Support of governments to attract large OEMs for the expanding automobile industry to create ample opportunities in Asia Pacific automotive oil pump market
Increasing adoption of cobots for automation of production and assembly lines necessitate adherence to OSHA guidelines to avoid accidents
ALBANY, N.Y. , May 25, 2022 /PRNewswire/ -- Analysts at TMR estimate the automotive oil pump market to expand at a CAGR of 4.12% for the forecast period during 2021 to 2031. The proliferation of electric vehicles is creating new growth frontiers in the automotive oil pump market. This is driving OEMs to undertake R&D to increase the availability of electric oil pumps for optimizing lubrication, cooling, and actuation in electrified vehicles.
Intensifying competition is another key factor compelling automotive oil pump manufacturers to design leading-edge electric oil pumps. Serious targets of some governments to attain zero-emission goals by 2050 is driving manufacturers for increasing applications of electric oil pumps for electrified and autonomous vehicles.
Roll out of customized products such as automotive fluid extractor pump is another key growth strategy of manufacturers to sustain competition. In order to serve this, automotive oil pump manufacturing companies are devising comprehensive strategies to integrate customization and establish long-term supply contracts with automakers.
Moreover, consistently evolving customer preferences is compelling manufacturers to serve specific requirements or introduce customized oil pumps such as low vibration pumps, compact pumps, and brushless fuel pumps. Manufacturers of automotive oil pumps are using big data to predict volatility in raw material prices for data-driven decisions for designing of automotive oil pumps.
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Automotive Oil Pump Market –Key Findings of the Report
Influx of collaborative robots for automation of production and assembly lines is assisting to accelerate processes in factories and manufacturing plants. However, risk of malfunction of cobots necessitate adequate measures of labor safety to implement automation.
Automotive oil pump manufacturers and suppliers are engaging in marketing and branding to gain competitive edge over other players. This requires automotive oil pump companies to develop focus groups, gather feedback from stakeholders in the value chain, and work closely with OEMs to devise promotional activities through social media and digital marketing. Programmatic advertising that encompasses media planning and purchase of digital marketing, along with fixed advertising budgets for traditional media channels such as TV, print, and radio is receiving popularity for high conversion rates.
Penetration of advanced technology has led to development of next-gen automotive oil pumps to serve the increasing demand of customers for fuel-efficiency and high operating capability of vehicles.
OEM sales channel is estimated to lead the automotive oil pump market in the upcoming years. The ability of OEMs to produce superior quality automotive oil pumps accounts for its growth in the automotive oil pump market.
Mechanical oil pump held the leading share of automotive oil pump market in 2020. However, demand for electrical oil pumps is anticipated to outpace mechanical oil pumps due to their increased fuel efficiency.
Asia Pacific holds a key share of automotive oil pump market and is anticipated to continue to hold during the forecast period. Governments in some rapidly expanding economies of the region such as China, India, and South Korea are devising attractive schemes to attract major OEMs to enter their domestic markets. This is anticipated to increase the volume production of vehicles, and in turn strengthen growth of automotive oil pump market of the region.
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Automotive Oil Pump Market – Growth Drivers
Prospects of continued adoption of electric vehicles supported by governments to attain zero-emission targets underscores growth in automotive oil pump market
Significance of automotive components for desired fuel efficiency and overall decline in fuel consumption to be in line with environmental considerations fuels the growth of automotive oil pump market
Automotive Oil Pump Market – Key Players
Some of the key players operating in the automotive oil pump market are;
Robert Bosch GmbH
Aisin Seiki Co. Ltd.
Laxmi Oil Pumps & Systems (P) Ltd.
Hitachi Automotive Systems Americas Inc.
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The automotive oil pump market is segmented as follows;
Automotive Oil Pump Market, by Displacement Type
Automotive Oil Pump Market, by Pump Type
Electric Oil Pump
Mechanical Oil Pump
Automotive Oil Pump Market, by Lubrication System
Wet Sump Lubrication
Dry Sump Lubrication
Automotive Oil Pump Market, by Discharge Type
Automotive Oil Pump Market, by Vehicle Type
Light Commercial Vehicles
Buses & Coaches
Automotive Oil Pump Market, by Sales Channel
Automotive Oil Pump Market, by Region
Middle East & Africa
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