Electric Coolant Pump Market Report Covers Detailed Industry Scope, Future Scenario and Outlook to 2028

The "Electric Coolant Pump Market" is projected to grow from US$ 467.46 million in 2022 to US$ 1,188.28 million by 2028; it is estimated to grow at a CAGR of 16.8% from 2022 to 2028.

Favorable government initiatives and the increasing demand for all-electric vehicles are driving the potential share of the electric coolant pump market in North America. In 2021, 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 to 608,000 units, which is expected to positively impact the electric coolant pump market. Key players are taking initiatives to invest in this market, and the growing demand for passenger vehicles is another factor that is driving the market. Additionally, the US government has set a target of achieving 50% EV sales by 2030, which is expected to further increase the demand for electric coolant pumps in North America.

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Companies Profiled in this report includes:

• AISIN SEIKI Co.Ltd.
• Continental AG
• Hanon Systems
• Hitachi Automotive Systems, LTD
• Johnson Electric Holdings Limited
• Mahle GmbH
• Rheinmetall Automotive AG
• Robert Bosch GmbH
• GMB CORPORATION
• VOVYO Technology Co., Ltd

The market in Asia Pacific is expected to offer significant growth prospects during the forecast period. To support local car industries, several cities in China have eased their car license policies, allowing more internal combustion engine vehicles to be registered. The government's subsidies and incentives are expected to increase consumer spending on electric vehicles (EVs) during the forecast period. Furthermore, the registrations of electric buses and heavy-duty trucks (HDTs) have increased in China. Thus, the growing sale of light commercial vehicles (LCVs), electric buses, and passenger cars in China is expected to drive demand for electric coolant pumps. The Asian region has tremendous potential for producing automotive vehicles in various categories, including premium and SUV vehicle classes, which is expected to boost the demand for electric coolant pumps. Electric coolant pumps can reduce power requirements and fuel consumption.

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Electric Coolant Pump Market Segmentation:

By Application:
• Engine Cooling and HVAC
• Battery and Power Electronics Cooling
• Gearbox Cooling

By Power:
• Below 100 W
• Above 100 W

By Vehicle Type:
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By Propulsion Type:
• ICE
• Electric
• Hybrid

By Pump Type:
• With ECU
• Without ECU

Additionally, product innovation and the demand for EVs are expected to play a crucial role in driving the market growth in Asia. For instance, in South Korea, Eurol Lubricants launched a new coolant, the Coolant -36 degrees C GLX-AV in 2021, designed for modern cars, including EVs from Japanese and Korean auto brands such as Honda, Hyundai, Mazda, Kia, and Mitsubishi.
Effective thermal management has become crucial for ensuring the highest operational efficiency of electric motors in both ICE and EV vehicles. The use of electric coolant pumps can aid in achieving this objective. In South American countries such as Argentina and Brazil, the trend of autonomous vehicles is on the rise, which is expected to increase the demand for electric coolant pumps. Furthermore, the increasing investments in the research and development of electric fluids and drive systems are projected to play a pivotal role in expanding the electric coolant pump market in South America.

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This release was published on openPR.