The electric coolant pump market is experiencing rapid growth, projected to rise from $2.69 billion in 2023 to $3.06 billion in 2024, with a CAGR of 14.0%. This growth is attributed to a shift towards electric powertrains and stringent emission regulations. By 2028, the market could reach $5.19 billion, growing at a CAGR of 14.1%. Key trends include advancements in pump efficiency and the integration of renewable energy.
Major Driver In The Electric Coolant Pump Market
The growing demand for electric cars is anticipated to significantly boost the electric coolant pump market. Electric vehicles (EVs) are becoming more popular due to their clean and sustainable benefits, driven by environmental awareness and technological advancements. Electric coolant pumps are crucial for regulating temperatures in EVs, ensuring efficient performance of batteries and motors. The International Energy Agency reported in 2023 that nearly 14 million new electric cars were registered globally, reflecting a 35% increase from 2022. This surge in electric car adoption drives the growth of the electric coolant pump market.
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Electric Coolant Pump Market Competitive Landscape
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.
Key Electric Coolant Pump Market Trend
The electric coolant pump market is expanding with aftermarket solutions aimed at improving vehicle maintenance. Robert Bosch GmbH, in October 2022, expanded its portfolio to include new electric coolant pump models, demonstrating a commitment to advancing automotive technology. These pumps support the growing demand for advanced cooling systems in the aftermarket.
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Electric Coolant Pump Market Segmentation
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
By Geography:The regions covered in the electric coolant pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the electric coolant pump market in 2023.
The Electric Coolant Pump Global Market Report 2024 furnishes information about the global electric coolant pump market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
