PUBLISHER: The Business Research Company | PRODUCT CODE: 1409221
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409221
“Automotive Electric Water Pump Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive electric water pump market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive electric water pump? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive electric water pump market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An automotive electric water pump is a specialized device powered by a motor that efficiently circulates coolant from the cooling system to the internal parts of the engine. Its primary function involves facilitating the movement of coolant from the radiator throughout various sections of the powertrain. Using a controller, it manages the flow of coolant, adjusting circulation based on different temperature ranges to maintain optimal engine temperature.
The voltage types pertinent to automotive electric water pumps include 12V and 24V systems. A 12V water pump operates through a small DC motor powered by a 12V DC source. These pumps are utilized in various vehicle types such as passenger vehicles, light commercial vehicles, heavy-duty trucks, buses, and coaches, employing diverse propulsion systems such as internal combustion engines (ICEs), electric, battery electric, hybrid or plug-in hybrid electric, and fuel-cell electric propulsion. They serve functions related to engine cooling, turbocharger cooling, battery cooling, among others. These pumps are distributed through original equipment manufacturers (OEMs) and aftermarket sales channels.
The automotive electric water pumps market research report is one of a series of new reports from The Business Research Company that provides automotive electric water pumps market statistics, including automotive electric water pumps industry global market size, regional shares, competitors with automotive electric water pumps market share, detailed automotive electric water pumps market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive electric water pumps industry. This automotive electric water pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive electric water pump market size has grown rapidly in recent years. It will grow from $3.35 billion in 2023 to $3.86 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. During the historical period, growth in the automotive electric water pump sector can be attributed to various factors, including the escalation of fuel efficiency standards, heightened focus on reducing emissions, evolving requirements for advanced engine cooling systems, increased consumer demand for electric and hybrid vehicles, ongoing innovation within the automotive industry aimed at enhancing performance, as well as the growing trend of engine downsizing to improve efficiency.
The automotive electric water pump market size is expected to see rapid growth in the next few years. It will grow to $6.69 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. Anticipated growth in the forecast period is expected to result from ongoing efforts to further reduce emissions, the integration of smart and connected features into automotive systems, the prominence of thermal management systems, a heightened emphasis on utilizing lightweight materials, and the expanding market presence of electric vehicles. Major trends projected in this period encompass increased vehicle electrification, a continued focus on energy efficiency enhancements, integration with smart cooling systems, advancements in lightweight design and materials, and the increasing adoption of electric and hybrid powertrains within the automotive industry.
The growing demand for electric vehicles is anticipated to drive the expansion of the automotive electric water pump market. Electric vehicles (EVs) are powered by electric motors drawing energy from batteries, and the adoption of these vehicles is on the rise. The automotive electric water pump plays a crucial role in managing coolant circulation in an electric vehicle's engine, ensuring optimal temperatures and preventing both insufficient and excessive cooling. As per a report from the International Energy Agency (IEA), the market share of electric vehicles increased to over 10% in 2021, up from 4% in 2019, reflecting a significant shift. The global sales of electric cars in 2021 reached 6.6 million units, compared to 2.98 million units in the previous year. Consequently, the surging demand for electric vehicles is a key driver behind the growth of the automotive electric water pump market.
Stringent environmental regulations and emission requirements are also contributing to the market's growth. The tightening of emission standards has led automotive manufacturers to seek innovative solutions to reduce environmental impact. The incorporation of electric water pumps in vehicles enhances engine efficiency, reduces fuel consumption, and helps meet emission targets. For instance, the Environmental Protection Agency (EPA) in the United States approved new vehicle emissions guidelines through 2026 in December 2021. These guidelines are expected to result in a reduction of 3.1 billion tons of CO2 emissions by 2050. Additionally, the U.S. government aims for 50% of all new vehicles produced in 2030 to be electric or plug-in hybrid versions. Thus, the increasing focus on environmental regulations and emission standards is expected to drive demand for automotive electric water pumps.
Technological advancement is a prominent trend in the automotive electric water pump market, with major companies concentrating on developing innovative technologies to maintain their market positions. In November 2021, Gates Corporation, a U.S.-based manufacturer of application-specific fluid power and power transmission solutions, introduced the next-generation Thermal Pro electric water pumps (EWP) designed for electric vehicle applications. This technology boasts a sophisticated design capable of handling applications from 100 W to 3 kW (4.0 hp). Notably, the design separates the electronics assembly from potential exposure to coolant fluids, enhancing pump reliability. The patent-pending technology also improves motor efficiency, which is crucial for fully electric platforms where electric water pumps can be substantial battery consumers.
Major companies in the automotive electric water pump market are actively engaged in product development to cater to various vehicle types, including electric, hybrid, and internal combustion engine (ICE) vehicles. An example of this trend is seen in Dayco, a U.S.-based supplier of engine products and drive systems. Dayco has introduced electric water pumps (E-Pumps) designed not only for hybrid and electric vehicles (EVs) but also for selected traditional internal combustion engine (ICE)-powered applications. This expansion of Dayco's thermal management portfolio demonstrates the company's commitment to providing innovative and sustainable mobility solutions.
In February 2021, Advik Hi-Tech, an India-based supplier of various automotive components, acquired Hanon Systems' Bangalore unit. This strategic acquisition is expected to contribute significantly to Advik Hi-Tech's business volume over the next five years, providing a broader customer base and product offerings. Hanon Systems' Bangalore unit is part of the South Korea-based Hanon Systems Company and is involved in manufacturing automotive water pumps and vacuum pumps for global vehicle manufacturers.
Major companies operating in the automotive electric water pump market report are Robert Bosch GmbH, Schaeffler AG, Hitachi Astemo Americas Inc., HELLA GmbH & Co. KGaA, Rheinmetall Automotive AG, Valeo Service, Continental Automotive GmbH, BLDC Pump Co. Ltd., Gates Corporation, Davies Craig Pty Ltd., ZF Friedrichshafen AG, Johnson Electric Holdings Limited, Hanon Systems Co. Ltd., Aisin Seiki Co. Ltd., Magna International Inc., Behr Hella Service GmbH, Carter Fuel Systems LLC, GMB Corporation, Bosch Automotive Service Solutions Inc., ACDelco, DENSO Corporation, Delphi Technologies LLC, BorgWarner Inc., Mahle GmbH, Pierburg GmbH, Airtex Products L.P., ASC Industries Inc., Okinawa Pumps Co. Ltd., Keihin Group, Sanden Holdings Corporation .
Asia-Pacific was the largest region in the automotive electric water pump market in 2023. The regions covered in the automotive electric water pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive electric water pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive electric water pump market consists of sales of onboard charger cooling systems, battery cooling systems, engine cooling systems, and other related products. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.