Rise in private vehicle ownership is leading to upsurge in sales of mid-size and compact cars. This, in turn, will propel the demand for automotive variable oil pump in the near future.
DUBAI, UAE / ACCESSWIRE / March 24, 2020 / The global automotive variable oil pump market size will expand 1.3X over the forecast period 2020 - 2030. Manufacturers are continuously involved in rolling out novel technologies, backed by R&D activities, in order to foster variable oil pump that complies with emission norms. With growing prominence of zero-emission vehicles, the global automotive variable oil pump market will continue to thrive over the forecast period 2020-2030.
"Demand for passenger vehicles along with high-performance automotive automobiles has grown largely. As such, there is an increase in the demand for automotive variable oil pump in light and heavy commercial vehicles, underlines FMI analyst.
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Key Findings - Automotive Variable Oil Pump Market Study
- The global market for automotive variable oil pump will grow at a CAGR of 3% over the forecast period.
- Gasoline will remain highly preferred fuel type among the players of the automotive variable oil pumps market.
- OEMs will continue to generate greater revenue share, while aftermarkets will showcase noteworthy growth over the forecast period.
- Adoption of automotive variable oil pumps in passenger vehicles will generate over 70% of the total revenue.
- Heavy and light commercial vehicles will generate an accelerated demand in the near future.
- North America and Western Europe continue to lead. APAC will continue to offer lucrative growth opportunities to the market players.
Key Driving Factors of Automotive Variable Oil Pumps Market
- Introduction of high-end features in compact vehicles on a greater scale is offering lucrative growth prospects for market players.
- On road, automotive vehicle fleet is expected to grow at stable rate, thereby creating marginal opportunities for manufacturers.
- Strong presence of market players and growing adoption of PVs in APAC will contribute to the growth of the automotive variable oil pump market.
Key Restraints of the Automotive Variable Oil Pump Market
- COVID-19 pandemic has decreased the sales of automotive variable oil pumps.
- Growing demand for electric vehicle will hamper the growth of the automotive variable oil pump market.
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Competitive Landscape
The automotive variable oil pump is fairly consolidated with the presence of the major frontrunner in the advanced manufacturing procedures. The market is burgeoned with leading market players with their strong presence and enterprise establishments along with enhanced product portfolio. For expanding business worldwide, companies are focusing on mergers and acquisitions with the regional automotive differential automakers. As gasoline is gaining huge traction as it is comparatively less expensive and requires less service intervals than diesel. Simultaneously, OEMs are focusing on diesel as it is more reliable and enhances service life of the vehicle.
More About the Report
The FMI's market research report of 300 pages offers comprehensive insights into automotive variable oil pump market. The market is analyzed on the basis of fuel type (gasoline, diesel, and hybrid), sales channel (OEM and aftermarket), vehicle (LCV and HCV), across seven key regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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SOURCE: Future Market Insights