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(Transportation-News.com, February 06, 2019 )
Stratview Research announces the launch of a new research report on Automotive Engine Oil Pan Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium- and Heavy-Duty Commercial Vehicle), by Product Type (Structural and Non-Structural), by Material Type (Aluminum, Steel, and Composites), and by Region (North America, Europe, Asia-Pacific, and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2018-2023.
The Engine Oil Pan Market in the Global Automotive Industry: Highlights
As per Stratview Research, the global automotive engine oil pan market is projected to grow at a healthy rate over the next five years to reach US$ 2,161.2 million in 2023. Increasing global automotive production, introduction of stringent regulations regarding fuel efficiency and carbon emissions, and continuous replacement of traditional oil pans with lightweight composite oil pans are the major growth drivers of the global automotive engine oil pan market.
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The author of the report cited that passenger car is expected to remain the growth engine of the automotive engine oil pan market during the forecast period of 2018 to 2023. Increasing production of hatchbacks and SUVs especially in emerging economies, such as China and India, is the key factor propelling the demand for engine oil pans in the segment.
As per the study, structural oil pan is expected to remain the most dominant product type in the market during the forecast period. However, non-structural engine oil pan is likely to grow at a faster growth rate during the same period.
Based on material type, aluminum is expected to remain the most dominant material type in the global automotive engine oil pan market during the forecast period. However, composite is expected to witness the highest growth during the same period, owing to an increasing demand for lightweight and high-performance engine oil pans in the industry.
In terms of region, Asia-Pacific is expected to remain the largest automotive engine oil pan market during the forecast period. The region is also expected to experience a healthy growth during the same period. High annual automobile production is primarily driving the demand for engine oil pans in the region. Europe is expected to remain the second largest automotive engine oil pan market during the same period.
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Ritesh Gandecha
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Source: EmailWire.Com 
Source: EmailWire.com
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