PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512165
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1512165
Market Overview
The automotive mechanical oil pump market will generate an estimated revenue of USD 18.2 billion in 2024, and it is expected to witness a CAGR of 2.3% during 2024-2030, to reach USD 20.9 billion by 2030. The growth is attributed to increasing demand of passenger and commercial vehicles in the global market under the stringent emission standards. Optimal performance and efficiency of the engine are crucial, and this is why mechanical oil pumps are important.
There is need to improve the fuel economy that at the same time will lower the running cost while at the same time extending the period between major engine overhauls hence lowering maintenance costs. Higher consumption of efficient cars, higher cost of fuel, and the increased standard of emissions are the recent trends that have shaped the global automotive industry.
As a result, many nations are donating the equipment for the installation of oil pumps that further contribute to the durability of the car. Used in every automotive engine, the automatic oil pump assists in starting and stopping the car, and in maintaining the oil pressure the pistons provide while it lubricates the various parts of the engine. They are both aimed at raising the fuel economy of the car in question.
The increase in the production of ICE and other hybrid electric vehicles is a major factor influencing the automotive mechanical oil pump market, as these are one of the several parts of the lubrication system. With the increasing consumption of automobiles, mechanical oil pumps are bought by the OEMs for fitment during automobile manufacturing.
Key Insights
Wet sump category holds a larger market share of 65% in 2024.
Commonly used in smaller engines with minimal lubrication needs and lower power consumption.
Preferred in most automotive engines due to simplicity, cost-effectiveness, low weight, and minimal maintenance.
Passenger vehicles category accounts for the largest share of 40% in 2024.
Higher production volume to meet increasing demand for personal mobility worldwide.
Gasoline category dominates the market in 2024 with around 50% share.
Requires less-frequent servicing compared to diesel engines and is cost-effective.
Depend heavily on mechanical oil pumps for lubrication and cooling.
Hybrid category is expected to be the faster-growing category with a CAGR of 3.7% during 2024-2030.
Growth driven by environmental concerns and regulations against pure-ICE vehicles.
EV sales are rising, but high costs and inadequate charging infrastructure push HEV/PHEV sales, offering benefits of both ICEs and BEVs.
Vane category is expected to witness the highest CAGR of 2.6% during 2024-2030.
Vane pumps, known as surface tension pumps, enhance fluid velocity and handle less-viscous fluids at high pressures better than gear pumps.
OEMs hold a larger share of 70% in 2024.
Growth driven by demand for mechanical oil pumps integrated into vehicles during manufacturing.
OEMs provide better parts compared to the aftermarket, ensuring efficient lubrication and reduced fuel consumption to meet emission regulations.
APAC holds the largest revenue share of 45% in 2024 and is expected to develop at the highest CAGR of 2.7% from 2024 to 2030.
Growth driven by the expanding automotive sector in regional developing countries.
Strict emission regulations in APAC improve air quality and resolve environmental issues.
Mechanical oil pumps help reduce friction, increase efficiency, and optimize engine lubrication.
In India, the automotive industry produced 25.93 million vehicles in FY2023.
Contributed 8% of the country's exports and 7.1% of India's GDP.
Includes three-wheelers, two-wheelers, passenger vehicles, commercial vehicles, and quadricycles.