LONDON--(BUSINESS WIRE)--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.
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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