Grease Pump Market Size

Grease Pump Market size was valued at USD 10.25 billion in 2023 and is expected to exceed USD 19.09 billion by 2036, expanding at over 4.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of grease pump is assessed at USD 10.65 billion. 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.