Electric Coolant Pump Market is expected to reach US$ 1,188.28 Million by 2028

PRESS RELEASE BY The Insight Partners 06 Oct 2022

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The electric coolant pump market size is expected to reach US$ 1,188.28 million by 2028, it is registering at a CAGR of 16.8% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Increase in Production of Vehicles and Rise in Demand for Eco-Friendly Vehicles Boost Electric Coolant Pump Market Growth

The automobile industry is one of the pillars of the global economy. It is the main driver of technological advancement, macroeconomic growth, and stability in developed and developing countries, spanning many adjacent industries. Government regulations, countries GDP, and purchasing power of consumers are among the prominent factors influencing the evolution and momentum of the automotive industry. Government policies to promote electric vehicle sales in the automotive industry play a crucial role in the demand for electric vehicles, influencing vehicle production.

As per the data published by the International Organization of Motor Vehicle Manufacturers (OICA) statistics, in the pre-COVID scenario, the production and sales of automotive vehicles were increasing at a faster pace, owing to growth in the various countries GDP and the rise in consumer spending. However, the pandemic hampered the various countries GDP as well as the spending power of the consumers, which eventually impacted the buying trend of automotive in 2020. However, in 2021, with ease in restrictions and the reopening of business activities, production and sales witnessed an abrupt increase, depicting a potential demand for electric coolant pumps.

Electric Coolant Pump Market – by Type, 2022 and 2028 (%)

Electric Coolant Pump Market – by Type, 2022 and 2028 (%)

Electric Coolant Pump Market Share & Size | Global Report 2028

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Electric Coolant Pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Engine Cooling & HVAC, Battery & Power Electronics Cooling, and Gearbox Cooling), Power (Below 100 W and Above 100 W), Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Propulsion Type (ICE, Electric, and Hybrid), and Pump Type (With ECU and Without ECU)

Source: The Insight Partners Analysis

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. 

The demand for eco-friendly vehicles is growing faster from 2021, owing to increasing investment in manufacturing plants and growing demand from consumers. Nowadays, eco-friendly cars are equipped with advanced featured pumps and devices for a better driving experience. Increasing demand for low-emission vehicles and growing supportive regulations for zero-emission vehicles through subsidies and tax rebates have compelled manufacturers to provide electric cars across the globe. When switching to an electric vehicle, customers expect a higher level of automated experience, coupled with advanced driving features wherein the electric-powered coolant pump is deployed for better energy efficiency. As per the Global Electric Vehicle Outlook, sales of electric cars, including fully electric and plug-in hybrid vehicles, increased to a new record of 6.6 million units in 2021. As per the same report, in China, electric car sales increased significantly in 2021 to 3.3 million, accounting for about half of the total global sales. EV sales also grew strongly in Europe by 65% to 2.3 million units, and sales in the US doubled to 630,000 units in 2021.

Impact of COVID-19 Pandemic on North America Electric Coolant Pump Market Growth

North America has the highest acceptance and development rate of emerging technologies globally due to favorable government policies to boost innovation and reinforce infrastructure capabilities. The automotive industry has a potential influence on the region’s economy. The US was one of the world's worst-affected countries due to the COVID-19 outbreak, and the COVID-19 crisis led to a cascading impact on multiple industries, including IT, automotive, and telecommunication. The operation in these industries was put on hold, which hampered the business dynamics in the first half of 2020. In North America, 43 states had lower auto exports in 2020 compared to 2019. A shortage of semiconductor chips and other essential car components reduced auto production. Supply chain disruptions and labor shortages were the prominent factors limiting supply and production activities. During the pandemic, the drop in production significantly hampered the electric coolant pump market.

Aisin Seiki Co. Ltd.; Continental Ag; Gmb Corporation; Hanon Systems; Hitachi Automotive Systems, Ltd.; Johnson Electric Holdings Limited; Mahle Gmbh; Rheinmetall Automotive Ag; Robert Bosch Gmbh; and Vovyo Technology Co., Ltd are among the leading players operating in the electric coolant pump market.

The electric coolant pump market report provides a detailed market analysis to help key players strategize their growth in the coming years. It also forecasts the upcoming trends and developments in the electric coolant pump market.

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