Transparency Market Research has published a new report titled, “Automotive Electric Oil Pump Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global automotive electric oil pump market is anticipated to surpass US$ 27 Bn by 2026, expanding at a CAGR of more than 20% during the forecast period.
Rising demand for electric mobility and fuel-efficient vehicles is driving the demand for the automotive electric oil pump. 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.
Rising consumer demand for fuel-efficiency and advent of technologies, such as start-stop and sailing, have necessitated the use of electric oil pump in the vehicle. Rising penetration of electric vehicles, assisted by government incentives and rising consumer awareness, is expected to boost the automotive electric oil pump market.
In terms of application type, transmission electric oil pump and brake oil pump segments are expected to expand. Electric oil pumps have gained particular importance in automatic and hybrid vehicle transmissions. Electric oil pumps are utilized for cooling and suction purposes in continuously variable transmission (CVT), torque converters, and wet clutch transmissions. Rising penetration of automatic transmission is expected to boost the demand for automotive electric oil pump.
In terms of electric vehicle type, the battery electric vehicle (BEV) segment is anticipated to expand at a notable growth rate during the forecast period. Rising sales of battery electric vehicle is estimated to propel the demand of the automotive electric oil pump. Hybrid & plug in hybrid vehicles are increasingly adopting the electric oil pumps to improve vehicle efficiency.
In terms of sales channel, the OEMs segment is anticipated to dominate the automotive electric oil pump market, in terms of volume. The aftermarket segment is expected to expand at a steady pace owing to the failure of the motor, which is likely to fuel the demand for replacement.
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By region, Asia Pacific held highest market share during the forecast period. Rising production of electric vehicles in China has resulted in the high usage of electric oil pumps and led to dominance of Asia Pacific in global automotive electric oil pump market.
Key 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, Delphi Automotive PLC., Robert Bosch GmbH, DENSO Corporation, ZF Freidrichshafen AG, Aisin Seiki, and SHW AG.