The surging demand for passenger vehicles and the increasing purchasing power of consumers are likely to propel the growth in this automotive variable oil pump market. The high disposable income of people and the growing production and sales of both passenger cars and commercial vehicles will drive sales of automotive fluid extractor pumps in the near future. This will in turn create scope for the expansion of the market.
NEWARK, DE / ACCESSWIRE / July 19, 2024 / The global automotive variable oil pump market is anticipated to reach USD 9.1 billion by 2024. Sales of variable oil pumps are projected to clock a CAGR of 3.2% between 2024 and 2034, thereby resulting in a market size of USD 12.4 billion by 2034.
The automotive industry faces a multitude of challenges regarding vehicular emissions, performance, fuel efficiency, and affordability. Various regulations and targets such as CAFÉ standards have been put into practice to curb emissions to conserve the environment.
The stringent regulations have compelled manufacturers to develop advanced solutions to meet emission standards and related norms. For instance, the Government of India introduced BS6 emissions norms in April 2020 for automotive manufacturers. The efficacy of variable oil pumps indirectly impacts the performance of lubrication systems, further aiding high vehicular performance.
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The consistently evolving customer preferences are enabling manufacturers to develop cutting-edge automobile designs across the globe. Their ability to provide requirement-specific or customized variable flow oil pumps such as compact, low vibration, and brushless fuel pumps to customers is a beneficial growth driver.
Pump manufacturers are set to engage in comprehensive strategies to integrate customization into their business operations. They are set to be well-placed to gain long-term supply contracts with automakers. The ongoing development of compact and high-performance motors and engines by automakers is another factor that is projected to bolster sales.
How are Automotive Variable Oil Pumps Helping to Lower Emissions?
The urgent need to reduce carbon emission footprint for minimizing its negative impact on the environment and climatic change is set to push the sales of sustainable car oil vacuum pumps. The rising focus of manufacturers on the development of technologically advanced pumps that would be able to lower emissions from exhaust gases is also likely to drive the market.
According to the Environmental Protection Agency (EPA), an average passenger vehicle emits around 404 grams of carbon dioxide per mile, whereas a typical passenger vehicle emits about 4.6 metric tons of carbon dioxide every year. This proves that the emission of CO2 in the atmosphere is increasing at a fast pace from vehicles and thus, companies are likely to create innovative pumps.
Key Takeaways from the Automotive Variable Oil Pump Market Report
The global automotive variable oil pump market grew at 1.9% CAGR between 2019 and 2023.
Sales of automotive variable oil pumps in China are projected to soar at a CAGR of around 3.4% during the assessment period.
The United States automotive variable oil pump market is poised to exhibit a CAGR of 2.6% during the projection period.
The United Kingdom automotive variable oil pump market size is projected to reach USD 411.4 million by 2034.
Over the forecast period, OEMs in terms of sales channels are forecast to rise at a CAGR of 4.7% CAGR.
"Automobile manufacturers are constantly working to reduce their cars' carbon emissions to comply with ever-changing emission standards across the world. Several automakers have committed to reducing emissions dramatically by the end of this decade. State-of-the-art variable oil pumps are set to be capable of adjusting pressure and oil flow based on engine requirements," Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Country-wise Insights
How is the China Automotive Variable Oil Pump Market Faring?
"Investments by Key Players to Bolster Demand for Automotive Electric Oil Pumps"
The rising investments by renowned automobile manufacturers in the development of sustainable production processes is likely to boost the market in China. As per FMI, China automotive variable oil pump market is likely to hold around 3.4% of CAGR during 2024 to 2034.
In February 2022, for instance, Audi announced its plans to invest in clean energy for specific sites in China where it is struggling to source power from renewable resources to produce hundreds of thousands of vehicles every year. Thus, the increasing number of initiatives taken by other companies in the country is estimated to propel the demand for automotive electric oil pumps.
Why is the U.K. Automotive Variable Oil Pump Market Exhibiting High Growth?
"Increasing Number of New Vehicle Registrations to Aid Sales of Variable Flow Oil Pumps"
The presence of various sports and premium car manufacturers, such as Rolls-Royce, Jaguar, Bentley, Land Rover, and Aston Martin, as well as many volume car manufacturers, namely, Ford, Toyota, Nissan, and Honda in the U.K. is likely to drive the market. Germany automotive variable oil pump market is anticipated to generate about 2.9% of CAGR through 2034, estimates FMI.
According to the Society of Motor Manufacturers and Traders (SMMT), in January 2022, around 62,300 private vehicles were registered in the U.K., as compared to 37,955 vehicles in YTD 2021. These numbers are estimated to increase in the evaluation period, thereby pushing the sales of variable flow oil pumps in the U.K.
Will the U.S. Automotive Variable Oil Pump Market Grow at a Steady Pace?
"Surging Acquisitions among Leading Firms to Fuel Usage of Car Oil Vacuum Pumps"
The increasing demand for car oil vacuum pumps stoked by their ability to raise the life span of engine components is a vital factor that is expected to bode well for the U.S. market. The United States automotive variable oil pump market is projected to account for approximately 2.6% CAGR through 2034.
Competitive Landscape:
The global automotive variable oil pump sector is highly fragmented, with leading players accounting for about 40% to 45% share. Robert Bosch GmbH, Denso Corporation, Hella KGaA Hueck & Co., Aisin Seiki Co., Ltd., and Concentric AB are the leading manufacturers and suppliers of variable oil pumps listed in the report.
Leading companies are focusing on launching new types of vehicles equipped with modern oil pumps. These companies are striving to gain a competitive edge by investing huge sums in research and development activities.
For instance,
In June 2024, Volvo Trucks North America, headquartered in Greensboro, enhanced fuel efficiency by launching Volvo VNL, a new truck. The company has improved the truck's I-Shift transmission and Volvo D13 engine. The truck contains a variable vane oil pump, a long connecting rod, and a short piston height.
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Key Company of the Automotive Variable Oil Pump Market:
Aisin Seiki Co., Ltd.
Concentric AB
Continental AG
Delphi Automotive LLP
DENSO Corporation
HELLA KGaA Hueck & Co.
Hitachi Automotive Systems, Ltd.
Johnson Electric Holdings Limited
JTEKT Corporation; KSPG AG
Magna International Inc.
Magneti Marelli S.p.A
Robert Bosch GmbH
Pricol Ltd.
SHW Group
TI Automotive Ltd.
ZF TRW Automotive Holdings Corp.
BorgWarner Inc.
FTE Automotive
Key Segments of Automotive Variable Oil Pump Market Report:
By Fuel Type:
In terms of fuel type, the sector is divided into gasoline, diesel, and hybrid.
By Vehicle Type:
A few vehicle types included in the study are passenger cars, light commercial vehicles, and heavy commercial vehicles. Passenger cars are further divided into compact, mid-size, luxury, and SUVs.
By Sale Channels:
A few sales channels included in the study are OEMs and aftermarkets.
By Region:
Information on key countries in regions like North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and the Middle East and Africa is given.
Authored By
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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