Frequently Asked Questions
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What value is the oil pump market expected to touch by 2032?
The oil pump market is expected to reach USD 21.08 billion by 2032.
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What CAGR is the oil pump market expected to exhibit by 2032?
The oil pump market is expected to exhibit a CAGR of 3.8% by 2032.
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Which are the driving factors of the oil pump market?
Industrial machinery and equipment and rise in electric and hybrid vehicles are the driving factors of the oil pump market.
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What are the key segments of the oil pump market?
Electric pumps are designed to circulate and pressurize oil within the engine or transmission using an electric motor instead of being mechanically driven by the engine. Electric pumps are commonly used in hybrid and electric vehicles where traditional internal combustion engines coexist with electric powertrains. They provide lubrication for components in the internal combustion engine part of hybrid systems.