Overview and Scope
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.
Sizing and Forecast
The automotive oil pump market size has grown strongly in recent years. It will grow from $17.99 billion in 2023 to $19.05 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to engine efficiency demands, emission standards compliance, material and manufacturing advances, vehicle weight reduction, global automotive production growth.
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.
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Segmentation & Regional Insights
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
Asia Pacific was the largest region in the automotive oil pump market in 2023. The regions covered in the automotive oil pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the automotive oil pump market are adopting innovative technologies, such as electric oil pumps, to strengthen their market position. Electric oil pumps, also known as electric oil transfer pumps or electric lubrication pumps, are devices designed to circulate oil or lubricants in various automotive and industrial applications. For instance, in October 2023, according to Nidec Power Train Systems Corporation, a Japan-based manufacturer of automotive parts, launched a new electric oil pump to cool the e-axle of the EV Traction Motor System. The newest electric oil pump integrates a motor and pump manufactured in-house, employing advanced component production technology to ensure high quality with a reduced number of components. This streamlines the mechanical fastening process and electrical connections. Specifically engineered for enhanced cooling efficiency, the pump directly cools the motor, which is crucial for achieving a smaller and lighter traction motor.
The automotive oil pump market report table of contents includes:
1. Executive Summary
2. Automotive Oil Pump Market Characteristics
3. Automotive Oil Pump Market Trends And Strategies
4. Automotive Oil Pump Market – Macro Economic Scenario
5. Global Automotive Oil Pump Market Size and Growth
…
31. Global Automotive Oil Pump Market Competitive Benchmarking
32. Global Automotive Oil Pump Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Oil Pump Market
34. Automotive Oil Pump Market Future Outlook and Potential Analysis
35. Appendix
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