1 Global Electric Oil Pump Market Outlook
The global Electric Oil Pump market is projected to exhibit substantial growth in the coming years, with a CAGR of 17.82% from 2024 to 2033, reaching a total market size of $718.12 million USD in 2024. The main purpose of the electric oil pump is to use the electric motor to drive the mechanical parts inside the pump, and pump the coolant, fuel or lubricating oil into various automotive systems, including the gearbox, engine and brake, so as to achieve the transmission of oil, pressure regulation, improve efficiency and other functions.
Figure Global Electric Oil Pump Market Size and Growth Rate (2024-2033)
2 Electric Oil Pump Market Growth Drivers and Constraints
The growth of the electric oil pump market is significantly driven by the rise of hybrid and new energy vehicles. In recent years, the increasing demand for fuel-efficient vehicles and strict emission regulations have accelerated the development of the new energy and hybrid vehicle markets. Electric oil pumps play a crucial role in cooling key components such as the motor, inverter, and battery system in these vehicles, leading to an expected significant growth in market demand. However, the market faces challenges such as general cost increases due to rising labor, energy, logistics, and transportation costs, as well as fluctuating raw material prices, which put greater pressure on the operating costs of the electric oil pump industry. Additionally, the industry experiences intense competition with many participants, and the expanding downstream demand not only brings good prospects for electric oil pump products but also leads to a continuous increase in industry participants. This intensifying competition may adversely impact the average profit level of the industry. Furthermore, the high technical barrier for new entrants, including the need for deep technical accumulation, R&D team support, and the ability to meet strict quality and supply requirements from vehicle manufacturers, poses a significant challenge for new companies looking to enter the market.
3 Electric Oil Pump Market M&A Activities
In the electric oil pump industry, mergers and acquisitions, as well as expansion plans, are shaping the competitive landscape. Notably, Mitsubishi Electric, Mitsubishi Electric Mobility, and AISIN have reached a basic agreement to establish a joint venture company to handle products for next-generation electric vehicles, aiming to develop, produce, and sell traction motors, power converters, and control software optimized for electric and hybrid vehicles. This strategic move is in response to the diversifying needs for vehicle electrification and a step towards contributing to global carbon neutrality. Additionally, Nidec and KPS Capital Partners are reportedly in a bidding battle to acquire Innomotics, Siemens’ business spin-off focusing on motors and large drives, with potential sales worth €3bn. These developments underscore the industry’s dynamic nature and the strategic efforts by key players to consolidate their market positions and expand their reach in the evolving electric vehicle sector.
4 Global Electric Oil Pump Market Analysis by Type
In 2024, the global electric oil pump market revenue is anticipated to demonstrate a significant share for both integrated and separate pump types. The integrated pump segment is projected to account for a revenue of $456.15 million, capturing a market share of approximately 63.52%. Meanwhile, the separate pump segment is forecasted to generate a revenue of $261.98 million, securing a market share of around 36.48%.
Table Global Electric Oil Pump Market Size and Share by Type in 2024
Type | Market Size in 2024 (M USD) | Market Share in 2024 (%) |
|---|---|---|
Integrated Pump | 456.15 | 63.52% |
Separate Pump | 261.98 | 36.48% |
5 Global Electric Oil Pump Market Analysis by Application
In 2024, the global electric oil pump market revenue for applications is led by the Start-Stop System, which is expected to generate a revenue of $473.38 million, accounting for a market share of approximately 65.92%. The Electric and Hybrid System is projected to contribute $244.75 million in revenue, securing a market share of about 34.08%.
Table Global Electric Oil Pump Market Size and Share by Application in 2024
Application | Market Size in 2024 (M USD) | Market Share in 2024 (%) |
|---|---|---|
Start-Stop System | 473.38 | 65.92% |
Electric and Hybrid System | 244.75 | 34.08% |
6 Global Electric Oil Pump Market Analysis by Region
In 2024, the global electric oil pump market revenue by region demonstrated a significant distribution. North America was estimated to generate a revenue of $155.04 million, holding a market share of 21.59%. Europe followed with a revenue of $201.51 million, capturing a 28.06% market share. The Asia Pacific region contributed $330.47 million in revenue, securing a 46.02% market share. South America and the Middle East and Africa contributed $18.02 million and $13.09 million in revenue, respectively, with market shares of 2.51% and 1.82%. These figures underscore the varying contributions of each region to the overall electric oil pump market revenue in 2024.
