The global automotive oil pumps market is experiencing growth, with key drivers and trends shaping the industry:
- The automotive oil pumps market is expected to grow from $17.27 billion in 2022 to $18.28 billion in 2023, with a compound annual growth rate (CAGR) of 5.9%. By 2027, it is projected to reach $22.50 billion, growing at a CAGR of 5.3%.
Types of Automotive Oil Pumps:
- The main discharge types of automotive oil pumps include gear pumps, gerotor, vane pumps, and other discharge types like plunger pumps. There are also various displacement types, such as fixed displacement and variable displacement.
- The market serves various vehicle types, including passenger vehicles, light commercial vehicles, heavy commercial vehicles, buses and coaches, and off-road vehicles.
- Different vehicles use various lubrication systems, such as wet sump lubrication and dry sump lubrication.
- Products are sold through various sales channels, including original equipment manufacturer (OEM) and the aftermarket.
- Technological Advancements: Companies in the automotive oil pump market are investing in innovative products to maintain a competitive edge. For example, Toyoda Gosei introduced a lighter-weight oil pump with plastic components, reducing its weight by 30%.
- Acquisitions: Hopkins Manufacturing Corporation acquired Lumax LLC, expanding its fluid management business by adding grease guns and related products to its portfolio.
- Increased Vehicle Production: The growth in vehicle production is driving the demand for automotive oil pumps. As vehicle production continues to rise, the need for efficient lubrication and oil circulation in engines increases.
- Electric Vehicle Adoption: The adoption of electric vehicles (EVs) has seen significant growth, impacting the automotive oil pump market. The Global EV Outlook 2021 reported a substantial increase in consumer spending on EVs, contributing to market expansion.
- Asia Pacific emerged as the largest region in the automotive oil pump market in 2022. The market report covers various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
- Major players in the automotive oil pump market include Denso Corporation, FTE Automotive, Johnson Electric Holdings Limited, Magna International Inc., Nidec Corporation, Rheinmetall AG, Aisin, ZF Friedrichshafen AG, Hitachi Astemo Americas Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, BorgWarner Inc., Aisin World Corp. of America, Brose Fahrzeugteile SE & Co., and Husco International.
The automotive oil pump market’s growth is driven by technological innovation, increasing vehicle production, and the ongoing shift toward electric vehicles. This dynamic industry is poised for further development in the coming years.