Automotive Electric Oil Pump Market Forecasts to 2028 – Global Analysis By Vehicle Type (Commercial Vehicle, Passenger Vehicle), Application (Engine Oil Pump, Brake Oil Pump), and By Geography
According to Stratistics MRC, the Global Automotive Electric Oil Pump Market is accounted for $10.00 billion in 2020 and is expected to reach $50.71 billion by 2028 growing at a CAGR of 22.5% during the forecast period. Some of the key factors propelling the market growth include the growth in demand for fuel efficient vehicles, increase in installation of electric power steering in passenger cars, rise in concerns about the environment and carbon emissions, and high penetration of these pumps in hybrid electric vehicles. However, rise in price of raw material and high cost of electric pump installation in vehicles are restraining the market growth.
Electric oil pump circulates oil or a lubricant fluid under pressure in an intelligent way, so that the fluid flow is controlled electrically and independently. This flow mechanism of fluid is utilized for transmission, engine, and break in vehicle. Insufficiency in lubrication can create problem in vehicle component such as friction, wear and tear. The use of electric oil pump improves engine efficiency of a vehicle. Improper functioning of oil pump hinders performance of different systems like transmission, engine and braking system, which leads to huge loss, therefore, electric pumps are preferred over conventional pump.
By sales channel, the original equipment manufacturers (OEMs) segment is likely to witness significant growth during the forecast period, owing to more number of electric oil pump units are produced per year. It is backed by low labour expenses and steady economies that help in localizing the manufacturing units for key OEMs, which is likely to eliminate heavy import duty taxes. Cost of one unit of electric oil pump is less for OEM, considering the deals between OEM and component supplier, incentives provided to OEMs, and lesser production cost as the production for OEMs is undertaken at a mass level.
On the basis of geography, Asia Pacific region is projected to have considerable market growth during the forecast period, owing to the presence of key automobile manufacturers such as Toyota, Hyundai, Honda, and Suzuki, have established their manufacturing plants in APAC. Strong demand for passenger cars and commercial vehicles among consumers and industrial applications across key developing countries, such as India, China, and Korea are likely to drive the growth of the Asia Pacific market during the forecast period. Asia Pacific is leading to reduction of overall vehicle prices and subsequently increasing passenger vehicle adoption across the region.
Some of the key players in Automotive Electric Oil Pump Market include Mitsubishi Electric Corporation, Hitachi, Ltd., Robert Bosch GmbH, Johnson Controls International Plc, ZF Friedrichshafen AG, Aptiv PLC, DENSO Corporation, Mikuni American Corporation, FTE automotive Group, Nidec Corporation, Magna International, MAHLE Group, HUSCO Automotive, LLC, SHW AG, Delphi Automotive PLC, and Rheinmetall Automotive AG.
Compound Annual Growth Rate (CAGR) from 2020 to 2028:
Tables, Graphs & Figures
Vehicle Type, Propulsion, Sales Channel, Pump Type, Application and Region
Core Drivers and Opportunities:
Restraining Factors & Market Threats:
Vehicle Types Covered:
• Commercial Vehicle
• Passenger Vehicle
• Internal Combustion Engine (ICE) Vehicle
• Electric Vehicles
Sales Channels Covered:
• Original Equipment Manufacturers (OEMs)
Pump Types Covered:
• Integrated Pump
• Separate Pump
• Engine Oil Pump
• Transmission Oil Pump
• Steering Pump
• Brake Oil Pump
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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o Comprehensive profiling of additional market players (up to 3)
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o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Key Questions Answered In The Report
The Global Automotive Electric Oil Pump Market is majorly driven by increase in installation of electric power steering in passenger cars, rising vehicle electrification, and high penetration of these pumps in hybrid electric vehicles.
The passenger vehicle segment is growing at a highest CAGR owing to rising production and demand for passenger vehicles in developing countries such as India, China, and Brazil and increasing use of automotive electric oil pump in passenger cars is due to improved efficiency and less emission of pollutants.
Asia Pacific dominated with a significant market share due to the large number automobile production in the region, strong demand for passenger cars and commercial vehicles among consumers and industrial applications across key emergent countries, and rapid expansion of manufacturing industries across Asia Pacific.
Europe market is growing at a highest CAGR owing to the government guidelines and regulations on improving the efficiency of vehicles and reducing the automobile emission levels emission is contributing to the lessening the emission levels.
Key players in Automotive Electric Oil Pump Market include Mitsubishi Electric Corporation, Hitachi, Ltd., Robert Bosch GmbH, Johnson Controls International Plc, ZF Friedrichshafen AG, Aptiv PLC, DENSO Corporation, Mikuni American Corporation, FTE automotive Group, Nidec Corporation, Magna International, MAHLE Group, HUSCO Automotive, LLC, SHW AG, Delphi Automotive PLC, and Rheinmetall Automotive AG.
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