Automotive Electric Oil Pump Market - Forecast (2022 - 2027)
Automotive Electric Oil Pump Market value was $15.84 billion in 2021 and is estimated to witness 26.2% CAGR during the forecast period 2022-2027 . Rising vehicle electrification, as well as electric power steering, are projected to propel the Automotive Electric Oil Pump industry globally. Automobile electric oil pumps are used to lubricate and cool moving parts as well as supply oil pressure to components particularly as Transmission Oil Pump, Engine Oil Pump and Brake Oil Pump. The rise in demand for fuel-efficient vehicles have prompted manufacturers to install electric oil pumps in their vehicles, which is expected to significantly propel the global automotive electric oil pump market. In 2021 Concentric AB has collaborated with a global Tier 1 manufacturer of fully automatic transmissions for medium and heavy-duty commercial vehicles to create a new fully electric oil pump for use in their "start/stop" technology. This collaboration is estimated to boost...