How Has the Electric Coolant Pump Market Evolved Historically and What is its Current Size?
The electric coolant pump market has seen considerable growth due to a variety of factors.
• The electric coolant pump market has shown rapid growth in recent years. It will increase from $3.06 billion in 2024 to $3.5 billion in 2025, at a CAGR of 14.4%.
The growth is due to the transition to electric powertrains, rising automotive production, heightened focus on thermal management, strict emission standards, and the growing demand for fuel efficiency.
What Does Future Hold for The Electric Coolant Pump Market By 2029?
The electric coolant pump market is expected to maintain its strong growth trajectory in upcoming years.
• The electric coolant pump market is expected to see rapid growth, reaching $5.91 billion by 2029 at a CAGR of 14.0%.
This growth is attributed to the rise of direct liquid cooling systems, greater penetration in ice vehicles, customization for specific vehicle applications, integration with renewable energy, and demand for high-performance cooling solutions. Major trends include the development of compact, lightweight solutions, improvements in pump efficiency, integration with smart thermal management systems, and advances in automotive technology.
What Are The Primary Growth Drivers In The Electric Coolant Pump Market?
The rising demand for electric cars is expected to drive the growth of the electric coolant pump market. Electric cars, which run on electric motors powered by rechargeable batteries, offer a clean and sustainable alternative to traditional vehicles with combustion engines. This surge in demand is driven by growing environmental awareness and stricter emissions regulations. Electric coolant pumps in EVs regulate the temperature of key components like batteries and motors, ensuring their efficient operation. For example, in 2023, the IEA noted that nearly 14 million new electric cars were registered globally, raising the total number of electric cars on the road to 40 million, a 35% increase compared to 2022. Therefore, the growing demand for electric cars is propelling the electric coolant pump market.
What Is The Segmentation 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
Subsegments:
1) By Sealed: Single Seal Electric Coolant Pumps, Double Seal Electric Coolant Pumps
2) By Seal-Less: Magnetic Drive Electric Coolant Pumps, Non-Contact Seal-Less Electric Coolant Pumps
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What New Trends Are Influencing The Electric Coolant Pump Market?
Major players in the electric coolant pump market are focusing on expanding their portfolios for the aftermarket, offering more efficient and durable solutions to meet increasing vehicle maintenance and upgrade demands. In October 2022, Robert Bosch GmbH, a Germany-based engineering company, expanded its aftermarket offerings by introducing new electric coolant pump models. Bosch's goal is to provide a wide range of products, allowing workshops and service centers to maintain and repair vehicles with the latest cooling system technologies.
Who Are the Key Players In The Electric Coolant Pump Market?
Major companies operating in the electric coolant pump market are:
• Hyundai Corporation
• Robert Bosch GmbH
• Denso Corporation
• ZF Friedrichshafen AG
• Continental AG
• Magna International Inc.
• Aisin Corporation
• Valeo S.A.
• MAHLE GmbH
• BorgWarner Inc.
• HELLA GmbH & Co. KGaA
• Eberspächer Gruppe GmbH & Co. KG
• Rheinmetall Automotive AG
• Hanon Systems
• Johnson Electric
• Gates Corporation
• Standard Motor Products Inc.
• TYC Brother Industrial Co. Ltd.
• Vernet Group
• Saleri Silvio S.p.A.
• Grayson Thermal Systems
• Stant Corporation
• Rotex Automation Limited
• Delphi Technologies
• Davies Craig Pty Ltd.
What Are The Regional Insights Into 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.
