As per Future Market Insights, the grease pump market is anticipated to attain a value pool of US$ 300 Billion by 2023-end. Global demand for grease pumps is expected to rise at a CAGR of 7.2% to US$ 600 Billion in 2033, supported by
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 300 Billion |
| Projected Market Value in 2033 | US$ 600 Billion |
| Growth Rate (2023 to 2033) | 7.2% CAGR |
With the Do-It-Yourself (DIY) movement gaining traction among vehicle owners, the need for grease pumps is expected to rise in the future years in order to improve vehicle repair and maintenance. According to a recent survey, there is a high rise in DIY vehicle maintenance. In 2016, more than 80% of vehicle owners did their own repairs. In 2022, the sale of brake component kits in Canada increased by more than 82%. These advancements are expected to pave the way for a profitable growth path for the worldwide grease pump market in the coming years.
The market in Europe is predicted to develop the fastest throughout the forecast period, owing to strong user acceptability and a considerable increase in population growth. The region's automotive industry is thriving, which is projected to drive market expansion in the region.
In 2021, the total value of automobile exports in the European Union (EU) will be US$ 128 billion, a 3.5% increase over 2020. In 2021, automobile imports exceeded US$ 54 billion, resulting in a sales surplus of about US$ 70 billion in the EU. Europe is one of the main automobile industry centres. For example, Europe exports over 6 million automobiles abroad each year.
The consumer electronics sector in Europe generated approximately US$ 200 billion in sales in 2022, which would have a direct impact on the expansion of the grease pump industry. Increasing disposable income in Europe is expected to stimulate investment in non-essential automobile service operations. In 2020, the gross household saving percentage in the EU region was expected to be about 18%.
These variables are boosting the income streams of the European grease pump market. In 2021, the cumulative number of nights spent in tourist centres in the European Union exceeded 1.9 billion, an increase of slightly more than 25% over 2020.
The automotive segment is expected to have a significant proportion of the global grease pump industry throughout the projected period from 2023 to 2033, due to constant demand in vehicle servicing and indemnification for vehicle damage.
Recovering from a momentary dip in 2020 due to the unexpected arrival of the pandemic, the global automobile sector has demonstrated substantial growth in 2021, with new car sales increasing by almost 17%. Commercial vehicle sales remained positive, with overall sales exceeding 15% in the same year. Similarly, the vehicle repair business is making strides. In the United States alone, general vehicle repair revenues amounted for around US$ 55 billion in 2019, with revenues predicted to exceed US$ 60 billion by 2024.
The need to provide the customer a durable and reliable product is the crucial factor for Grease Pump manufacturers. This aspect has been acknowledged with respect to market analysis of Grease Pumps, where it is forecasted that the market will show a CAGR of 5 to 6% in the forecast period 2021 to 2031.
Historically, the market saw a steady growth in the analytic period 2016 to 2020, and is projected to show optimistic growth outlook in the long run.
One of the major drivers of the market growth is the frequency for wear and tear in moving or mechanical components used in any of the industrial application. As a result, the demand for grease pumping equipment is growing due to the need to ensure a product's consistency and long-term viability. Need of efficient lubricating systems is said to benefit the sales of grease pumps.
Industries are developing advanced pumping machines which are able to transfer grease of high viscosity without maneuvering its consistency while pumping it. The need for product which is able to work without fail in harsh condition is driving the sales of these machines to a new height since the last decade.
Most pump suppliers to the grease industry make models which are also available with jackets so that temperature of the grease can be maintained at the desired level by circulation of steam or appropriate heat transfer media through such jacketing.
Usually standard petroleum-type packings are used in grease pump stuffing boxes instead of mechanical shaft seals. This is particularly true for greases with solids inclusions such as bentonite, talc, and the like.
Automotive industry accounts for the largest value share in the market. Both conventional as well as electric vehicles are responsible for the demand creation. Automotive sales around the globe have been impacted by COVID-19-induced slowdown.
This has also had a ripple effect on automotive component and material sales. However, in long term perspective, the industry will exist as a lucrative end-use of the product from passenger cars as well as commercial vehicles.
Europe is responsible for the largest share in the market by region. Because the region has immense number of end-users from almost sectors of industry, the market for grease pump here is always warm and fresh.
In Asia, countries such as China and India are anticipated to account for significant shares in the lubrication market, as these countries have prominent manufacturers of 2-wheelers and commercial vehicles and thus, offer lucrative opportunities for the development of the sales for these pumps in the market during the forecast period.
Manufacturing processes have changed ever since the Industry 4.0 norms have been introduced. The processes include testing, prototyping and maneuvering the production process as a motive to bring continuous improvement.
Industrial Automation have become crucial in attaining production capabilities and brand awareness, therefore enabling the manufacturers from various industries to opt for equipment which makes this possible and in-turn the grease pump.
Some of the leading manufacturers and suppliers of these pumps are
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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