Press Release

The Global Automotive Oil Pump Market is projected to grow from USD 15.14 billion in 2021 to USD 20.75 billion by 2030 at a CAGR of 4.12% during the forecast period.

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The increase in overall vehicle miles driven globally can be attributed to an increase in demand for passenger vehicles, increased purchasing power of customers, high disposable income of people, increased production and sales of both passenger and commercial vehicles, and rapid urbanization in different countries, all of which are likely to propel the automotive oil pump market during the forecast period. In addition, vehicle fuel efficiency improves, resulting in lower overall fuel usage. According to the US Energy Information Administration (EIA), motor gasoline and diesel use has been tightly limited in terms of million barrels per day. As a result, automakers are introducing fuel-efficient automobiles to meet the rising demand from customers.

As industry participants adjust to a new post-pandemic normal, the automobile oil pump market is poised for solid growth in the coming months. OEMs and aftermarket players are rethinking supply chains and acquiring alternate partners to maintain business continuity. Automobile giants are implementing contingency plans to address the issues of slow goods and service transit.

OEMs and aftermarket stakeholders in the automobile oil pump market are using data to make informed decisions about raw materials and other components used in electric and mechanical oil pumps. Big data can be used to predict raw material price volatility when constructing car oil pumps.

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Cobots Have Potential to Bring New Automotive Oil Pumps To Market Sooner

Automation is one of the most important trends in the automobile oil pump business. Collaborative robots, also known as cobots, are flooding production and assembly lines to speed up procedures in factories and manufacturing plants. However, due to the possibility of cobot malfunction, senior management must safeguard the safety of the workforce.

To avoid accidents at manufacturing plants, companies in the automobile oil pump market should use proper production processes and follow OSHA (Occupational Safety and Health Administration) requirements. When working with cobots, workers should be given with PPE such as helmets and coveralls. As a result, cobots have the potential to bring new vehicle oil pumps to market sooner.

Growing Demand for Vehicles Boost Market Growth 

The pandemic's rapid spread around the globe is encouraging customers to purchase vehicles, which is projected to boost vehicle sales and, as a result, stimulate the installation of oil pumps in vehicles to improve vehicle performance. This is projected to enhance the global automotive oil pump market.

The Asia Pacific region is expected to be the largest market by 2027. China and India, two of the world's fastest growing economies, are part of the region. In addition, the Asia Pacific area is the greatest market for automobiles, as rising consumer purchasing power has fueled demand in the region. The industry is also growing due to rising sales of commercial vehicles and passenger cars in the region. Concerns over environmental imbalances caused by automobile emissions have grown in nations like India, China, Malaysia, and Thailand during the last decade. As a result of these concerns, major automobile manufacturers have shifted their focus to vehicles that consume less fuel. Furthermore, due to the presence of big automotive production and a pioneer in the early adoption of vehicle electrification, the European region is expected to see considerable demand. Environmental legislation and pollution control measures, such as EURO6, are anticipated to hasten the adoption of high-performance Transmission Oil Pumps in the region.    

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KEY INDUSTRY DEVELOPMENTS:  

In 2019, BorgWarner will purchase propulsion inverters and controls firms in the specialist and commercial vehicle sectors for HEVs and EVs. In 2018, the company partnered with Plug and Play and Franklin Venture Partners to remain ahead of upcoming technology trends.

In February 2019, Robert Bosch GmbH introduced the ECP 160 electric coolant pump. The pump's coolant flow may be adjusted to meet engine needs, and it can supply up to 14,700 liters per hour on demand. The ECP 160 is intended to replace mechanical pumps in combustion engines, but it can also be used in batteries, electric motors, and inverter cooling.