Figure Global Electric Oil Pump Market Share by Region in 2024
7 Top 3 Companies of Global Electric Oil Pump Market
7.1 Nidec Corporation
Company Introduction and Business Overview:
Nidec Corporation, established in 1973 and headquartered in Japan, is a prominent player in the global electric oil pump market with a widespread presence, including manufacturing bases in China and Germany. It operates on a worldwide scale, specializing in the development, manufacturing, and sales of a comprehensive range of motor application products. These products encompass small precision motors, automotive motors, home appliance motors, commercial and industrial motors, and motors for machinery, in addition to electronic and optical components and related products.
Products Offered:
Nidec Corporation offers a high-performance electric oil pump, model C1LVC1, which is designed for high pressure and high flow applications. This pump is known for its variable control capabilities that optimize motor output based on load conditions and is suitable for instantaneous drive. The pump features a compact size of 160mm by 94mm by 108mm and weighs 1850 grams. It operates on a 12V voltage and is guaranteed to function effectively in temperatures ranging from 0 to 120 degrees Celsius. The pump communicates via CAN signal, indicating its integration with modern vehicle systems.
Sales Revenue in 2024:
In 2024, Nidec Corporation is projected to achieve a significant revenue from its electric oil pump segment. The company’s revenue is anticipated to reach $167.05 million, reflecting a substantial growth in the market for electric oil pumps and Nidec Corporation’s strong position within this industry.
7.2 Hitachi Astemo
Company Introduction and Business Overview:
Hitachi Astemo, established in 2021, is a major player in the electric oil pump market with a global market distribution. The company, with its main production sites located in Asia and North America, specializes in the development, manufacturing, sales, and services of automotive components, transportation-related components, industrial machines, and systems. Hitachi Astemo continues to innovate and provide solutions for the evolving automotive industry.
Products Offered:
Hitachi Astemo has developed an electric oil pump (EOP) designed for cooling the transmission in hybrid vehicles. This pump is distinguished by its low cost and ease of installation, thanks to an integrated design that combines the pump motor and controller within the pump housing. It utilizes Hitachi Automotive Systems Americas, Inc.’s proprietary motor drive technology, which estimates rotor position without the need for a position sensor, by detecting minor changes in winding inductance. This innovation overcomes the issue of low torque at slow speeds, ensuring reliable performance even at very low oil temperatures. The electric oil pump system is also being developed to maintain oil pressure in the transmission during engine stoppages, supporting smooth vehicle operation and addressing the needs of idle stop vehicles and transmission clutch cooling for hybrid cars. The benefits of this technology include downsizing through the use of a high-efficiency motor, cost reduction, improved fuel consumption, and the production of a highly durable and quiet starter electric oil pump.
Sales Revenue in 2024:
For the year 2024, Hitachi Astemo is projected to achieve a substantial revenue from its electric oil pump segment, with an estimated revenue of $67.23 million . This figure underscores the company’s significant contribution to the global electric oil pump market and reflects its strong position within the industry.
7.3 Mitsuba Corporation
Company Introduction and Business Overview:
Mitsuba Corporation, established in 1946, operates globally with its main production sites located in Asia and the Americas. The company is involved in the manufacturing of automotive parts, including electric oil pumps, which are integral to the vehicle’s fuel system.
Products Offered:
Mitsuba Corporation’s electric oil pump, model OP02A, is a 100 W-class device with an integrated controller that is designed to be highly resistant to vibration and heat, making it versatile for installation in various parts of a vehicle, including transmissions and suspensions. This pump is capable of providing a stable oil supply across a wide temperature range of -40 to 140°C and can be utilized for both oil cooling and hydraulic drive applications. The company offers flexibility in pursuing optimal specifications by allowing customization of the case and connector shape according to the application’s specific needs.
Sales Revenue in 2024:
Mitsuba Corporation’s electric oil pump segment is expected to generate a revenue of $62.73 million in 2024, marking a substantial contribution to the company’s overall financial performance.
