anti-brake system, is likely to fuel the demand for electric oil pumps in vehicles.
Asia Pacific dominated the global automotive electric oil pump market in 2020. It is anticipated to hold the leading share of the global market during the forecast period, as rapid expansion of manufacturing industries across the region is likely to propel the automotive electric oil pump market in the region.
Europe is also estimated to account for a significant share of the global automotive electric oil pump market, owing to increase in the demand for lightweight engines across the region.
Key Players
Prominent players operating in the global automotive electric oil pump market include FTE automotive, Hitachi Automotive, Rheinmetall Automotive AG, Johnson Electric, Nidec Corporation, Mitsubishi Electric, Mikuni American Corporation, Magna Powertrain, Inc., HUSCO Automotive, LLC, MAHLE Group , BorgWarner Inc., Robert Bosch GmbH, DENSO CORPORATION, ZF Friedrichshafen AG, AISIN SEIKI, and SHW AG.
Market Segmentation
By Vehicle Type
Passenger Vehicle
Hatchback
Sedan
Utility Vehicle
Light Commercial Vehicle
Medium & Heavy Duty Truck
Buses & Coaches
Off-road Vehicles
By Propulsion
Electric Vehicle
Battery Electric Vehicle
Hybrid Electric Vehicle
Plug-in Hybrid Electric Vehicle
IC Engine Vehicle
By Application
Transmission Oil Pump
Engine Oil Pump
Brake Oil Pump
By Sales Channel
OEM
Aftermarket
By Region
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
This report focuses on automotive electric oil pump market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall automotive electric oil pump market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global automotive electric oil pump market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
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In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Regional Analysis
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
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