Press release
The Next Wave in Automotive: Electric Coolant Pump Market Insights 2024
As per the report, the electric coolant pump market size has grown rapidly in recent years. It will grow from $2.69 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The electric coolant pump market size is expected to see rapid growth in the next few years. It will grow to $5.19 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
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Growing Demand For Electric Cars Fueling The Electric Coolant Pump Market Growth
The growing demand for electric cars is expected to propel the growth of the electric coolant pump market going forward. Electric cars are vehicles powered by electric motors that utilize energy stored in rechargeable batteries, offering a clean and sustainable alternative to traditional combustion engine vehicles. The demand for EV cars is on the rise due to increasing environmental awareness and stringent emissions regulations. In electric vehicles (EVs), electric coolant pumps regulate component temperatures by circulating coolant, ensuring the efficient performance and longevity of critical systems such as batteries and electric motors. For instance, in 2023, according to the International Energy Agency (IEA), almost 14 million new electric cars were registered globally, bringing their total number on the roads to 40 million, closely tracking the sales forecast for 2023. Electric car sales in 2023 were 3.5 million higher than in 2022, a 35% year-on-year increase. Therefore, the growing demand for electric cars is driving the growth of the electric coolant pump market.
Bosch Expands Aftermarket Portfolio With Advanced Electric Coolant Pumps
Major companies operating in the electric coolant pump market are focusing on extending their portfolio for the aftermarket to provide more efficient and durable solutions and meet the growing demand for vehicle maintenance and upgrades. Aftermarket electric coolant pumps are replacement or upgrade components available for vehicles after the original purchase. For instance, in October 2022, Robert Bosch GmbH, a Germany-based engineering company, expanded its electric coolant pump portfolio for the aftermarket. The addition of new electric coolant pump models to Bosch's aftermarket offering demonstrates the company's commitment to staying at the forefront of automotive technology advancements. By providing a wide range of electric coolant pumps, Bosch aims to support the growing demand for these components in the aftermarket, enabling workshops and service centers to maintain and repair vehicles with the latest cooling system technologies.
The electric coolant pump market covered in this report is segmented -
1) By Type: Sealed, Seal less
2) By Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)
3) By Power Output: Up To 100W, Greater Than100W
4) By Application: Passenger Car Cooling, Cooling Of Accessories, Air Conditioning, Gearbox Cooling, Other Applications
5) By Sales Channel: Original Equipment Manufacturer, Aftermarket
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Major companies operating in the electric coolant pump market are Hyundai Corporation, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Aisin Corporation, Valeo S.A., MAHLE GmbH, BorgWarner Inc., HELLA GmbH & Co. KGaA, Eberspächer Gruppe GmbH & Co. KG, Rheinmetall Automotive AG, Hanon Systems, Johnson Electric, Gates Corporation, Standard Motor Products Inc., TYC Brother Industrial Co. Ltd., Vernet Group, Saleri Silvio S.p.A., Grayson Thermal Systems, Stant Corporation, Rotex Automation Limited, Delphi Technologies, Davies Craig Pty Ltd.
Contents of the report:
1. Executive Summary
2. Electric Coolant Pump Market Report Structure
3. Electric Coolant Pump Market Trends And Strategies
4. Electric Coolant Pump Market - Macro Economic Scenario
5. Electric Coolant Pump Market Size And Growth
…..
27. Electric Coolant Pump Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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