by The Electric Coolant Pump Market is estimated to be valued at US$ 5.18 Bn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric coolant pump are engine cooling systems that utilize electric motors instead of mechanical belts to circulate coolant through the cooling system. They are primarily used in hybrid and electric vehicles to regulate engine temperatures more precisely as compared to mechanical pumps. Electric coolant pumps offer advantages such as quick warm-up times, increased coolant flow control, improved fuel economy and reduced emissions. They play a vital role in optimizing combustion engine performance in hybrid vehicles.
Market Dynamics:
One of the major drivers for the electric coolant pump market is the growing adoption of micro-hybrid and hybrid electric vehicles globally. Automakers are focusing on incorporating start-stop systems and mild-hybrid technologies to improve fuel efficiency which is driving the demand for electric coolant pumps. Moreover, stringent emission norms by regulatory authorities have compelled OEMs to develop more efficient cooling systems, thereby propelling the electric coolant pump market growth.
The emergence of all-electric vehicles is also contributing to the market growth. Advanced cooling requirements of high-voltage batteries and power electronics in EVs have increased the usage of electric coolant pumps. Their quick warmup functionality allows EVs to retain optimal battery temperatures for longer ranges. The rising sales of EVs across the world create significant opportunities for electric coolant pump manufacturers over the forecast period.
Segment Analysis
The Electric Coolant Pump market is dominated by the Electric Coolant Pump for Hybrid Vehicles sub-segment. This sub-segment currently holds around 60% share of the total Electric Coolant Pump market owing to the rising demand and production of hybrid vehicles across the world. Hybrid vehicles require advanced electric coolant pumps for efficient engine cooling which is driving the growth of this sub-segment.
PEST Analysis
Political: Governments across the world are supporting green mobility solutions through incentives and subsidies for electric vehicles. This is positively impacting the adoption of hybrid vehicles which utilize electric coolant pumps.
Economic: With rising disposable incomes, customers are willing to pay more for advanced features in vehicles including electric coolant pumps which enhance fuel efficiency. The growth in economy is supporting the sales of electric vehicles.
Social: Due to rising environmental concerns, customers are moving towards greener vehicles. This increasing consumer preference for hybrid and electric vehicles is driving the demand for associated components like electric coolant pumps.
Technological: Manufacturers are focussing on developing lightweight and more efficient electric coolant pumps suitable for advanced powertrain systems. Advancements in power electronics are also supporting innovations in electric coolant pump technology.
Key Takeaways
The Global Electric Coolant Pump Market Demand is expected to witness high growth, exhibiting CAGR of 23% over the forecast period, due to increasing global sales of hybrid and electric vehicles. In 2023, the market size for Electric Coolant Pump is estimated to reach US$ 5.18 Bn.
Regional analysis: Asia Pacific dominance in the Electric Coolant Pump market is expected to continue due to large production and sales of hybrid vehicles in China and Japan. Countries like South Korea and India are also contributing to market growth in the region.
Key players: Key players operating in the Electric Coolant Pump market are Aisin Seiki, Rheinmetall, Hanon Systems, MAHLE, BorgWarner, Robert Bosch, GMB, DaviesCraig, Torishima Pump, and Modine. These players are focusing on new product launches and partnerships with automotive OEMs to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
