Electric Oil Pump Market Size to Grow USD 1275.6 Million by 2030 at a CAGR of 19.6% | Valuates Reports
BANGALORE, India, April 11, 2024 /PRNewswire/ -- Electric Oil Pump Market is Segmented by Type (Integrated Pump, Separate Pump), by Application (Start-Stop System, Electric and Hybrid System).
The Global Electric Oil Pump Market was valued at US$ 359.4 million in 2023 and is anticipated to reach US$ 1275.6 million by 2030, witnessing a CAGR of 19.6% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Electric Oil Pump Market
The growing global use of electric and hybrid cars is the main factor propelling the growth of the electric oil pump market. Electric oil pumps are becoming more and more necessary to meet the lubrication and cooling needs of electric drivetrains as the automobile industry moves toward electrification in order to cut emissions and adhere to strict environmental standards.
Electric oil pumps are used by electric cars (EVs) and hybrid electric vehicles (HEVs) to cool vital parts such as electric motors, inverters, and battery systems and to circulate lubricating oil. The Electric Oil Pump market is anticipated to increase dramatically as manufacturers continue to engage in the development of electric vehicles in order to comply with regulatory requirements and customer preferences for greener and more efficient transportation options.
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TRENDS INFLUENCING THE GROWTH OF ELECTRIC OIL PUMP MARKET:
The incorporation of start-stop technologies in automobiles is an additional element propelling the expansion of the Electric Oil Pump Industry. When a car is stopped, as it does at a stop sign or in stop-and-go traffic, start-stop systems automatically turn off the engine and resume it when the driver steps off the brake pedal or steps on the accelerator. Electric oil pumps are essential to start-stop systems because they keep the oil flowing and pressure steady when the engine is off, which keeps engine parts properly lubricated and cooled during idle times. The need for electric oil pumps that can support start-stop systems is anticipated to rise as automakers install them to cut emissions and increase fuel economy, which will promote market development in the automobile industry.
The main way that the integrated Electric Oil Pump (EOP) lowers costs is by doing away with the requirement for conventional engine-driven mechanical pumps and related parts. The integrated EOP reduces pollutants and improves fuel efficiency by operating the oil pump using electric power rather than engine power, which avoids parasitic losses commonly found in engine-driven pumps. The integrated design also streamlines the architecture of the vehicle as a whole, lowering the quantity of parts, assembly time, and maintenance needs. Additionally, the integrated EOP's small and modular design makes it simpler to incorporate into current vehicle platforms, reducing the cost of retrofitting and promoting adoption across a variety of vehicle types.
The rising use of electric powertrains in automobiles is the main factor propelling the growth of the electric oil pump market. Electric oil pumps are becoming more and more necessary to meet the lubrication and cooling needs of electric drivetrains as the automobile industry undergoes a dramatic transition towards electrification. Electric oil pumps are used by electric cars (EVs) and hybrid electric vehicles (HEVs) to cool vital parts such as electric motors, inverters, and battery systems and to circulate lubricating oil. The market for electric oil pumps is anticipated to increase dramatically as manufacturers continue to engage in the development of electric vehicles in order to comply with regulatory requirements and customer preferences for greener and more efficient transportation options.
Enhancing fuel efficiency and cutting emissions is a major priority of the automobile industry, which is propelling the growth of the electric oil pump market. Compared to conventional mechanical pumps, electric oil pumps provide a number of benefits, including variable speed operation, on-demand functionality, and lower parasitic losses. Electric oil pumps may adjust oil flow to the vehicle's operating circumstances by severing the oil pump's connection from the engine speed. This leads to increased fuel efficiency and reduced pollution. Electric oil pump use is anticipated to rise in response to automakers' efforts to comply with global pollution and fuel efficiency regulations, which would propel market expansion in the automotive industry.
Enhancing fuel efficiency and cutting emissions is a major priority of the automobile industry, which is propelling the growth of the electric oil pump market. Compared to conventional mechanical pumps, electric oil pumps provide a number of benefits, including variable speed operation, on-demand functionality, and lower parasitic losses. Electric oil pumps may adjust oil flow to the vehicle's operating circumstances by severing the oil pump's connection from the engine speed. This leads to increased fuel efficiency and reduced pollution. Electric oil pump use is anticipated to rise in response to automakers' efforts to comply with global pollution and fuel efficiency regulations, which would propel market expansion in the automotive industry.
Electric oil pumps are becoming more and more common in sophisticated automotive systems due to the focus on vehicle electrification and autonomous driving technology. Electric oil pumps are essential for the lubrication and cooling of electric motors, gearboxes, and other vital parts in electrified drivetrains and autonomous vehicle systems. It is anticipated that the need for electric oil pumps that can satisfy the particular needs of these cutting-edge systems will increase as automakers make investments in the development of electric and autonomous cars to address future mobility needs. The automotive sector is seeing a market boom due to the availability of electric oil pumps, which provide the necessary flexibility, efficiency, and reliability to support the intricate operating conditions of autonomous and electrified cars.
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ELECTRIC OIL PUMP MARKET SHARE:
With a share of almost 89%, the largest category by type is Integrated Pump.
The Start-Stop System is the most widely used application, followed by the Electric and Hybrid Systems.
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Key Companies:
- Nidec Corporation
- SHW Group
- Hitachi Automotive Systems
- LG Innotek
- Mitsubishi Electric Corporation
- EMP
- Hanon Systems
- Mitsuba Corporation
- SANHUA
- Yamada
- Buehler Motor
- Ebm-papst
- Fuxin Dare
- Vitesco Technologies
- Bosch
- Brose
- Aisin Seiki
- Rheinmetall Automotive AG
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