Technavio
analysts forecast the global
automotive oil pump market to reach 98.29 million units
by 2021, growing at a CAGR of more than 4% over the forecast period,
according to their latest report.
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Technavio has published a new report on the global automotive oil pump market from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global
automotive oil pump market for 2017-2021 provides a detailed
industry analysis based on the application (passenger cars light
commercial vehicles (LCVs), and medium and heavy commercial vehicles
(M&HCVs)) and geography (APAC, the Americas, and EMEA).
An automotive oil pump is an equipment used to pump pressurized oil
through the internal components of an internal combustion engine (ICE)
for removing heat and lubricating the components for smooth movement.
The automotive oil pump market is expected to have a linear relationship
with the total sales of passenger and commercial vehicles.
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Technavio analysts highlight the following three factors that are
contributing to the growth of the global automotive oil pump market:
-
Low penetration of passenger cars in emerging countries
-
Growing preference for M&HCVs for transporting freight
-
Rising growth of e-commerce and consequent increase in delivery
services
Low penetration of passenger cars in emerging countries
“The sales of automotive oil pumps are directly proportional to
the growth of the passenger cars market. Currently, APAC is witnessing a
swift rise in adoption of cars, which will have a positive impact on the
oil pump market as well,” says Praveen Kumar, a lead analyst at
Technavio for automotive
components research.
The automotive industry is expected to swiftly grow in emerging
countries like China, India, Brazil, South Korea, Indonesia, and parts
of eastern Europe due to a rise in living standards. The availability of
easy financing option is another key factor boosting the market growth.
Growing preference for M&HCVs for transporting freight
Freight operators show a preference over roadways as these are more
convenient than rail transport, cheaper than air transport, and faster
than waterways. This trend is especially true in emerging countries,
such as China and India. The increasing use of heavy-, medium-, and
light-duty vehicles will lead to a rise in demand for automotive
vehicles, and thereby automotive oil pumps. In China, roadways are
widely used for transporting cargo due to the limited number of freight
rail services
Rising growth of e-commerce and consequent increase in delivery
services
“In 2016, the rising popularity of the e-commerce industry led to
an increase in the volumes of delivery and courier services. This led to
a substantial increase in the sales of commercial vehicles that are
crucial for transporting goods, and thereby oil pumps,” says
Praveen.
The growing number of internet users, increasing number of online
shoppers, and the rising per capita incomes drive this industry to
optimize its offerings. The e-commerce companies enter partnerships or
acquire courier companies to minimize the delivery time. This strategy
creates a demand for more automotive vehicles, indirectly having a vast
impact on the oil pump market.
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
resellers, and end-users.
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