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Electric Coolant Pump Market By Application (Engine Cooling & HAVC, Battery and Power Electronics Cooling, Gearbox Cooling); By Type (Sealed and Seal less); By Seal less type (Electrically driven/Canned and Magnetically driven)By Vehicle type (Battery Electric, Plug-in Hybrid Electric vehicle) By Electric Vehicle Use(Passenger Car and Commercial Car) and Regional Analysis of Market Size, Share and Trends for 2014-2019 and Forecasts to 2030
The Electric Coolant Pump Market registered a growth of USD 264.6 million in 2021 and is expected to register a growth of USD 1070.6 million in 2030 in the forecast period and grow at a CAGR of 16..8% till 2030.
An electric coolant pump is a device that is used in automotive to provide on-demand cooling based on the load of the engine, especially during cold starts that increase fuel efficiency and reduces emissions. It also leads to improvement in air conditioning in the passenger compartment of the vehicle. The electric coolant pump is employed with the thermal management system of the internal combustion engine which provides additional benefits. The electric coolant pump market is expected to have huge demand during the forecasted period owing to its improved engine performance along with the rise in demand for electric vehicles across the world.
The Electric Coolant Pump Market is expected to project a CAGR of 16.8% during the forecast period, 2021-2030
Improved engine performance, fuel efficiency, and government regulations are to increase the market growth for electric coolant pumps. Increased demand for fuel-efficient engines as well as increased demand for electric vehicles is also expected to spur the growth of the market. The coolants provide various benefits and fewer technical challenges, they require less maintenance as well as cooling oil requirements which is another factor for the increasing market growth. Rapid electrification of mechanical components and rising awareness among people for use of eco-friendly vehicles is also accelerating the market growth.
The battery and power electronics cooling segment to grow with the highest CAGR of XX% during 2020-2030
By Application, the market is segmented into Engine Cooling & HAVC, Battery and Power Electronics Cooling, and Gearbox Cooling. Battery and power electronics cooling is to hold the highest CAGR growth.
The seal-less type segment to grow with the highest CAGR of XX% during 2020-2030
By Type, it can be categorized into Sealed and Sealless. The seal-less type holds the highest CAGR in the electric coolant pump market due to its various technical benefits, zero leakage, and increased efficiency.
The electrically driven type segment to grow with the highest CAGR of XX% during 2020-2030
By Seal, less Type it can be divided into electrically driven/ Canned and Magnetically driven. Electrically driven types dominate the segment owing to the increased technical benefits over the traditional hand-driven types. They are less costly and reduce emissions which increase their growth.
The plug-in hybrid electric vehicle segment to grow with the highest CAGR of XX% during 2020-2030
By Vehicle Type, it can be classified into Battery Electric (BEV) and Plug-in Hybrid Electric Vehicle (PHEV). The hybrid segment registered the highest CAGR growth during the forecast period due to its high technology features such as regenerative braking systems and electric motors.
The passenger car segment to grow with the highest CAGR of XX% during 2020-2030
Electric Vehicle Use can be divided into Passenger cars and Commercial Vehicle. Passenger car uses to dominate the segment owing to the increased adoption of electric vehicles, electrification of mechanical components as well as emission control regulations.
Fuel efficiency as well as government regulations to increase growth
Improved engine performance, fuel efficiency, and government regulations are to increase the market growth for electric coolant pumps. Increased demand for fuel-efficient engines as well as increased demand for electric vehicles is also expected to spur the growth of the market. The coolants provide various benefits and fewer technical challenges, they require less maintenance as well as cooling oil requirements which is another factor for the increasing market growth. Rapid electrification of mechanical components and rising awareness among people for the use of eco-friendly vehicles is also accelerating market growth.
High installation costs, as well as operational costs, hamper the market growth
Faulty electric coolant pump recalls and design defects in the pumps are major factors that hamper the growth of the Electric Coolant Pump Market. High installation charges and high operational costs causing failure in coolant pumps also negatively impact the market.
APAC region is expected to dominate the regional segment due to the increasing demand and sale of electric vehicles and efficient norms of the government which is, in turn, accelerating growth. It is likely to have high growth during the forecasted period due to, improvements in automotive, economic growth in the developing countries of the region, and collaborations between key players in electric coolant pump markets and original equipment manufacturers.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Based on the Application
The Electric Coolant Pump Market size was estimated at USD 264.6 million in 2021 and is expected to reach USD 1070.6 million in 2030
Aisin Seiki Co. Ltd., Rheinmetall Automotive AG, Robert Bosch GmbH, Continental AG, MAHLE GmbH, SANHUA Automotive, Pier burg GMBH, Magna International Inc., Other prominent players
The seal-less type segment and The battery and power electronics cooling segment are anticipated to hold theElectric Coolant Pump Market
Drivers. Fuel efficiency as well as government regulations to increase growth
An electric coolant pump is a device that is used in automotive to provide on-demand cooling based on the load of the engine, especially during cold starts that increase fuel efficiency and reduces emissions.
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