PUBLISHER: The Business Research Company | PRODUCT CODE: 1531936
PUBLISHER: The Business Research Company | PRODUCT CODE: 1531936
An electric coolant pump is a device utilized in vehicles to circulate coolant fluid throughout the engine and radiator. Its role is crucial in maintaining optimal engine temperature, improving fuel efficiency, and preventing overheating by controlling coolant flow independently of engine speed. This technology is especially prevalent in hybrid and electric vehicles for efficient thermal management.
There are two main types of electric coolant pumps, sealed and sealless. Sealed electric coolant pumps are designed to circulate coolant within a system while completely enclosed to prevent leakage and contamination. These pumps find application in various vehicle types such as battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). They are used for tasks such as passenger car cooling, cooling of accessories, air conditioning, gearbox cooling, among others. These pumps are sold through original equipment manufacturers (OEMs) and aftermarket channels.
The electric coolant pump market research report is one of a series of new reports from The Business Research Company that provides electric coolant pump market statistics, including electric coolant pump industry global market size, regional shares, competitors with an electric coolant pump market share, detailed electric coolant pump market segments, market trends and opportunities, and any further data you may need to thrive in the electric coolant pump industry. This electric coolant pump market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electric coolant pump market size has grown rapidly in recent years. It will grow from $2.69 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. In the historical period, growth can be attributed to a transition towards electric powertrains, expansion in automotive production, heightened emphasis on thermal management, strict emission regulations, and rising demand for fuel efficiency.
The electric coolant pump market size is expected to see rapid growth in the next few years. It will grow to $5.19 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period is expected due to the emergence of direct liquid cooling systems, greater adoption in internal combustion engine vehicles, customization tailored to specific vehicle needs, integration of renewable energy sources, and the demand for high-performance cooling solutions. Key trends anticipated in the forecast period include the development of compact and lightweight solutions, improvements in pump efficiency, integration with intelligent thermal management systems, increased investments in research and development, and advancements in automotive technology.
The increasing demand for electric cars is poised to drive the growth of the electric coolant pump market in the future. Electric cars, powered by electric motors and rechargeable batteries, offer a clean and sustainable alternative to traditional combustion engine vehicles. The surge in demand for EVs is fueled by growing environmental awareness and stricter emissions regulations. Electric coolant pumps play a crucial role in EVs by regulating component temperatures through coolant circulation, ensuring efficient performance and longevity of critical systems such as batteries and electric motors. For instance, in 2023, the International Energy Agency (IEA) reported nearly 14 million new electric cars registered globally, bringing the total number on roads to 40 million, closely aligning with sales forecasts for the year. Electric car sales in 2023 saw a 35% year-on-year increase, with 3.5 million more units sold compared to 2022. Thus, the rising demand for electric cars is propelling the growth of the electric coolant pump market.
Leading companies in the electric coolant pump market are expanding their aftermarket portfolio to offer more efficient and durable solutions, meeting the increasing demand for vehicle maintenance and upgrades. Aftermarket electric coolant pumps are replacement or upgrade components available for vehicles post-purchase. For example, in October 2022, Robert Bosch GmbH, a Germany-based engineering company, broadened its electric coolant pump portfolio for the aftermarket. The addition of new electric coolant pump models to Bosch's aftermarket lineup reflects the company's commitment to staying abreast of automotive technology advancements. By providing a diverse range of electric coolant pumps, Bosch aims to support the growing aftermarket demand for these components, enabling workshops and service centers to maintain and repair vehicles with the latest cooling system technologies.
In October 2023, EBARA Pumps Europe S.p.A. (EPE), an Italy-based manufacturer of electric pumps, acquired SKF Lubrication Systems Germany GmbH to enhance its portfolio and strengthen its market position. SKF Lubrication Systems Germany GmbH is a Germany-based provider of electric coolant pumps.
Major companies operating in the electric coolant pump market are Hyundai Corporation, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Aisin Corporation, Valeo S.A., MAHLE GmbH, BorgWarner Inc., HELLA GmbH & Co. KGaA, Eberspacher Gruppe GmbH & Co. KG, Rheinmetall Automotive AG, Hanon Systems, Johnson Electric, Gates Corporation, Standard Motor Products Inc., TYC Brother Industrial Co. Ltd., Vernet Group, Saleri Silvio S.p.A., Grayson Thermal Systems, Stant Corporation, Rotex Automation Limited, Delphi Technologies, Davies Craig Pty Ltd.
Asia-Pacific was the largest region in the electric coolant pump market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric coolant pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric coolant pump market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric coolant pump market consists of sales of centrifugal pumps, axial flow pumps, and brushless pumps. 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.
Electric Coolant 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 electric coolant 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 electric coolant pump ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric coolant 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.