by The global Electric Coolant Pump Market is estimated to be valued at US$ 5.18 Bn or Million 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:
The electric coolant pump is used in automobiles to circulate coolant into the radiator to prevent overheating of the engine. It helps improve fuel efficiency and reduce CO2 emissions.
Market key trends:
One of the key trends in the electric coolant pump market is the growing demand for fuel-efficient and low emission vehicles. Stringent emission norms by regulatory bodies are forcing automakers to adopt more efficient electric coolant pumps. Furthermore, increasing electrification of auxiliary components in hybrid and electric vehicles is also supporting the growth of electric coolant pumps. Advantages like compact size, reduced weight, and lower energy consumption compared to mechanically driven pumps are boosting their adoption.
SWOT Analysis
Strength: Electric coolant pumps are more efficient than mechanical pumps as they consume less energy. They offer precise coolant flow control capabilities.
Weakness: High initial costs associated with replacing existing mechanical pumps with electric variants. Potential reliability issues during the early adoption phase.
Opportunity: Growing electrification of automotive components provides an opportunity for electric coolant pump manufacturers. Increasing strict fuel efficiency and emission regulations will drive their adoption.
Threats: Availability of low-cost mechanical pump alternatives. Slow adoption rate among cost-conscious customers.
Key Takeaways
The Global Electric Coolant Pump Market Growth is expected to witness high, exhibiting CAGR of 23.% over the forecast period, due to increasing stringent fuel economy and emission regulations. Manufacturers are developing innovative electric coolant pumps to maximize efficiency and minimize emissions.
Regional analysis: North America dominates the global electric coolant pump market with over 30% share in 2023. The region’s automotive industry is adopting new technologies at a rapid pace to reduce emissions. Asia Pacific exhibits the fastest growth in demand for electric coolant pumps owing to large automotive manufacturing bases in China, India, and Japan.
Key players operating in the Electric Coolant Pump market are Aisin Seiki (Japan), Rheinmetall (Germany), Hanon Systems (South Korea), MAHLE (Germany), BorgWarner (US), Robert Bosch (Germany), GMB (Japan), DaviesCraig (Australia), Torishima Pump (Japan), Modine (US). Leading players are focusing on expanding their product portfolio and footprint in growing regional markets through partnerships and mergers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.
