Electric Oil Pump Market Research Report 2023 | Valuates Reports

Electric Oil Pump Market

Electric Oil Pump market is projected to grow from US$ 435.8 million in 2023 to US$ 1275.6 million by 2029, at a Compound Annual Growth Rate (CAGR) of 19.6% during the forecast period.

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Electric Oil Pump Market Trends
Constant improvements in automobile technology are one of the main drivers of the growth of the Electric Oil Pump Market. Modern cars come with ever-more complicated drivetrains, such as electric and hybrid drivetrains, which need accurate and effective oil lubrication systems. For these cutting-edge cars to have enough cooling and lubrication, electric oil pumps are essential. Conventional internal combustion engine vehicles are also using electronic oil pumps as automakers work to decrease pollution and increase fuel economy. The automobile industry is experiencing a significant increase in demand for electric oil pumps due to technological advancements.

Automakers are being pushed to embrace technology that can lessen the environmental effects of automobiles by strict fuel economy and emission rules. By minimizing frictional losses in the engine and streamlining the lubrication process, electric oil pumps can assist in accomplishing these objectives. Electric oil pumps help to minimize pollution and enhance fuel efficiency by lessening the mechanical burden on the engine. Manufacturers are being forced by regulatory pressure to invest in electric oil pump technology, which is driving up industry growth.

One major factor propelling the worldwide trend towards the electrification of vehicles is the electric oil pump market. Electric oil pumps are necessary for lubricating parts of electric and hybrid cars, including electric motors and gearboxes. Electric oil pumps are becoming more and more in demand as electric vehicles gain popularity. These pumps are an integral part of the ecology around electric vehicles as they are necessary for preserving the efficiency and lifetime of electric drivetrains.

A further driving force behind the expansion of the electric oil pump industry is the growing emphasis on engine reduction. Automobile manufacturers are creating smaller, turbocharged engines in order to achieve fuel economy standards. Precise oil management is necessary for these smaller engines to guarantee maximum lifetime and performance. Because they are more flexible and sensitive than conventional mechanical pumps, electric oil pumps are the go-to solution for smaller engines, which accelerates their adoption.

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Electric Oil Pump Market Share:

The major companies in the electric oil pump market include AISIN SEIKI, Rheinmetall Automotive AG, Nidec Corporation, and SHW Group. About 60% of the worldwide market is accounted for by the top three Electric Oil Pump companies.

With almost 43% of the global market, Japan is the largest consumer market for electric oil pumps, followed by North America and Europe.

With a share of almost 89%, the largest category by type is Integrated Pump.

The Start-Stop System is the most widely used application, followed by the Electric and Hybrid Systems.

By Type
• Integrated Pump
• Separate Pump

By Application
• Start-Stop System
• Electric and Hybrid System

Key Players
Nidec Corporation, SHW Group, Rheinmetall Automotive AG, AISIN SEIKI, Hanon Systems, Mitsuba Corporation, Sanhua, LG Innotek, Yamada, EMP, Hitachi Automotive Systems, Buehler Motor, Mitsubishi Electric Corporation, EBM Papst, Fuxin Dare, Vitesco Technologies, Bosch, Brose

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This release was published on openPR.