According to the report, the global automotive electric oil pump market is projected to surpass US$ 76.4 Bn by 2031, expanding at a CAGR of ~24% during the forecast period. Rise in the demand for electric mobility and fuel-efficient vehicles is driving the demand for automotive electric oil pumps. Stringent emission regulations have made it imperative for automakers to adopt engine downsizing technologies, such as electric oil pump. The electric oil pump is driven by an electric motor and maintains optimum oil pressure with low power consumption and high efficiency.
Increase in consumer demand for performance and improvement in fuel economy are expected to drive the automotive electric oil pump market. The growing consumer inclination toward electric vehicles due to increase in awareness about environment pollution across the globe is likely to propel electric vehicle sales across the globe. This, in turn, is anticipated to boost the demand for electric oil pumps in vehicles.
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Expansion of Automotive Electric Oil Pump Market
Growing acquisitions and agreements between OEMs and leading electric oil pump manufacturers across the globe is a key factor boosting the automotive electric oil pump market across the globe. In October 2020, BorgWarner Inc. acquired Delphi Technologies for business expansion across the globe. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 Trn Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Based on propulsion, the global automotive electric oil pump market has been classified into electric vehicle and IC engine vehicle. Electric vehicle is expected to be the dominant segment of the automotive electric oil pump market during the forecast period, owing to the enactment of stringent emission norms across the globe.
Based on application, the brake and transmission oil pump segments accounted for significant share of the global automotive electric oil pump market. Rising safety standards in vehicles, including anti-brake system, is likely to fuel the demand for electric oil pumps in vehicles.
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Automotive Electric Oil Pump Market: Major Regions
In terms of region, the global automotive electric oil pump market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive electric oil pump market in 2020. It is anticipated to hold the leading share of the global market during the forecast period, as rapid expansion of manufacturing industries across the region is likely to propel the automotive electric oil pump market in the region. Europe is also estimated to account for a significant share of the global automotive electric oil pump market, owing to increase in the demand for lightweight engines across the region.
Automotive Electric Oil Pump Market: Key Players
Prominent players operating in the global automotive electric oil pump market include FTE automotive, Hitachi Automotive, Rheinmetall Automotive AG, Johnson Electric, Nidec Corporation, Mitsubishi Electric, Mikuni American Corporation, Magna Powertrain, Inc., HUSCO Automotive, LLC, MAHLE Group , BorgWarner Inc., Robert Bosch GmbH, DENSO CORPORATION, ZF Friedrichshafen AG, AISIN SEIKI, and SHW AG.
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