FMI states in its recent study on the Automotive Variable Oil Pump Market that the market will record a CAGR of 3% during the forecasted years 2020-2030. Demand for automotive variable discharge oil pump is anticipated to continue surging particularly due to the customization and tailor-made solutions available in the form of automobile variable discharge automotive variable discharge oil pump is also contributing to the market.
“Since the market as well as governments are pushing the automobile manufacturers to improve emissions and fuel consumption; many manufacturers are evaluating all the opportunities in the engine system to reduce fuel loss.” says the FMI analyst.
Automotive Variable Oil Pump Market – Important Highlights
- Among power types, the electrical pump market is expected to expand at a high rate during the forecast period.
- Demand for fuel injection pumps is anticipated to increase consistently with the steady rise in interest for diesel-controlled vehicles and business vehicles.
- North America and Europe are expected to hold a prominent market share in the projected years, owing to an increase in R&D activities related to aerospace and automobiles.
Automotive Variable Oil Pump Market – Drivers
- The growing demand for fuel efficient vehicles is one main reason for the growth of this market.
- The global crude oil crises are increasing the growth of the Automotive Variable Oil Pump Market.
- The growing worries for sustainable development and reducing carbon footprint are broadening the scope for the Automotive Variable Oil Pump Market.
Automotive Variable Oil Pump Market – Restraints
- Due to the advancement in different technologies related to the development of products, a decline is seen in the replacement rate of automotive pumps. This trend is anticipated to reduce the aftermarket potential of these products in the upcoming future.
- High investment, in the beginning, is a key limiting factor for the growth of the Automotive Variable Oil Pump Market.
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COVID-19 Impact on Automotive Variable Oil Pump Market
The Automotive Variable Oil Pump Market growth is anticipated to be hampered owing to the unprecedented COVID-19 pandemic. The sales in the automobile industry reduced drastically as different countries in the world entered into lockdown. Disruptions in the supply chain and the absence of human resources further hampered the market during this time. however, the market is likely to set on a path of a swift turnaround as economies start stabilizing.