The global automotive oil pump market is experiencing growth due to several factors such as rise in automotive industry, increase in industrialization, infrastructure development, and technological advancement.
PORTLAND, Ore., Aug. 9, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Automobile Oil Pump Market by Type (Positive Displacement Oil Pumps, Centrifugal Oil Pumps, Gear Oil Pumps, Vane Oil Pumps, Rotor Oil Pumps, Axial Piston Oil Pumps, and Others) , Application (Passenger Cars, Commercial Vehicles, Industries Machinery, Aerospace, Oil and Gas, Power Generation, Marline, and Others) , and End-user Industry (Automotive OEMs, Automotive Aftermarket, Industrial Manufacturing, Oil and Gas Exploration and Production, Aerospace OEMs, Power Generation Plants, Marine Industry, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the automobile oil pump market was valued at $18.5 billion in 2023, and is estimated to reach $28.0 billion by 2033, growing at a CAGR of 4.5% from 2024 to 2033.
Prime determinants of growth
The oil pump market is closely tied to the automotive industry, as oil pumps are essential components in internal combustion engines. As automotive production and sales increase globally, particularly in emerging markets like China and India, the demand for oil pumps rises correspondingly. Furthermore, with a growing focus on fuel efficiency and emissions reduction, there's an increasing demand for oil pumps that can deliver oil to engine components with higher precision and efficiency. Advanced oil pump technologies, such as variable displacement pumps, are being developed to meet these demands. Continuous innovation in oil pump design and manufacturing processes leads to the development of more efficient, durable, and lightweight pumps. These advancements improve engine performance, reduce maintenance requirements, and enhance overall vehicle efficiency, thus driving market growth.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2024-2033 |
Base Year | 2023 |
Market Size in 2022 | $18.5 billion |
Market Size in 2032 | $28.0 billion |
CAGR | 4.5 % |
No. of Pages in Report | 488 |
Segments Covered | Type, Application, End-User Industry and Region. |
Drivers | Rise in automotive industry |
Increase in industrialization and infrastructure development | |
Technological advancement | |
Opportunities | Ongoing urbanization and infrastructure projects |
Restraint | High initial investment cost |
Volatility in oil prices |
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Segment Highlights
The centrifugal oil pumps segment is expected to grow faster throughout the forecast period.
The centrifugal oil pumps segment is anticipated to experience faster growth in the oil pump market due to their adaptability. Centrifugal oil pumps find employment in a wide range of sectors and settings, including power generation, oil and gas, automotive, industrial, and marine. They are widely used because of their adaptability to a variety of applications and their capacity to handle a wide range of fluids at various flow rates and pressures. Centrifugal oil pumps are known for their high efficiency in transferring fluids. They utilize rotating impellers to create centrifugal force, which propels the fluid outward, generating pressure and flow. This design results in efficient fluid transfer with minimal energy losses, making centrifugal pumps attractive for applications where energy efficiency is paramount.
The oil and gas segment is expected to grow faster throughout the forecast period.
The oil and gas segment is anticipated to experience faster growth in the oil pump market owing to oil pumps are essential to the oil and gas sector for a number of vital processes, such as the extraction, distribution, transportation, and refining of crude oil. Oil pumps allow fluid circulation, maintain pressure, and guarantee effective operations throughout the production and refining processes in drilling rigs, producing wells, pipelines, and refineries. The oil and gas sector operates on a massive scale, with extensive infrastructure comprising drilling rigs, offshore platforms, pipelines, storage tanks, and refineries. These facilities require numerous oil pumps of various types and capacities to handle the vast volumes of crude oil, natural gas, and petroleum products involved in exploration, production, and processing activities.
The automotive aftermarket segment is expected to grow faster throughout the forecast period.
The automotive aftermarket segment is anticipated to experience faster growth in the oil pump market due to wide range of products and services aimed at maintaining, repairing, and upgrading vehicles after they have been sold. Oil pumps are essential components of internal combustion engines, requiring periodic maintenance, repair, or replacement to ensure proper lubrication and engine performance. As vehicles age and accumulate mileage, the demand for oil pump replacement and aftermarket services increases, driving growth in the automotive aftermarket segment of the oil pumps market.
Asia-Pacific to maintain its dominance by 2032
The Asia-Pacific region, particularly countries like China and India, has been undergoing rapid industrialization and urbanization, leading to increased demand for automobiles and machinery. This surge in industrial activity and infrastructure development drives the demand for oil pumps used in various applications such as automotive engines, industrial machinery, and construction equipment.
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Key Players
- 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
- SHW AG
The report provides a detailed analysis of these key players in the global oil pump market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In February 2022, Moroso Performance Product, based in the U.S., introduced an external, single-stage oil pump with reverse rotation and a fuel pump drive. The new reverse rotation pump is situated toward the front of the car on a mounting bracket resembling the left side door on a car. It has internal pumps for simplicity of adjustment and an exterior pump that operates cooler.
- In January 2022, Toyoda Gosei Co, Ltd., a Japan-based maker of plastic and rubber automobiles, created a lightweight oil pump by fabricating a few parts of the pump out of a plastic rather than metal. The business used its special precision molding technology to create plastic oil pump gears and other modules. This has helped reduce the weight of the pump by about 30%. The pump is expected to be utilized on the hybrid Noah and Voxy models that Toyota Motor has created.
- In February 2024, China Southern Airlines and Lufthansa Technik have inked an exclusive eight-year contract, focusing on technical support for the Oil Pump within the Chinese carrier's A350 fleet, totaling 20 aircraft. Under this long-term agreement, Lufthansa Technik will deliver comprehensive maintenance, repair, and overhaul (MRO) services for the Honeywell HGT1700 in the company's dedicated APU workshops situated in Hamburg, Germany.
- January 2021, Sichuan Airlines has chosen Honeywell's 131-9A Oil Pump for its A320 fleet, marking a significant five-year agreement. Under this deal, Honeywell will supply the 131-9A APU for Sichuan Airline's upcoming 93 new A320 aircraft, set to be operational by 2025.
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