What Is The Overview Of The Global Electric Coolant Pump Market?
An electric coolant pump is a device used in vehicles to circulate coolant fluid through the engine and radiator. It helps maintain optimal engine temperature, enhances fuel efficiency, and prevents overheating by regulating coolant flow independent of engine speed. This technology is particularly common in hybrid and electric vehicles to manage thermal performance efficiently.
Electric Coolant Pump Global Market Report 2024 provides data on the global electric coolant pump market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electric coolant pump market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Electric Coolant Pump ?
The electric coolant pump market has experienced rapid growth in recent years. It is expected to increase from $2.69 billion in 2023 to $3.06 billion in 2024, at a compound annual growth rate (CAGR) of 14.0%. This growth is driven by the shift toward electric powertrains, rising automotive production, a growing focus on thermal management, stricter emission regulations, and the demand for fuel efficiency. The market is projected to reach $5.19 billion by 2028, growing at a CAGR of 14.1%. The forecasted growth is fueled by the rise of direct liquid cooling systems, more widespread adoption in vehicles, application-specific customization, renewable energy integration, and the demand for advanced cooling solutions. Key trends include the development of compact, lightweight systems, advancements in pump efficiency, the integration of smart thermal management, increased research and development efforts, and advancements in automotive technology.
What Factors Are Driving Growth In The Template Electric Coolant Pump Market?
The growing demand for electric vehicles (EVs) is anticipated to boost the growth of the electric coolant pump market. Electric vehicles, powered by electric motors and rechargeable batteries, are gaining popularity due to increasing environmental concerns and stricter emissions regulations. These vehicles require electric coolant pumps to manage temperatures by circulating coolant, ensuring optimal performance and durability of critical components like batteries and motors. In 2023, the International Energy Agency (IEA) reported that global electric car registrations reached nearly 14 million, marking a 35% increase over 2022. This surge in EV demand is driving the growth of the electric coolant pump market.
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What Are The Main Segments Of The Global Electric Coolant Pump Market?
The electric coolant pump market covered in this report is segmented –
1) By Type: Sealed, Seal less
2) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)
3) By Power Output: Up To 100W, Greater Than100W
4) By Application: Passenger Car Cooling, Cooling Of Accessories, Air Conditioning, Gearbox Cooling, Other Applications
5) By Sales Channel: Original Equipment Manufacturer, Aftermarket
What Emerging Trends Are Influencing The Growth Of The Electric Coolant Pump Market?
Leading companies in the electric coolant pump market are expanding their offerings for the aftermarket, focusing on providing efficient and durable solutions to meet the rising demand for vehicle maintenance and upgrades. These aftermarket electric coolant pumps serve as replacement or upgraded components for vehicles post-purchase. For instance, in October 2022, Germany-based Robert Bosch GmbH expanded its portfolio of electric coolant pumps for the aftermarket. This expansion reflects Bosch's commitment to advancing automotive technologies and supporting workshops and service centers with innovative cooling system components that align with current demands.
What Is The Largest Region In The Electric Coolant Pump Market?
Asia-Pacific was the largest region in the electric coolant pump market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric coolant pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
