by An electric coolant pump is a circulation pump that helps circulate coolant in internal combustion engines and hybrid/electric vehicle systems. It is driven by an electric motor instead of the engine’s crankshaft or accessory belt. Electric coolant pumps offer precise control over coolant flow and help improve fuel efficiency. They are increasingly being used in gasoline and diesel engines as well as electric and hybrid vehicles.
The global 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 Dynamics
The increasing production and sales of electric vehicles worldwide is a major driver for the electric coolant pump market. According to the IEA, electric car sales reached 6.6 million in 2021 representing a doubling from the previous year. Major automakers like Tesla, BMW, and BYD are expanding their EV lineup which is fueling the demand for electric coolant pumps in e-mobility applications. Moreover, stringent emission regulations regarding vehicle efficiency and downsizing of engines require precise temperature control inside engines which is propelling the adoption of electric coolant pumps over mechanically driven pumps.
Segment Analysis
The electric coolant pump market is dominated by the automotive segment. Around 60-65% of the overall electric coolant pump market caters to the needs of the automotive sector. This is because automotive manufacturers are increasingly adopting electric coolant pumps to replace mechanical pumps. Electric coolant pumps are more efficient and reliable than mechanical pumps. They also help in reducing fuel consumption and carbon emissions of vehicles.
PEST Analysis
Political: Stricter emission norms by regulatory bodies like EPA are forcing automakers to improve the fuel efficiency of vehicles. This is driving the demand for efficient electric coolant pumps.
Economic: Rising disposable incomes are enabling consumers to purchase fuel-efficient vehicles equipped with advanced technologies like electric coolant pumps. Original equipment manufacturers are also investing heavily in developing electric variants.
Social: Growing environmental awareness among consumers is increasing the focus on reducing carbon footprint. Electric coolant pumps help automakers comply with emission regulations as they enhance the efficiency of vehicles.
Technological: Advancements in microcontroller technology and downsizing of electric motors are making electric coolant pumps more compact and cost-effective. New manufacturing techniques are also improving the durability and reliability of these pumps.
Key Takeaways
The global Electric Coolant Pump Market Growth is expected to witness high growth, exhibiting CAGR of 23.% over the forecast period, due to increasing stringency of emission norms worldwide. The market size for 2023 is projected to reach US$ 5.18 Bn.
Regionally, Asia Pacific dominates the global electric coolant pump market and is expected to maintain its leading position during the analysis period. This is attributed to the large automotive manufacturing base in China, India, Japan, and South Korea. The region accounts for around 40% of global vehicle production.
Key players operating in the electric coolant pump are Aisin Seiki, Rheinmetall, Hanon Systems, MAHLE, BorgWarner, Robert Bosch, GMB, DaviesCraig, Torishima Pump, and Modine. Leading automakers are partnering with these suppliers to develop next-gen electric coolant pumps with advanced features and optimizations to enhance the efficiency, drivability and performance of vehicles.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
