Electric Coolant Pump Market Worth $1.18 Billion by 2028 – Exclusive Report by The Insight Partners
Electric Coolant Pump Market is growing at a CAGR of 16.8% from 2022 to 2028.
Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Electric Coolant Pump Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Engine Cooling & HVAC, Battery & Power Electronics Cooling, and Gearbox Cooling), Power (Below 100 W and Above 100 W), Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Propulsion Type (ICE, Electric, and Hybrid), Pump Type (With ECU and Without ECU), and Geography,” the market is projected to grow from US$ 467.46 million in 2022 to US$ 1,188.28 million by 2028; it is estimated to grow at a CAGR of 16.8% from 2022 to 2028.
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Growing Adoption of Electric Vehicles
As per the IEA data, in 2020, the global electric car stock peaked the 10 million vehicle sales, a 43% increase from 2019. Electric vehicles have several sources of heat generation. However, they do not generate temperatures as high as an internal combustion engine. An electric water pump is powered by the vehicle’s electrical system. There can be up to two or three water pumps in an electric vehicle. The EV control unit turns them on only when the circuit needs cooling. Thus, the rise in the number of EVs on the road is expected to drive the demand for electric coolant pumps. Further, supportive government regulations are also strengthening the demand for electric vehicles. For instance, the European Commission has set new emission guidelines for passenger cars and light commercial vehicles which will be a 37.5% decrease in carbon dioxide emissions in new cars and a 31% emission decrease for light commercial vehicles by 2030.
As electric coolant pumps help reduce carbon emissions, the implementation of stringent emission norms globally is expected to propel the electric coolant pump market growth significantly. For instance, the introduction of Euro VI and China VI pushed automotive manufacturers to employ fuel-efficient technologies such as electric coolant pumps in their electric vehicles. Increasing number of contracts and rising demand for coolant pumps are further bolstering the market growth. For instance, in April 2021, Concentric AB received a new development contract to supply electric coolant pumps for a fuel cell application. The company supplies e-pumps to many global OEMs for their hybrid and battery electric vehicles. Thus, such trends for the adoption of electric coolant pumps for the EV industry are fueling the market growth.
Global Electric Coolant Pump Market Scope:
|Market Size Value in||USD 467.46 Million in 2022|
|Market Size Value by||USD 1,188.28 Million by 2028|
|Growth rate||CAGR of 16.8% from 2022 to 2028|
|Segments covered||Application, Power, Propulsion Type, Vehicle Type|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Electric Coolant Pump Market: Competitive Landscape and Key Developments
Aisin Seiki Co. Ltd.; Continental Ag; Gmb Corporation Hanon Systems; Hitachi Automotive Systems, Ltd.; Johnson Electric Holdings Limited; Mahle Gmbh; Rheinmetall Automotive Ag; Robert Bosch Gmbh; and Vovyo Technology Co., Ltd are among the leading players profiled in the electric coolant pump market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help the key players strategize their growth. A few developments are mentioned below:
In July 2022, AISIN Corporation declared its commitment to acquiring SBT certification by submitting a commitment letter to SBTi, the organization which certifies Science Based Targets (SBTs). SBTs are targets for reducing greenhouse gas emissions. In order to establish a society that is carbon-neutral in terms of production and goods, AISIN proclaimed its commitment to achieving carbon neutrality across the life cycle of its products by FY2050 as part of its value proposition.
In 2021, Continental AG has initiated a plan to expand production of speed sensors required for electric pump motors and vehicles at the Manesar plant.
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Electric Coolant Pump Market: Industry Overview
This electric coolant pump market study primarily focuses on five segments—application, power, vehicle type, propulsion type, and pump type. In terms of application, the electric coolant pump market is segmented into engine cooling and HVAC, battery and power electronics cooling, and gearbox cooling. Based on power, the electric coolant pump market is categorized into below 100 W and above 100 W. Based on vehicle type, the electric coolant pump market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. In terms of propulsion type, the electric coolant pump market is segmented into ICE, electric, and hybrid. Based on pump type, the electric coolant pump market is divided into with ECU and without ECU.
Asia Pacific is expected to witness significant growth in the coming years due to a rise in automotive manufacturing and research & development activities. Several emerging economies, such as China, South Korea, and India, are taking initiatives to gain traction among automotive OEMs and increase the number of manufacturing facilities across the region. Moreover, the increasing sales of passenger cars and the growing demand for electric vehicles are projected to boost the demand for electric coolant pumps in the next few years. Major automakers & suppliers are increasing their focus on enhancing their global footprints in target markets by boosting the production of vehicles and automotive components. For example, in 2019, Tesla started the construction of its manufacturing plant in Shanghai, China. South Korean manufacturers are also trying to catch up with large-scale investment plans in overseas production plants, which, in turn, is expected to offer new opportunities for market growth in the coming years.
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