Electric Coolant Pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Engine Cooling & HVAC, Battery & Power Electronics Cooling, and Gearbox Cooling), Power (Below 100 W and Above 100 W), Vehicle Type (Passenger Cars, Light

Electric Coolant Pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Engine Cooling & HVAC, Battery & Power Electronics Cooling, and Gearbox Cooling), Power (Below 100 W and Above 100 W), Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles), Propulsion Type (ICE, Electric, and Hybrid), and Pump Type (With ECU and Without ECU)

The electric coolant pump market is projected to grow from US$ 467.46 million in 2022 to US$ 1,188.28 million by 2028; it is estimated to grow at a CAGR of 16.8% from 2022 to 2028.

North America is holding a potential share, owing to favorable government initiatives and a rise in demand for all-electric vehicles. According to the US Department of Energy, the sales of new light-duty plug-in electric vehicles, including electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), doubled from 308,000 units in 2020 to 608,000 units in 2021. These investment plans are expected to impact the electric coolant pump market positively. Thus, rising initiatives from key players and growing demand for passenger vehicles are key factors driving the market. The government in the US has also set the target of 50.0% EV sales by 2030. Thus, the growing demand for EVs is expected to bolster the demand for electric coolant pumps in North America.

Asia Pacific is expected to offer lucrative growth opportunities for the market over the forecast period. Several cities in China relaxed car license policies, allowing more internal combustion engine vehicles to be registered to support local car industries. During the forecast period, consumer spending on EVs is expected to rise with the government's support through subsidies and incentives. Further, China's electric bus and heavy-duty truck (HDT) registrations increased in 2020. Thus, the growing sale of LCVs, electric buses, and passenger cars in China is expected to propel the demand for electric coolant pumps. Also, the Asian region has a huge potential for producing automotive vehicles across premium and SUV vehicle classes, boosting the demand for electric coolant pumps. An electric coolant pump provides reduced power requirements and also saves fuel consumption. In addition, product innovation and demand for EVs are expected to play a vital role in Asia's market growth. For instance, in South Korea, in 2021, Eurol Lubricants introduced the new Coolant -36°C GLX-AV, a coolant suitable for modern cars, including EVs from Japanese and Korean auto brands such as Honda, Hyundai, Mazda, Kia, and Mitsubishi.

Electric coolant pump and battery-cell manufacturers are increasing their production capacities in European markets. Several top players in the automotive industry are investing in developing advanced electric coolant products. Major companies such as Continental AG and Mahle GmbH invest heavily in their R&D to improve battery power consumption by using efficient electric coolant pumps. For instance, Mahle GmbH—specializing in thermal management, including the heating and cooling the vehicle interior and components— developed a completely new cooling system for batteries in September 2021. The European Commission is planning to have at least 30 million electric vehicles on the roads by the end of this decade. In addition, the European Commission had pumped around US$ 793.59 billion stimulus package, including US$ 21.16 billion, to boost the sales of clean vehicles. Thus, growing initiatives from the government for accelerating the production and imbibing awareness for clean vehicles are the prominent factors propelling the demand of electric vehicles, driving the demand for electric coolant pumps.

In the Middle East & Africa, the growing focus of the governments on promoting the use of electric vehicles is fueling the market growth. For instance, in April 2022, Saudi Arabia planned to construct new electric vehicle production plants capable of building 150,000 models per year and an EV infrastructure to support this initiative.

In any ICE or EV, cooling e-motors has become a key to certifying the highest operational efficiency. The use of electric coolant pumps can provide effective thermal management. The growing trend of autonomous vehicles in South American countries such as Argentina and Brazil is expected to bolster the need for electric coolant pumps. Further, the increasing investment in research & development of electric fluids and drive systems is projected to play a key role in expanding the electric coolant pump market in South America.

This electric coolant pump market study primarily focuses on five segments—application, power, vehicle type, propulsion type, and pump type. In terms of application, the electric coolant pump market is segmented into engine cooling and HVAC, battery and power electronics cooling, and gearbox cooling. Based on power, the electric coolant pump market is categorized into below 100 W and above 100 W. Based on vehicle type, the electric coolant pump market is divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. In terms of propulsion type, the electric coolant pump market is segmented into ICE, electric, and hybrid. Based on pump type, the electric coolant pump market is divided into with ECU and without ECU.

The overall electric coolant pump market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the electric coolant pump market. The process also obtains overview and forecast for the electric coolant pump market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include industry experts such as VPs, business development managers, electric coolant pump market intelligence managers, national sales managers, and external consultants—valuation experts, research analysts, and key opinion leaders—specializing in the electric coolant pump market.

Reasons to Buy
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global electric coolant pump marketHighlights key business priorities in order to assist companies to realign their business strategiesThe key findings and recommendations highlight crucial progressive industry trends in the global electric coolant pump market, thereby allowing players across the value chain to develop effective long-term strategiesDevelop/modify business expansion plans by using substantial growth offering developed and emerging marketsScrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering itEnhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution Show more