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Electric Coolant Pump Market Report 2022: Advantages of Electric Coolant Pumps Over Mechanical Pumps Drive Adoption
Global Electric Coolant Pump Market
Dublin, March 08, 2023 (GLOBE NEWSWIRE) -- The "Electric Coolant Pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application, Power, Vehicle Type, Propulsion Type and Pump Type" report has been added to ResearchAndMarkets.com's offering.
The electric coolant pump 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.
North America is holding a potential share, owing to favorable government initiatives and a rise in demand for all-electric vehicles. According to the US Department of Energy, the sales of new light-duty plug-in electric vehicles, including electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), doubled from 308,000 units in 2020 to 608,000 units in 2021.
These investment plans are expected to impact the electric coolant pump market positively. Thus, rising initiatives from key players and growing demand for passenger vehicles are key factors driving the market. The government in the US has also set the target of 50.0% EV sales by 2030. Thus, the growing demand for EVs is expected to bolster the demand for electric coolant pumps in North America.
Asia Pacific is expected to offer lucrative growth opportunities for the market over the forecast period. Several cities in China relaxed car license policies, allowing more internal combustion engine vehicles to be registered to support local car industries. During the forecast period, consumer spending on EVs is expected to rise with the government's support through subsidies and incentives. Further, China's electric bus and heavy-duty truck (HDT) registrations increased in 2020.
Thus, the growing sale of LCVs, electric buses, and passenger cars in China is expected to propel the demand for electric coolant pumps. Also, the Asian region has a huge potential for producing automotive vehicles across premium and SUV vehicle classes, boosting the demand for electric coolant pumps. An electric coolant pump provides reduced power requirements and also saves fuel consumption. In addition, product innovation and demand for EVs are expected to play a vital role in Asia's market growth.
For instance, in South Korea, in 2021, Eurol Lubricants introduced the new Coolant -36C GLX-AV, a coolant suitable for modern cars, including EVs from Japanese and Korean auto brands such as Honda, Hyundai, Mazda, Kia, and Mitsubishi.
Electric coolant pump and battery-cell manufacturers are increasing their production capacities in European markets. Several top players in the automotive industry are investing in developing advanced electric coolant products. Major companies such as Continental AG and Mahle GmbH invest heavily in their R&D to improve battery power consumption by using efficient electric coolant pumps. For instance, Mahle GmbH - specializing in thermal management, including the heating and cooling the vehicle interior and components - developed a completely new cooling system for batteries in September 2021.
The European Commission is planning to have at least 30 million electric vehicles on the roads by the end of this decade. In addition, the European Commission had pumped around US$ 793.59 billion stimulus package, including US$ 21.16 billion, to boost the sales of clean vehicles. Thus, growing initiatives from the government for accelerating the production and imbibing awareness for clean vehicles are the prominent factors propelling the demand of electric vehicles, driving the demand for electric coolant pumps.
In the Middle East & Africa, the growing focus of the governments on promoting the use of electric vehicles is fueling the market growth. For instance, in April 2022, Saudi Arabia planned to construct new electric vehicle production plants capable of building 150,000 models per year and an EV infrastructure to support this initiative.
In any ICE or EV, cooling e-motors has become a key to certifying the highest operational efficiency. The use of electric coolant pumps can provide effective thermal management. The growing trend of autonomous vehicles in South American countries such as Argentina and Brazil is expected to bolster the need for electric coolant pumps. Further, the increasing investment in research & development of electric fluids and drive systems is projected to play a key role in expanding the electric coolant pump market in South America.
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.
Market Dynamics
Market Drivers
Advantages of Electric Coolant Pumps Over Mechanical Pumps
Increase in Production of Vehicles and Rise in Demand for Eco-Friendly Vehicles
Market Restraints
Temperature Challenges and High Installation and Maintenance Costs
Market Opportunities
Integration of Innovative Features in Electric Coolant Pumps
Future Trends
Increase in Number for Electric Vehicles
Key Attributes:
Report Attribute | Details |
No. of Pages | 252 |
Forecast Period | 2022 - 2028 |
Estimated Market Value (USD) in 2022 | $467.46 Million |
Forecasted Market Value (USD) by 2028 | $1188.28 Million |
Compound Annual Growth Rate | 16.8% |
Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Electric Coolant Pump Market Landscape
5. Electric Coolant Pump Market - Key Market Dynamics
6. Electric Coolant pump - Global Market Analysis
7. Electric Coolant Pump Market Analysis - By Application
8. Global Electric Coolant Pump Market Analysis - By Power
9. Global Electric Coolant Pump Market Analysis - By Vehicle Type
10. Electric Coolant Pump Market Analysis - By Propulsion Type
11. Electric Coolant Pump Market Analysis - By Pump Type
12. Electric Coolant Pump Market - Geographic Analysis
13. Impact of COVID-19 Pandemic on Electric Coolant Pump Market
14. Industry Landscape
15. Company Profiles
16. Appendix
A selection of companies mentioned in this report includes
AISIN SEIKI Co.Ltd.
Continental AG
Hanon Systems
Hitachi Automotive Systems, LTD
Johnson Electric Holdings Limited
Mahle GmbH
Rheinmetall Automotive AG
Robert Bosch GmbH
GMB CORPORATION
VOVYO Technology Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/qr91fx
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