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Growing Demand For Electric Cars Fueling The Electric Coolant Pump Market Growth Driver: A Major Catalyst in the Evolution of the Electric Coolant Pump Market in 2025
Electric Coolant Pump Market
In the past few years, the market size of the electric coolant pump has experienced swift expansion. The valuation is projected to increase from $3.06 billion in 2024 to $3.5 billion in 2025, boasting a compound annual growth rate (CAGR) of 14.4%. The historical growth is linked to trends such as the transition towards electric powertrains, heightened production in the automotive sector, an increased emphasis on thermal management, strict emission regulations, and a surging demand for fuel-efficient solutions.
The market for electric coolant pumps is projected to witness fast-paced growth in the coming years, expanding to reach $5.91 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 14.0%. This growth during the forecast period is likely due to factors such as the emergence of direct liquid cooling systems, higher adoption in internal combustion engine vehicles, vehicle-specific customization, incorporation of renewable energy sources, and demand for higher performance cooling solutions. Key trends expected during this forecast period are the creation of more compact and lightweight solutions, improvements in pump efficiency, combination with intelligent thermal management systems, investment in research and development, and technological advancements in the automotive industry.
What Is Contributing to the Growth of the Electric Coolant Pump Market?
The electric coolant pump market's expansion is expected to be driven by the escalating demand for electric automobiles. These cars, which run on electricity stored in rechargeable batteries, are viewed as a cleaner and more eco-friendly alternative to conventional combustion engines. The surge in demand for EV cars can be attributed to rising environmental consciousness and strict emission rules. Electric coolant pumps, which maintain a consistent temperature in electric vehicles (EVs) by circulating coolant, play a crucial role in ensuring the effectiveness and durability of vital systems such as batteries and electric motors. For example, according to statistics from the International Energy Agency (IEA) in 2023, about 14 million electric cars were introduced onto the world market, increasing the total number of such vehicles on the roads to 40 million. This closely corresponded with the sales prediction for 2023. There was a year-on-year rise of 35% in electric car sales in 2023, with an additional 3.5 million more sold than in the previous year. Consequently, the escalating demand for electric vehicles is fueling the expansion of the electric coolant pump industry.
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Who Are the Major Industry Players Fueling Electric Coolant Pump Market Expansion?
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.
Which Key Developments Are Influencing the Electric Coolant Pump Market?
Leading organizations in the electric coolant pump market are diversifying their aftermarket offerings to meet ever-increasing requirements for vehicle upkeep and enhancements. Aftermarket electric coolant pumps serve as alternatives or enhancements for vehicles post the initial purchase. Notably, Robert Bosch GmbH, an engineering firm based in Germany, widened its aftermarket profile with the inclusion of electric coolant pumps in October 2022. This extension of Bosch's product range signifies its determination to remain at the cutting edge of automotive technological progress. Bosch endeavors to cater to the growing demand for electric coolant pumps in the aftermarket by delivering a wide selection, thereby assisting workshops and service centers in maintaining and upgrading vehicles using the most recent cooling system technologies.
How Is the Segmentation of the Electric Coolant Pump Market Defined?
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
Subsegments:
1) By Sealed: Single Seal Electric Coolant Pumps, Double Seal Electric Coolant Pumps
2) By Seal-Less: Magnetic Drive Electric Coolant Pumps, Non-Contact Seal-Less Electric Coolant Pumps
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What Is the Leading Region in the Electric Coolant Pump Market?
Asia-Pacific was the largest region in the electric coolant pump market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the electric coolant pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electric Coolant Pump Global Market Report?
- Market Size Analysis: Analyze the Electric Coolant Pump Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Coolant 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 Electric Coolant Pump Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Coolant Pump Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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