May 21, 2024
Electric Coolant Pump Market

The Electric Coolant Pump Market is driving trends through enhanced engine performance

The electric coolant pump market comprises pumps that circulate coolants or antifreeze in internal combustion engines to regulate their temperature. Electric coolant pumps are more energy efficient than mechanically driven pumps as they are powered by the car’s battery or alternator. They offer advantages like quick warm-up of the engine and precise temperature control. The pumps help in reducing emissions and increasing fuel efficiency by enabling fast warm-up of catalytic converters and optimized coolant delivery.

The Global Electric Coolant Pump Market is estimated to be valued at US$ 5.97 Mn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2030.

Key players operating in the electric coolant pump are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Boehringer Ingelheim International GmbH, Takeda Pharmaceutical Company Limited, Johnson & Johnson, Bristol-Myers Squibb Company, AbbVie Inc., Pfizer Inc., Mylan N.V., Novartis International AG, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., among others.

Key Takeaways

Key players: Novo Nordisk A/S, Eli Lilly and Company, and AstraZeneca PLC dominate the electric coolant pump market with their technologically advanced and highly efficient product offerings.

Growing demand: The growing demand for fuel-efficient and low emission vehicles is driving the adoption of electric coolant pumps across all vehicle segments. Stringent emission norms are further propelling the demand.

Global expansion: Leading players are expanding their global footprint through collaborations with automotive OEMs and parts suppliers to strengthen their positions and tap the growing demand internationally.

Market key trends

Development of variable speed Electric Coolant Pumps Market Demand is one of the key trends witnessed in the market. Variable speed pumps can regulate coolant flow as per the engine’s temperature needs, improving efficiency. They eliminate the need for thermostats and reduce parasitic losses on the engine, contributing to enhanced fuel economy. This trend is expected to gain further traction during the forecast period.

Porter’s Analysis

Threat of new entrants: Low startup costs and minimum technical skills required allow new companies to enter the market easily.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products.

Bargaining power of suppliers: Suppliers have low bargaining power due to availability of many component suppliers in the market.

Threat of new substitutes: Threat of new substitutes is high as electric vehicles are emerging as an alternative.

Competitive rivalry: Intense due to many established players competing on pricing and product innovation.

Geographical regions with highest market value: Currently, North America holds the highest market value share mainly attributed to high penetration of electric vehicles.

Fastest growing geographical region: Asia Pacific is expected to witness the highest growth during the forecast period owing to rising adoption of electric vehicles especially in China and India supported by government incentives and initiatives to curb emissions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it