Electric Coolant Market Overview, Segmentation, Outlook And Trends Report 2033

Global electric coolant pump market size is expected to reach $5.19 Bn by 2028 at a rate of 14.1%, segmented as by type, sealed, seal less

Aug 21, 2024 - 12:05

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Electric Coolant Market Overview, Segmentation, Outlook And Trends Report 2033

The electric coolant pump from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Electric Coolant Pump Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -

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%. The growth in the historic period can be attributed to a shift towards electric powertrains, increasing automotive production, a growing focus on thermal management, stringent emission regulations, and increasing 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 can be attributed to the rise of direct liquid cooling systems, increased penetration in ice vehicles, customization for specific vehicle applications, integration of renewable energy, and demand for high-performance cooling solutions. Major trends in the forecast period include the development of compact and lightweight solutions, advancements in pump efficiency, integration with smart thermal management systems, research and development investments, and advancements in automotive technology.

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Scope Of Electric Coolant Pump Market

The Business Research Company's reports encompass a wide range of information, including:

Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
Drivers: Examination of the key factors propelling market growth.
Trends: Identification of emerging trends and patterns shaping the market landscape.
Key Segments: Breakdown of the market into its primary segments and their respective performance.
Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
Macro Economic Factors: Assessment of broader economic elements impacting the market.

Electric Coolant Pump Market Overview

Market Drivers -

The growing demand for electric cars is expected to propel the growth of the electric coolant pump market going forward. Electric cars are vehicles powered by electric motors that utilize energy stored in rechargeable batteries, offering a clean and sustainable alternative to traditional combustion engine vehicles. The demand for EV cars is on the rise due to increasing environmental awareness and stringent emissions regulations. In electric vehicles (EVs), electric coolant pumps regulate component temperatures by circulating coolant, ensuring the efficient performance and longevity of critical systems such as batteries and electric motors. For instance, in 2023, according to the International Energy Agency (IEA), almost 14 million new electric cars were registered globally, bringing their total number on the roads to 40 million, closely tracking the sales forecast for 2023. Electric car sales in 2023 were 3.5 million higher than in 2022, a 35% year-on-year increase. Therefore, the growing demand for electric cars is driving the growth of the electric coolant pump market.

Market Trends -

Major companies operating in the electric coolant pump market are focusing on extending their portfolio for the aftermarket to provide more efficient and durable solutions and meet the growing demand for vehicle maintenance and upgrades. Aftermarket electric coolant pumps are replacement or upgrade components available for vehicles after the original purchase. For instance, in October 2022, Robert Bosch GmbH, a Germany-based engineering company, expanded its electric coolant pump portfolio for the aftermarket. The addition of new electric coolant pump models to Bosch's aftermarket offering demonstrates the company's commitment to staying at the forefront of automotive technology advancements. By providing a wide range of electric coolant pumps, Bosch aims to support the growing demand for these components in the aftermarket, enabling workshops and service centers to maintain and repair vehicles with the latest cooling system technologies.

The electric coolant pump market covered in this report is segmented –

1) By Type: Sealed, Seal less

2) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)

3) By Power Output: Up To 100W, Greater Than100W

4) By Application: Passenger Car Cooling, Cooling Of Accessories, Air Conditioning, Gearbox Cooling, Other Applications

5) By Sales Channel: Original Equipment Manufacturer, Aftermarket

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Regional Insights -

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.

Key Companies -

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, Eberspächer 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.

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