Press release
Automotive Oil Pump Market Report 2024 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : Denso Corporation, The FTE automotive Group, Johnson Electric Holdings Limited
Automotive Oil Pump Global Market Report 2024
The automotive oil pump market size is expected to see strong growth in the next few years. It will grow to $23.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to integration of cooling systems, stricter fuel economy standards, increased focus on electric powertrains, supply chain resilience, electric vehicle trends. Major trends in the forecast period include integration of sensors and smart technologies, lightweight materials and design optimization, adoption of advanced manufacturing techniques, hybrid and electric vehicle trends, efficiency improvements.
Market Overview -
An automotive oil pump is a mechanical device that circulates oil to the moving elements of an engine, such as the bearings, camshafts, and pistons, to reduce wear and tear. This is used to circulate oil for engine lubrication and increase oil pressure in the lubrication system. It produces the pressure that propels oil through the engine's chambers and passageways.
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Surge In Vehicle Production Ignites Expansion Of The Automotive Oil Pump Market
The rapid increase in vehicle production is expected to boost the growth of the automotive oil pump market going forward. Motor vehicle production refers to the manufacture of automobiles and light trucks/utility vehicles. Automobile oil pumps pressurize fluids and protect engine components of vehicles from frictional wear and overheating by lubricating oil at the appropriate pressures. This as a result, grows the adoption of vehicle production, thus increasing the demand for the automotive oil pump market. For instance, in April 2022, in a report published by the European Automobile Manufacturers Association, in 2021, 79.1 million motor vehicles were produced worldwide, a 1.3% increase over 2020. Additionally, according to the Global EV Outlook 2021, consumers spent USD 120 billion on electric vehicle purchases in 2020, a 50% increase over 2019. Therefore, the growing adoption of electric vehicles is driving the growth of the automotive oil pump market.
Competitive Landscape -
Major companies operating in the automotive oil pump market report are Denso Corporation, The FTE automotive Group, Johnson Electric Holdings Limited., Magna International Inc., Nidec Corporation, Rheinmetall AG, Aisin Seiki Co. Ltd., ZF Friedrichshafen AG, Hitachi Astemo Americas Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, BorgWarner Inc., Brose Fahrzeugteile GmbH & Co. KG, HUSCO International Inc., Ningbo Shenglong Automotive Powertrain System Co.Ltd., TRW Automotive Holdings Corp., Fuxin Dare Automotive Parts Co Ltd., MAHLE GmbH, Stackpole International Inc., Magneti Marelli S.p.A., Shenglong Group, Bosch GmbH, Delphi Technologies PLC, Hunan Oil Pump Co., Melling Engine Parts, Hirschvogel Automotive Group, Wuxi Tsang Yow Auto Parts Co.Ltd., Toyo Advanced Technologies Co.Ltd., Pierburg GmbH, Flowserve Corporation .
Automotive Oil Pump Market Embraces Technological Advancements For Enhanced Performance
Technological advancements are a key trend gaining popularity in the automotive oil pump market. Major companies operating in the automotive oil pump market are focusing on developing new products to sustain their position in the market. For instance, in January 2022, Toyoda Gosei Co. Ltd., a Japan-based manufacturer of rubber and plastic automotive components, launched a lighter-weight oil pump. This oil pump includes precision plastic molding technology, one of the core technologies, to create gears and other oil pump components out of plastic which makes the oil pump's weight to be reduced by around 30%.
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Key Segments -
The automotive oil pump market covered in this report is segmented -
1) By Discharge Type: Gear Pump, Gerotor, Vane Pump, Other Discharge Type (Plunger pumps)
2) By Displacement Type: Fixed Displacement, Variable Displacement
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Buses And Coaches, Off-Road Vehicles
4) By Lubrication System: Wet Sump Lubrication, Dry Sump Lubrication
5) By Sales Channel: Original Equipment Manufacturer(OEM), Aftermarket
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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