The global grease pump market is estimated to garner remarkable revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to factors, such as the necessity for an effective lubricating device, general wear and tear in automotive and mechanical components, and rising demand in multiple industries, such as automotive, oil, and construction. In the automotive industry, a grease pump is utilized in the repairing and servicing process. For instance, it is recommended by manufacturers that a vehicle should be serviced every year or after completing 12,000 miles. Furthermore, in 2021, approximately 67 million units of automobiles were sold worldwide. The standard form of grease pump is constantly being developed to facilitate the consumer to work with more accuracy. The manufacturers of grease pumps constantly introduce enhanced and developed forms of the pump in the market. Another major factor to influence the growth of the global grease pump market positively over the forecast period is a large portion of the global population owning some type of vehicle and performing vehicle servicing at home.
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The market is segmented by end-user industry, into automotive, consumer electronics, mining, and construction, out of which, the automotive segment is anticipated to hold a significant share in the global grease pump market over the forecast period on account of continuous demand in the servicing of vehicles, and the indemnity for the damage caused to the vehicles.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations around the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global grease pump market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Europe region is estimated to witness noteworthy growth over the forecast period on the back of a higher number of end-users in almost every industry, backed by the growing population in the region. Moreover, the Europe region is one of the largest hubs for the automotive industry. For instance, about 6 million motor vehicles are exported worldwide from Europe annually. Furthermore, the revenue of the consumer electronics industry in Europe amounted to approximately USD 200 billion in 2022 which directly influence the growth of the grease pump market.
Additionally, the global grease pump market in the Asia Pacific is further projected to grow throughout the forecast period, owing to the significant manufacturing of the 2 and 3-wheelers in the region that requires greasing and maintenance. Therefore, the region provides a higher potential for lucrative sales of grease pumps over the forecast period.
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The global grease pump market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global grease pump market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand in multiple industries, the need for efficiency of lubricating equipment, and damages in mechanical equipment are the major factors driving the growth of the grease pump market.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Castle Pump Ltd., TriRotor Inc, Pressol Schmiergerate GmbH, TAKADA CORPORATION, Ingersoll Rand, Inc., LUBE Corporation, North Ridge Pumps Ltd, Flexbimec International srl, DAV Tech Srl, and SAMOA INDUSTRIAL, S.A.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, pressure, pump type, end-user industry, and by region.
The automotive segment is anticipated to hold the largest market size in value and is estimated to grow further over the forecast period and display significant growth opportunities.
The availability of alternative pumping equipment is estimated to hamper the market growth.
Europe region will provide more business opportunities for growth of grease pump market in future on the back of rising demand in various sector.
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