The ‘Global Electric Coolant Pump Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global electric coolant pump market share, assessing the market on the basis of its segments like powertrain type, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 40%
The rising industrialisation around the world has positively impacted the global electric coolant pump market. The major factors driving the growth of this market include the dynamic automotive industry and emerging fast-charging innovations. Electric pumps are increasingly being preferred by a sizeable population owing to its additional benefits over mechanical pumps like consuming less energy and creating less friction. Modern machinery is increasingly deploying electric coolant pumps as the heat and pressure generated during these manufacturing processes requires a well-designed cooling system.
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The ICE powertrain type of the electric coolant pump market is expected to register a steady growth owing to the rising sales of plug-in electric vehicles and increased electrification of ICE-powered vehicles. Besides, electric coolant pumps provide fuel-efficiency to vehicles and help in significantly reducing the emission of gases that are harmful for the environment, which is likely to boost their demand in the forecast period. There is also a surging demand for electric coolant pumps in the beverage industry, as the trapped residual heat in manufacturing processes can ultimately degrade the quality of beverages like coffee and cold-brew beers. Even for manufacturing plastic, quick heating is required at all times, due to which electric coolant pumps are utilised to control high temperatures that might otherwise shorten the life expectancy of the machines.
Electric Coolant Pump Industry Definition and Major Segments
An electric coolant pump is an electronically commuted pump that is configured to cool down the battery, cabin heating, and electronic circuits of a device. It is designed as a compact, highly efficient, and low weight device. Electric pumps emit lower heat and generate lesser vibrations, which make them less prone to malfunctions.
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On the basis of powertrain type, the market is segmented into:
- Hybrid and Electric Powertrain
- ICE Powertrain
Based on region, the market is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Electric Coolant Pump Market Trends
The key trends observed in the electric coolant pump market that are leading to its growth include the rapid advancements in technology and the shift from mechanical parts to electronic components. Furthermore, the growing trend of automation in vehicles and rising environmental awareness among the population has surged the demand for eco-friendly vehicles, which has further propelled the growth of the market. Stringent policies of various governments encouraging the adoption of electric vehicles and introduction of subsidies are further aiding the growth of this market.
The growing research and development activities of electric fluids coupled with the rising initiatives by market players is leading to the widespread growth of the electric coolant pump market. The better efficiency and negligible leaking abilities of seal-less electric coolant pumps is adding to their demand. The growing preference for light commercial vehicles (LCVs) and passenger cars globally and increasing registrations of electric buses and heavy-duty trucks (HDT) are also propelling to the growth of this market.
Key Market Players
The major players in the global electric coolant pump market report are MAHLE GmbH, Johnson Electric Holdings Limited, Robert Bosch GmbH, VOVYO Technology Co., Ltd, Rheinmetall AG, and Hanon Systems, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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