Global Electric Coolant Pump Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- February 13, 2023
- AUTOMOTIVE, NEWS
- Electric Coolant Pump Market, Electric Coolant Pump Market Growth, Electric Coolant Pump Market Share, Electric Coolant Pump Market Size, Electric Coolant Pump Market Trends
- 0 Comments
Electric coolant pump is a critical part of the cooling systems in the automobile that is used in the maintenance of the engine temperature, power train cooling, and other accessories such as the battery, and power electronic cooling. These pumps offer several advantages in comparison to mechanically driven pumps in terms of efficiency, cost effectiveness, and others. Thus, due to this, the demand for electric coolant pump is tremendously growing in the market. Apart from this, the surge in the production of vehicles and associated boost in the demand for eco-friendly vehicles is also propelling the growth of the market during the forecast period.
The Electric Coolant Pump Market is expected to grow at a steady rate of around 16% owing to technological advancements and an increase in investment by automotive giants. The key players are adopting strategic alliances to maintain their position in the global market. For instance, in April 2022, Concentric AB received a new development contract to supply high voltage electric coolant pumps for a battery electric mining machine. The customer, a global construction OEM, will use our e-pumps for cooling the batteries and power electronics on a large fully electric mining machine.
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Based on type, the market is bifurcated into sealed and seal less. The seal less category held a significant share of the market in 2021 due to their high preference among OEMs. Several technical benefits, such as negligible leakage and enhanced efficiency offered by seal less pumps, are the major factors driving their popularity. Also, since electric vehicles operate at lower temperatures than ICE vehicles, seal-less pumps are a suitable option for electric vehicles. Thus, with increasing sales of electric vehicles, the seal-less pump market is expected to gain momentum in the future. Additionally, continuous research and developments in seal-less pump technology are also anticipated to drive its growth.
On the basis of vehicle, the market is bifurcated into Battery Electric (BEV), and Plug-in Hybrid Electric Vehicle (PHEV). The BEV category is expected to register high CAGR during the forecast period due to the increase in investments by key players to develop advanced battery solutions for BEV. For example, in October 2021, Tesal announced the use of lithium-iron-phosphate (LFP) cathode batteries in all its standard range of electric cars to enhance its profit margin. These batteries have enhanced life expectancy, require no maintenance, and are lightweight, thus having the positive impact on the segmental growth.
Based on application, the market is segmented into engine cooling & HVAC, and battery and power electronics cooling. The engine cooling & HVAC segment held a dominant share in the market in 2021 due to the increased usage of electric coolant pump for cooling the engine and HVAC components.
Based on power output, the market is bifurcated into below 100W and above 100W. The above 100W category is expected to witness high CAGR during the forecast period due to rise in the deployment in electric vehicles. For instance, 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 2021 to 608,000 units in 2021.
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For a better understanding of the market adoption of the electric coolant pump, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC held a significant share of the market in 2021. It is mainly due to the surge in the sales of electric vehicles in the region due to the stringent government norms. 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. Major automakers & suppliers are increasing their focus on enhancing their global footprints in target markets by boosting the production of vehicles and automotive components. For example, in 2019, Tesla started the construction of its manufacturing plant in Shanghai, China.
Some of the major players operating in the market include Rheinmetall AG, Robert Bosch GmbH, Audi AG, AISIN CORPORATION, Continental AG, DENSO CORPORATION, Grayson Thermal Systems, Industrie Saleri Italo S.p.A., Avid Technology, Inc., and Bühler Motor GmbH.
Global Electric Coolant Pump Market Segmentation
Market Insight, by Type
· Sealed
· Seal less
Market Insight, by Vehicle
· Battery Electric (BEV)
· Plug-in Hybrid Electric Vehicle (PHEV)
Market Insight, by Application
· Engine Cooling & HVAC
· Battery And Power Electronics Cooling
Market Insight, by Power Output
· Below 100W
· Above 100W
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Rheinmetall AG
· Robert Bosch GmbH
· Audi AG
· AISIN CORPORATION
· Continental AG
· DENSO CORPORATION
· Grayson Thermal Systems
· Industrie Saleri Italo S.p.A.
· Avid Technology, Inc.
· Bühler Motor GmbH
