Thursday, March 31, 2022

Automotive Electric Oil Pump Market Estimated to Grow at a CAGR of 26.2% During the Forecast Period 2022-2027

Automotive Electric Oil Pump Market Estimated to Grow at a CAGR of 26.2% During the Forecast Period 2022-2027
Automotive Electric Oil Pump Market | IndustryARC
Increased Demand for Power Steering in Passenger Vehicle as Well as in Commercial Vehicle Is Driving the Automotive Electric Oil Pump Industry Demand.

Automotive Electric Oil Pump Market value was $15.84 billion in 2021 and is estimated to witness 26.2% CAGR during the forecast period 2022-2027. Rising vehicle electrification, as well as electric power steering, are projected to propel the Automotive Electric Oil Pump industry globally. Automobile electric oil pumps are used to lubricate and cool moving parts as well as supply oil pressure to components particularly as Transmission Oil Pump, Engine Oil Pump and Brake Oil Pump. The rise in demand for fuel-efficient vehicles have prompted manufacturers to install electric oil pumps in their vehicles, which is expected to significantly propel the global automotive electric oil pump market. In 2021 Concentric AB has collaborated with a global Tier 1 manufacturer of fully automatic transmissions for medium and heavy-duty commercial vehicles to create a new fully electric oil pump for use in their "start/stop" technology. This collaboration is estimated to boost the market demand. Moreover electric oil pumps demand is rapidly increasing as it helps to overcome the problem of low torque at low speeds to ensure good performance even at very low oil temperatures.

Automotive Electric Oil Pump Market Segment Analysis - By Vehicle Type

Passenger Vehicles held major share of 28.54% in 2021. Increased demand for power steering in passenger vehicle as well as in commercial vehicle is driving the Automotive Electric Oil Pump Market demand owing to the factor that electric oil pump helps to operate an oil hydraulic mechanism that is designed to facilitate steering by the vehicle’s drive and enables the handling of larger vehicles without the driver having to put effort on the steering wheel. Moreover, the global trend toward lower fuel consumption has resulted in the increased in production of electric vehicles, and all such electric vehicles are equipped with an electric oil pump to perform its functions in the vehicle, and thus this factor is driving market demand. In 2019, JTEKT Corporation opened a new production facility in Morocco, the new plant was designed to begin mass production of electric power steering systems, and it is expected that this new production of electric power steering will increase the market demand.

Automotive Electric Oil Pump Market Segment Analysis - By Distribution Channel

The OEM segment is expected to grow at the largest CAGR of 27.15% during the forecast period 2022-2027, due to increased number of electric oil pump units produced by the OEMs. It is supported by low labor costs and stable economies, which aid in the localization of manufacturing units for key OEMs, thereby avoiding heavy import duty taxes. The cost of one unit of electric oil pump for OEM is lower, due to agreements between OEM and component suppliers, incentives provided to OEMs, and lower production costs because OEM production is done on a mass scale.

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Automotive Electric Oil Pump Market Segment Analysis - By Geography

APAC region account for the largest share 32.85% in 2021 of the Automotive Electric Oil Pump Market owing to the high vehicle production by the manufacturers such Suzuki, Toyota, Honda and others. Moreover, increase in demand for passenger’s vehicle in the countries such as Japan, South Korea, and China is driving the market for APAC region. Moreover over the last decade, concern about ecological imbalances caused by vehicular emissions has risen in countries such as India, China, and Malaysia. This concern have compelled major vehicle manufacturers to shift their focus toward low-emission vehicles. The lubricating process used in electric oil pump helps to maintain fuel efficiency and reduce emissions which is further estimated to propel the market demand. Furthermore, the European region is also projected to witness high demand owing to the presence of large automotive manufacturing and a pioneer in the early adoption of vehicle electrification. Strict environmental policies and pollution control measures, such as EURO6, are likely to accelerate the region's adoption of high-performance Transmission Oil Pump. 

Automotive Electric Oil Pump Market Drivers

Automakers' increasing emphasis on fuel-efficient vehicles

To meet the increasing demand for fuel efficiency and vehicle capability, automakers have introduced advanced technologies, the electric oil pump helps to enhance vehicle efficiency as it delivers fuel at an optimized pressure as per the requirement of the engine. For instance, in hybrid vehicle to perform start and stop engine system in an idle standing of a vehicle the electric oil pump support by maintaining oil pressure and lubricating the vehicle components which further results in increasing fuel efficiency. Moreover these pumps, also supply oil even when the engine is switched off and are characterized by high voltage, oil-pressure, and flow rate with less noise. Thus, these factors driving the Automotive Electric Oil Pump Market.

Government regulations and support

Governments around the world is providing incentives to adopt battery electric vehicles in order to reduce vehicle emissions, which in turn promotes the adoption of the automotive electric oil pump market. In February 2021 the Indian government intends to subsidize approximately 62,000 electric passenger cars and buses, in addition to the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme, which is being implemented with a total budgetary support of Rs 10,000 crore. Thus due to such government support the Automotive Electric Oil Pump Market is projected to propel for the forecasted period 2021-2026.

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Automotive Electric Oil Pump Market Challenges

High upfront cost

The price of an electric oil pump is higher than the price of a conventional oil pump due to advancements in materials, components, and systems. As a result of the high cost of the automotive electric oil pump, the price of the vehicle equipped with an electric oil pump is higher. This is likely to have a negative impact on the market during the forecast period. Moreover, oil Pump electrification for engine applications is accomplished by incorporating electronic components such as ECUs, sensors, and microcontrollers with actuators and these factors are resulting in high cost and is estimated to hamper the growth of the market.

Automotive Electric Oil Pump Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Solar Cell Fabric market. Automotive Electric Oil Pump industry top 10 companies – Delphi Automotive PLC, FTE automotive, Johnson Electric, Magna Powertrain, Inc., Robert Bosch GmbH, HUSCO Automotive, DENSO Corporation, Mitsubishi Electric Corporation, Johnson Electric, Rheinmetall Automotive AG.

Acquisitions/Technology Launches

In 2021 Ford plans to invest $1 billion in an electric vehicle production facility in Cologne, Germany which is further estimated to propel the requirement of electric oil pumps into the electric vehicles and thus boost the Automotive Electric Oil Pump Market.

In 2020, BMW AG announced the introduction of  25 hybrid electric vehicle models across the world, this is projected to boost the market demand as more hybrid electric vehicle require more electric oil pumps.

Key Takeaways

Increased demand for passenger vehicles due to rapid urbanization, rising disposable income, and stable economic conditions, is driving the Automotive Electric Oil Pump industry growth.

Increased demand for power steering in passenger vehicle as well as in commercial vehicle is driving the Automotive Electric Oil Pump industry demand

APAC region account for the largest share % of the Advanced Driver Assistance Systems Market owing to the high vehicle production by the manufacturers such Suzuki, Toyota, Honda and others.

Relevant Report

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