Transaprency Market Research has published a new report, according to which, the automotive global electric oil pump market will grow remarkably during the forecast period i.e., 2018-2026 owing to the rapid industrialization and growing demand for commercial vehicles. As per the report, demand for commercial vehicles is estimated to increase due to the expansion of the construction sector and growth of IT hubs in Asia Pacific. Propagation of procedure subcontracting and connected administrations in Asia Pacific has boosted the travel demand for several employees, who are transported through vans and small/medium buses, which in turn is driving the demand for light commercial vehicles, thereby propelling the demand for automotive electric oil pump market.
In accordance with volume segmentation, the OEM segment is anticipated to dominate the market, as more number of electric oil pump units are produced per year, which is directly fit into the vehicle. It is backed by low labor expenses and steady economies that helps in localizing the manufacturing units for key OEMs, which is likely to eliminate heavy import duty taxes. Cost of one unit of electric oil pump is less for OEM, considering the deals between OEM and component supplier, incentives provided to OEMs, and lesser production cost as the production for OEMs is undertaken at a mass level. In terms of revenue, aftermarket is the leading sales channel segment due to higher price of automotive electric oil pump in the aftermarket.
In terms of regional perspective, Asia Pacific is a leading market for the automotive electric oil pump, globally, due to more production of electric vehicles and governments’ norms to boost the production of electric vehicles. Infrastructural development and increasing demand for efficient and environmentally acceptable vehicles in developing countries, such as China and India, are expected to lead the automotive electric oil pump market in Asia Pacific during the forecast period. This is mainly attributed to the increasing urbanization in countries and technological advancements in the lubrication system in vehicles. Asia Pacific is followed by Europe, owing to high production of electric vehicles especially in the Nordic region.
Prominent players operating in the global automotive electric oil pump market are included in this report and these are Hitachi Automotive, Rheinmetall Automotive AG, FTE automotive, Nidec Corporation, Mitsubishi Electric, Johnson Electric, Mikuni American Corporation, Magna International, HUSCO Automotive, LLC, MAHLE Group, Delphi Automotive PLC., Robert Bosch GmbH, DENSO CORPORATION, ZF Friedrichshafen AG, AISIN SEIKI, and SHW AG.
To know more about each segment of the automotive electric oil pump market in construction vehicle and the overall market outlook, click here.
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