The global automotive oil pump market to grow at a CAGR of 4.31% during the period 2017-2021.
The report, Global Automotive Oil Pump Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one driver in market is low penetration of passenger cars in emerging countries. The sales of automotive oil pumps are highly correlated with the growth in the passenger cars market as all the passenger cars are equipped with automotive oil pumps. Compared with other regions, the penetration of cars in APAC is low, which makes it a favorable market for car OEMs. In 2016, India had one of the lowest car penetrations in the world of about 15 cars per 1,000 people. In the same year, China had a penetration of about 60 cars per 1,000 people and Brazil had 203 cars per 1,000 people.
The developed countries, such as the US, recorded a car penetration of about 800 cars per 1,000 people. The decreased penetration of cars in emerging countries offers ample opportunities for car OEMs to start their business in APAC. The automotive industry is expected to grow in emerging countries like China, India, Brazil, South Korea, Indonesia, and parts of eastern Europe.