PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1402618
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1402618
The global electric coolant pump market size was valued at US$ 328.3 million in 2023 and is expected to reach US$ 912.7 million by 2030, grow at a compound annual growth rate (CAGR) of 15.7% from 2023 to 2030.
Report Coverage | Report Details | ||
---|---|---|---|
Base Year: | 2022 | Market Size in 2023: | US$ 328.3 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 15.70% | 2030 Value Projection: | US$ 912.7 Mn |
The electric coolant pump market is set to grow significantly over the forecast period of 2023 to 2030. Electric coolant pumps are gaining popularity as an alternative to mechanically driven coolant pumps in modern vehicles. The advantages of electric coolant pumps such as easy controllability, higher efficiency, noise reduction, and ability to vary coolant flow make them an attractive option for automobile manufacturers. Several auto makers have started incorporating electronically controlled coolant pumps that can be intelligently operated based on varying engine temperature and load conditions. This improves the overall fuel efficiency and performance of modern high-tech vehicles. The miniaturization of power electronics is also favoring the growth of small yet powerful electric coolant pumps. The trend towards electrification of auxiliary components in automobiles is expected to drive the electric coolant pumps market.
The global electric coolant pump market is driven by several factors. Firstly, the growing adoption of electric vehicles and hybrid electric vehicles is fueling the demand for electric coolant pumps. As governments worldwide are implementing stringent emission regulations, automakers are focusing on developing eco-friendly vehicles, which require efficient cooling systems. Additionally, the increasing consumer preference for electric vehicles due to their lower operating costs and reduced environmental impact is boosting market growth. Electric coolant pumps play a vital role in maintaining the temperature of the vehicle's powertrain, ensuring optimal performance, and extending the battery life. However, there are certain restraints that may hinder market growth. The high cost of electric coolant pumps compared to traditional mechanical pumps is a significant challenge. Moreover, the limited availability of charging infrastructure for electric vehicles in certain regions may hamper market growth.
Despite these challenges, the market presents several opportunities for growth. The rising investments in research and development activities to improve the efficiency and performance of electric coolant pumps are expected to drive market growth. Additionally, the increasing focus on developing advanced cooling systems for electric vehicles presents lucrative opportunities for market players.