NEW YORK, Jan. 18, 2022 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The automotive oil pan industry is expected to grow at a CAGR of roughly 5% between 2021 and 2031, driven by strong demand for structural oil pans. Through 2031, East Asia and South Asia & Pacific are expected to account for more than half of the market.
Oil pans for automobiles are designed to absorb the maximum amount of engine noise and vibration, which helps to meet the growing demand for noiseless vehicles. An rise in vehicle production is expected to raise demand for automotive oil pans in the near future.
Demand for newly designed oil pans with lightweight properties has grown globally in the last several years, owing to increased research and development spending by major automobile manufacturers and suppliers. Composites, which are less expensive than metal, are increasingly being used to make automotive oil pans. As a result, there is a large price difference between metal and composite engine oil pans.
High-end car owners and fleet owners of large commercial vehicles are increasingly looking for increased performance and fuel economy as technology progresses. As a result, oil pan producers are likely to benefit greatly from the growth of luxury cars and high-end commercial vehicles over the projection period.
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Car and commercial vehicle demand is increasing in places such as Europe, North America, and Asia Pacific. This growth is primarily due to increased disposable income and changing demographics, notably in countries like India and China. Automobile oil pans are projected to be in high demand as the number of premium and luxury automobiles grows.
The most attractive market for automobile oil pan providers is likely to be Asia. China dominates the East Asian market and is expected to develop at a significant rate through 2031. As a result of the country's rapid economic expansion and changes in lifestyle, Chinese consumers' interest in the automotive industry has risen considerably in recent years. During the forecasted time, Europe and South Asia & Pacific will emerge as significant growth competitors for East Asia.
Rising demand for automobiles and growing use of lightweight oil pans will have a positive impact on market growth over the coming years,'' says a Fact.MR analyst.
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The majority of the firms profiled in this analysis's automobile oil pan market report have focused on new product launches and expanding their manufacturing facilities in emerging markets. Innovation, cooperation with important actors, partnerships, strategic alliances, and the strengthening of regional and worldwide distribution networks are all examples of strategies. The following are some of the most significant developments:
Some of the leading players operating in the automotive oil pans market profiled by Fact.MR are:
More Valuable Insights on Automotive Oil Pans Market
Fact.MR, in its new report, offers an unbiased analysis of the global automotive oil pan market, analysing forecast statistics through 2021 and beyond. The survey reveals growth projections on in automotive oil pan market with detailed segmentation:
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