PUBLISHER: Allied Market Research | PRODUCT CODE: 1566880
PUBLISHER: Allied Market Research | PRODUCT CODE: 1566880
Automobile Oil Pump Market
The automobile oil pump market was valued at $18.5 billion in 2023 and is projected to reach $28.0 billion by 2033, growing at a CAGR of 4.5% from 2024 to 2033.
An automobile oil pump is a critical component for any vehicle as it optimizes the performance of engines by ensuring proper lubrication. The pump circulates the engine oil to pistons, rotating bearings, and camshaft of engine. Apart from lubrication, automobile oil pumps are required for prevention of overheating during engine operation, reduction of friction between engine parts, leakage avoidance, and protection against corrosion.
Increase in the global production of automobiles is a key driver of the automobile oil pump market. In addition, rise in consciousness regarding the adverse effects on engine during insufficient lubrication is boosting the demand for automobile oil pumps. Currently, the implementation of variable displacement technology into oil pumps is trending due to its ability to enhance efficiency and elevate the engine performance. These innovative pumps possess the ability to adjust fluid volume being circulated based on transmission needs, hence lowering nonessential energy consumption and improving the fuel economy.
However, volatility in the prices of raw materials required to manufacture oil pumps leads to instability in the market. In addition, rise in the popularity and adoption of electric vehicles (EVs) is projected to have a major impact on the growth of the automobile oil pump market. As per the predictions of Goldmann Sachs Research, the sale of EVs is projected to rise to 73 million units by 2040, from a figure of 2 million in 2020. EV sales are projected to acquire a share of approximately 80% of the total automobile sales in most of the developed countries.
Segment Review
The automobile oil pump market is segmented into type, application, end user, and region. On the basis of type, the market is divided into positive displacement oil pumps, centrifugal oil pumps, gear oil pumps, vane oil pumps, rotor oil pumps, axial piston oil pumps, and others. As per application, it is classified into passenger cars & commercial vehicles, industrial machinery, aerospace, oil & gas, power generation, marine, and others. Depending on end user, it is categorized into automotive OEMs, automotive aftermarket, industrial manufacturing, oil and gas exploration and production, aerospace OEM, power generation plants, marine industry, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
On the basis of type, the centrifugal oil pumps segment is expected to be the highest shareholder throughout the forecast period.
As per application, the oil & gas segment is anticipated to acquire high stakes in the market by 2033.
Depending on end user, the automotive aftermarket segment is predicted to account for a high market share during the forecast period.
Region wise, Asia-Pacific is projected to be the largest revenue generator by 2033.
Competition Analysis
The leading players operating in the global automobile oil pump market include AISIN SEIKI Co., Ltd., Continental AG, BorgWarner Inc., DENSO CORPORATION, Honeywell International Inc., Johnson Electric Holdings Limited, Magna International Inc., MAHLE GmbH, Robert Bosch GmbH, and SHW AG. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
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