Press release
Automotive Electric Water Pump Market: Accelerated Growth Rate, Key Drivers, and Emerging Trends 2024-2029
Automotive Electric Water Pump Market
What Is The Projected Market Size Of The Global Automotive Electric Water Pump Market And Its Growth Rate?
The automotive electric water pump market has been displaying rapid growth in recent years and is set to continue its upward trajectory with diversified contributions from various facets.
• 2024 Market Size: $3.81 billion
• 2025 Market Size: $4.38 billion (14.8% CAGR)
• 2029 Market Size: $7.6 billion (14.8% CAGR)
The factors contributing towards this growth include rising fuel efficiency standards, increased emphasis on emission reduction, and rising demand for electric and hybrid vehicles.
What Is Driving The Growth In The Automotive Electric Water Pump Market?
The surge in demand for electric vehicles globally is a significant factor propelling the growth of the automotive electric water pump market. An essential aspect of these electric vehicles, the automotive electric water pump, efficiently controls the coolant circulation in the engine at specific temperature ranges while maintaining a target temperature. This effective temperature management prevents both insufficient and excess cooling, thereby boosting the performance of electric vehicles. An increase in global vehicle production, with production reaching 93546599 units in 2023, indicates the significant growth potential for the automotive electric water pump market.
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Who Are the Key Players Driving Automotive Electric Water Pump Market Growth?
Key players operating in the automotive electric water pump market include:
• 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.
What Are The Key Trends In The Automotive Electric Water Pump Market?
Key trends shaping the market's trajectory include:
• Increased electrification of vehicles
• Focus on energy efficiency
• Integration with smart cooling systems
• Lightweight design and materials
• Rise of electric and hybrid powertrains
What Are The Segments Of The Global Automotive Electric Water Pump Market?
The global automotive electric water pump market can be segmented into:
1) By Voltage Type: 12V, 24V
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Duty Trucks, Buses And Coaches
3) By Propulsion: Internal Combustion Engines (ICEs), Electric, Battery Electric, Hybrid Or Plug-In Hybrid Electric, Fuel-Cell Electric
4) By Application: Engine, Turbocharger, Battery, Other Applications
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Which Region Leads The Automotive Electric Water Pump Market?
Asia-Pacific was leading the automotive electric water pump market in 2024, with the other regions in the market being Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The swift adoption of electric vehicles and tightening emission norms are few of the factors contributing to this region's dominance.
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What Is Covered In The Automotive Electric Water Pump Market Global Market Report?
- Market Size Analysis: Analyze the Automotive Electric Water Pump Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Electric Water Pump Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Electric Water Pump Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Electric Water Pump Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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