PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464611
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1464611
Electric Coolant Pump Market size was valued at USD 326.34 Million in 2023, expanding at a CAGR of 15.8% from 2024 to 2032.
Internal combustion engines and electric vehicles employ electric coolant pumps to move engine coolant around and keep it at the right temperature. When compared to mechanical pumps, the main benefits are lower parasitic losses, lower emissions, and increased efficiency. Stricter emission regulations, car electrification, and improvements in pump technology are the main motivators.
Electric Coolant Pump Market- Market Dynamics
Stringent government regulations to propel market demand
One of the main factors propelling the electric coolant pump market's growth is government laws aimed at reducing pollution. Emission control laws have been stricter in both developed and developing countries due to growing concerns about environmental contamination. For example, the introduction of Euro 6d regulations in Europe has forced automakers to use cutting-edge technology, such as electronic coolant pumps. In addition to being more efficient, electric pumps remove belt drive losses from engine accessory drive systems. The use of Original Equipment Ms. aids in meeting more stringent CO2 emission targets. The installation of electric pumps in cars has also surged in India after the BS-VI standards were introduced. Thus, the adoption of these pumps is being encouraged by stricter emission control requirements.
Electric Coolant Pump Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 15.8% over the forecast period (2024-2032)
Based on product type segmentation, Compact-size was predicted to show maximum market share in the year 2023
Based on application segmentation, Engine Cooling was the leading type in 2023
Based on technology segmentation, mechanical was the dominating segment in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Electric Coolant Pump Market is segmented on the basis of Product Type, Application, Technology, Vehicle Type, Propulsion Type, and Region.
The market is divided into five categories based on product type: Full-size, Mid-size, Compact-size, Mini-size, and Others. In the realm of electric coolant pumps, Compact-size variants stand out as the dominant segment owing to their versatility, efficiency, and streamlined design. These pumps strike a balance between power and space-saving attributes, rendering them suitable for a broad spectrum of vehicle types and applications. Their compact nature facilitates effortless integration into tight engine compartments, ensuring optimal cooling performance without monopolizing excessive space. Moreover, advancements in motor technology have bolstered the efficiency and reliability of Compact-size pumps, further solidifying their supremacy in the market.
The market is divided into four categories based on application: Engine Cooling, Battery Cooling, Turbocharger Cooling, and Others. Engine Cooling emerges as the primary segment propelling the demand for electric coolant pumps. Engine cooling systems play a pivotal role in maintaining optimal operating temperatures within combustion engines, thereby ensuring performance, efficiency, and longevity. Electric coolant pumps constitute indispensable components of modern engine cooling systems, offering precise control over coolant flow rates and temperatures. With the escalating demand for fuel-efficient and eco-friendly vehicles, the adoption of electric coolant pumps in engine cooling applications continues to soar. Additionally, stringent emissions regulations and advancements in engine technology further drive the market for electric coolant pumps in engine cooling applications, reinforcing their dominance in this segment of the market.
Electric Coolant Pump Market- Volume Data Insights
The Electric Coolant Pump market is experiencing significant growth driven by various factors. With the automotive industry's shift towards electric and hybrid vehicles, there's a rising demand for efficient cooling systems. Electric coolant pumps play a crucial role in maintaining optimal operating temperatures for vehicle components, ensuring performance and longevity. Additionally, stringent emissions regulations require vehicles to optimize energy efficiency, further boosting the adoption of electric coolant pumps to reduce parasitic losses compared to traditional belt-driven pumps. Moreover, advancements in electric motor technology and cooling system design contribute to the development of more compact, lightweight, and energy-efficient coolant pumps, meeting the evolving needs of automotive manufacturers.
Electric Coolant Pump Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Within the Electric Coolant Pump market, companies deploy strategic initiatives such as product innovation, market expansion, and strategic partnerships to sustain competitiveness. Continuous research and development endeavors fuel innovation in pump design, motor efficiency, and cooling performance, with the aim of enhancing energy efficiency, reliability, and durability. Strategic collaborations with automotive manufacturers, cooling system suppliers, and technology providers facilitate market expansion and access to new applications and customer segments. Additionally, companies invest in customer education and support, offering technical expertise, training programs, and aftermarket services to ensure optimal pump performance and customer satisfaction. By prioritizing innovation, market expansion, and customer engagement, companies can fortify their position in the electric coolant pump market and cater to the evolving needs of automotive, industrial, and HVAC sectors for efficient and reliable cooling solutions.
In November, 2023, Sweden's Concentric AB, a prominent pump manufacturer, clinched a significant business agreement in the rapidly expanding Indian electric commercial vehicle market. The company secured a US$ 6.7 million contract spanning five years, with production slated to commence in 2025. Their innovative electric coolant pump will be utilized by an Indian OEM for a new electric bus platform. Concentric AB aims to establish a long-term partnership with this key customer, collaborating on future electric and fuel-cell bus projects.
GLOBAL ELECTRIC COOLANT PUMP MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Aisin Seiki
Rheinmetall
Hanon Systems
MAHLE
BorgWarner
Robert Bosch
GMB
DaviesCraig
Torishima Pump
Modine
Others