The global Oil Pump market size was USD 6.0 billion in 2022 and is expected to reach a value of USD 10.14 billion in 2032 and register a revenue CAGR of 6% during the forecast period. The increased global demand for passenger and commercial cars is the main factor fueling the market’s expansion. Due to increased urbanization, rising disposable income, and the accessibility of financing options, the car sector is expanding significantly.
The demand for effective vehicle oil pumps is also being driven by the introduction of tight government rules for fuel efficiency and emission control. Oil Pumps are essential to the effective operation of the engine because they ensure appropriate lubrication of the engine’s parts, which lowers friction and wear and tear and lengthens the engine’s lifespan. During the forecast period, the market expansion is expected to be fueled by the growing demand for hybrid and electric vehicles as well as the increased focus on fuel efficiency.
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Manufacturers are concentrating on the development of electric and hybrid oil pumps, which are causing the market for Oil Pumps to shift in favor of technologically sophisticated and effective goods. This is because oil pumps must be more effective in order to meet the demands of the growing number of electric and hybrid automobiles. For instance, firms like Bosch and Delphi Technologies are making investments in the creation of electric oil pumps that can deliver accurate oil pressure and flow rate, leading to increased fuel efficiency and fewer emissions.
The growing emphasis on vehicle safety and dependability is another factor driving the demand for Oil Pumps. Oil Pumps are essential parts of the engine, and their failure can cause harm and breakdown to the engine. As a result, the automobile industry is moving towards high-quality and dependable Oil Pumps that can guarantee the engine’s smooth operation and avoid malfunctions.
In addition, a higher demand for high-end automobile oil pumps that offer superior performance and economy is being driven by the rising popularity of luxury and premium vehicles. The aftermarket segment, which offers a wide selection of Oil Pumps for various vehicle types and models, is growing in tandem with the rising demand for luxury and premium automobiles.
- Rheinmetall Automotive AG
- Magna International Inc.
- Denso Corporation
- Robert Bosch GmbH
- Mahle GmbH
- Continental AG
- FTE automotive GmbH
- Hella GmbH & Co. KGaA
- Turolla OpenCircuitGear
- Shw AG
The global market is further segmented into type and application:
|By Pump Type Outlook||
|By Technology Outlook||
|By Vehicle Type Outlook||
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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