Press release
The Automotive Water Pump Market To Witness An Explicit Growth
For an engine to work effectively, it must reach its operating temperature constantly and quickly. The components in the cooling system that allow this to happen are the coolant, cooler, thermostat, coolant lines, and the automotive water pump.
Moreover, the conventional mechanical automotive water pump is powered by a combustion engine to circulate coolant around the engine. Whereas, the electronic automotive water pump is activated by motor and battery when the cooling is required.
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Also, electronic automotive water pump offers a feature to control the volume of coolant. By utilizing a thermal management system in the automotive water pump, fuel consumption and CO2 emissions can be reduced by up to 4%. In addition, turbocharged vehicles also employ auxiliary automotive water pump to optimize cooling efficiency. Subsequently, the aim of the study is to analyze the most recent trends, dynamics, and potential strategies in the global automotive water pump market.
Despite headwinds, the automotive water pump market presses forward at a substantial growth rate over the coming years. With the advent of fuel-efficient and electric vehicles, a visible trend toward intelligently controlled water pumps can be foreseen. Manufacturers are poised to utilize advanced casting technologies to reduce the weight and size of an automotive water pump.
Sales of the automotive water pump in passenger cars are expected to show recovery as a consequence of improved oil prices and better economic conditions. Under the current electric vehicles exponential growth scenario, the demand for automotive water pumps is anticipated to observe a robust growth.
As the demand for fast charging of high-power battery increasing, automotive water pump has become a standard accessory for the cooling system of electric vehicles OBC (On-board Charger), battery, and other components.
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Economic turmoil in different parts of the globe has impacted investments in automotive manufacturing and automotive water pump. Demand for new commercial vehicles set to remain positive in the EU in the coming years which will likely to forge ahead the future outlook for the automotive water pump market.
Total automotive OEM investments have been increasing, attributing to the surge in the demand for automotive water pump across China, India, and ASEAN. Moreover, trade tensions in China will likely to impact the performance of the automotive industry and thereby, obstructing the demand for the automotive water pump.
The automotive production in North America is expected to follow an upward trajectory, supported by increasing demand across all commercial vehicle segments. Consequently, with the surge in the sales of automobile, global automotive water pump market will likely to benefit.
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Additionally, the demand for automotive water pump in the Middle East and Africa decreased last year, affected by declining demand for vehicles in South Africa an Egypt. Nonetheless, aftermarket segment is expected to aid the growth in the global automotive water pump market.
Global Automotive Water Pump Market: Key Participants
List of some of the prominent market participants in the global automotive water pump market discerned across the value chain include:
Hitachi Automotive Systems Americas, Inc.
Continental AG
GMB Corporation
Gates Corporation
Schaeffler Group
Aisin Seiki Co., Ltd.
BorgWarner Inc.
Concentric AB
AIRTEX ASC
TBK Co., Ltd.
Meko Auto Pvt. Ltd.
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