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Automotive Electric Water Pump Global Market Analysis, Trends, Growth, Research And Forecast 2033
Automotive Electric Water Pump Global Market Analysis
According to The Business Research Company's, The automotive electric water pump market size has grown rapidly in recent years. It will grow from $3.35 billion in 2023 to $3.86 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to growing fuel efficiency standards, increased emphasis on emission reduction, advanced engine cooling requirements, rising demand for electric and hybrid vehicles, automotive innovation and performance enhancement, increased engine downsizing trends.
The automotive electric water pump market size is expected to see rapid growth in the next few years. It will grow to $6.69 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to continued emission reduction efforts, integration of smart and connected features, rise of thermal management systems, increased focus on lightweight materials, growing market penetration of electric vehicles. Major trends in the forecast period include increased electrification of vehicles, focus on energy efficiency, integration with smart cooling systems, lightweight design and materials, rise of electric and hybrid powertrains.
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Market Drivers and Trends:
The rising demand for electric vehicles is expected to boost the growth of the automotive electric water pump market going forward. An electric vehicle (EV) refers to a vehicle that can be propelled by an electric motor that gets power from a battery and can be charged externally. An automotive electric water pump determines how much coolant circulates through the engine of an electric vehicle at specific temperature ranges and maintains a target temperature by using a controller. This avoids insufficient or excessive cooling. Hence, rising demand for electric vehicles is expected to boost the automotive electric water pump market. For instance, according to a report published by the International Energy Agency (IEA), a France-based international forum for energy cooperation, in 2022, the market share for electric vehicles increased to over 10% in 2021 from 4% in 2019. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the rising demand for electric vehicles is driving the growth of the automotive electric water pump market.
Technological advancement is the key trend gaining popularity in the automotive electric water pump market. Major companies operating in the automotive electric water pump market are focusing on developing new technologies to sustain their market position. For instance, in November 2021, Gates Corporation, a US-based manufacturer of application-specific fluid power and power transmission solutions, launched next-generation Thermal Pro electric water pumps (EWP) used in electric vehicle applications. The unique feature of this technology is its sophisticated design, which enables it to handle a wide range of applications from 100 W to 3 kW (4.0 hp). By increasing pump reliability, proprietary mechanical design separates the electronics assembly from potential exposure to coolant fluids. On fully electric platforms, where electric water pumps can be substantial battery consumers, patent-pending technology enhances motor efficiency, which is crucial.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
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Major Key Players of the Market:
Robert Bosch GmbH; Schaeffler AG; Hitachi Astemo Americas Inc.; HELLA GmbH & Co. KGaA; Rheinmetall Automotive AG; Valeo Service; Continental Automotive GmbH; BLDC Pump Co. Ltd.; Gates Corporation; Davies Craig Pty Ltd.; ZF Friedrichshafen AG; Johnson Electric Holdings Limited; Hanon Systems Co. Ltd.; Aisin Seiki Co. Ltd.; Magna International Inc.; Behr Hella Service GmbH; Carter Fuel Systems LLC; GMB Corporation; Bosch Automotive Service Solutions Inc.; ACDelco; DENSO Corporation; Delphi Technologies LLC; BorgWarner Inc.; Mahle GmbH; Pierburg GmbH; Airtex Products L.P.; ASC Industries Inc.; Okinawa Pumps Co. Ltd.; Keihin Group; Sanden Holdings Corporation
Automotive Electric Water Pump Market 2024 Key Insights:
• The automotive electric water pump market will grow to $6.69 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%.
• Rising Electric Vehicle Demand Propels Growth Of Automotive Electric Water Pump Market
• Next-Generation Thermal Pro Electric Water Pumps For Evs
• Asia-Pacific was the largest region in the automotive electric water pump market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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