January 31, 2023 12:30 ET | Source: Transparency Market Research Transparency Market Research
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Wilmington, Delaware, United States, Jan. 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global automotive oil pump market is projected to reach USD 27.7 Bn by the end of 2031 from USD 17.6 Bn in 2021 according to research conducted by TMR.
Automotive pumps are primarily used to move automotive fluids in automobiles; however, they are increasingly employed to enhance fuel economy and vehicle performance. The increase in demand for eco-friendly products has prompted manufacturers to design efficient pumps.
The automotive oil pump market report states that the global market for automotive pumps is projected to expand owing to the stringent emission regulations controlling fuel economy. Concurrently, rise in vehicle production, coupled with the use of modern pumps to regulate vehicular emissions on a global scale are anticipated to drive the automotive oil pump industry growth.
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Automotive Oil Pump Market: Growth Drivers
Key Findings of Automotive Oil Pump Market
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Automotive Oil Pump Market: Regional Dynamics
Asia Pacific is estimated to be the most promising regional market and accounted for the largest automotive oil pump market size. Increase in vehicle production and rise in adoption of modern automotive technologies are projected to keep this region at the top of the global automotive pumps market during the forecast period. Research and development activities have created novel technological innovations which support the eco-friendly aspect. Adoption of sustainable products in this region has opened new growth avenues for the global market.
Automotive Oil Pump Market: Competitive Landscape
Key manufacturers operating in the automotive oil pump business are focusing on developing novel green products which may contribute to the expansion of their market reach. The formulation of growth strategies and associations with mergers, acquisitions, and startups have created multiple growth prospects for this market.
Key players in the global market are
FTE automotive AISIN SEIKI Robert Bosch GmbH Mitsubishi Electric Corporation Magna International Johnson Electric HUSCO Automotive DENSO CORPORATION
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Automotive Oil Pump Market: Segmentation
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