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Electric Coolant Pump Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Electric Coolant Pump
What Is the Forecasted Market Growth Rate of the Electric Coolant Pump Industry?
In the past few years, the electric coolant pump market has seen expeditious growth. It is projected to escalate from a market worth $3.06 billion in 2024 to $3.46 billion in 2025, showcasing a compound annual growth rate (CAGR) of 13.0%. Factors contributing to this growth during the historic period include a transition towards electric powertrains, an uptick in automotive manufacturing, heightened emphasis on thermal management, strict emission standards, and a rising demand for fuel-efficient solutions.
How Will the Electric Coolant Pump Market Size Evolve From 2025 to 2029?
There is a prediction for quick expansion for the electric coolant pump market over the coming years, reaching a whopping $5.61 billion by 2029 with a CAGR of 12.9%. The upward trend during the forecast period is primarily due to the emergence of direct liquid cooling systems, increased incorporation in ice vehicles, customizations tailored for particular vehicle applications, integration of renewable energy, and high-performance cooling solutions demand. Key tendencies forecasted for this period are the innovation of compact and lightweight solutions, enhancements in pump effectiveness, amalgamation with intelligent thermal management systems, investments in research and development, along with advancements in the automobile industry.
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What Are the Main Growth Drivers in the Electric Coolant Pump Market Today?
Anticipated growth in the electric vehicle market is set to propel the electric coolant pump industry's expansion. Electric vehicles, powered by electric motors and recharged batteries, offer a sustainable and eco-friendly alternative to traditional vehicles with combustion engines. There is a rising demand for electric vehicles due to heightened environmental consciousness and stringent emission rules. In electric vehicles, the electric coolant pumps operate by circulating coolant to regulate the temperature of different components, ensuring optimal functioning and durability of crucial systems such as batteries and electric motors. For instance, the International Energy Agency (IEA) reported almost 14 million new electric car registrations worldwide in 2023, bringing the total global count to 40 million, aligning closely with the sales forecast for that year. The number of electric cars sold in 2023 exceeded those in 2022 by 3.5 million, a 35% year-on-year increase. Hence, this increasing electric car demand is fueling the expansion of the electric coolant pump market.
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Which Electric Coolant Pump Market Segment Is Expected to Lead Through 2029?
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, After market
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
Which Market Trends Are Expected to Dominate Electric Coolant Pump Industry Growth?
Leading firms involved in the electric coolant pump industry are concentrating on broadening their aftermarket offerings to provide more robust and effective solutions, meeting the escalating demand related to vehicle upkeep and enhancements. These aftermarket electric coolant pumps serve as supplemental or upgrade parts, becoming accessible post the initial vehicle purchase. For example, German engineering company Robert Bosch GmbH elevated its aftermarket electric coolant pump range in October 2022. The company's continual addition of new electric coolant pump models to its aftermarket lineup signifies its pledge to maintain its leadership in the progression of automotive technology. Bosch intends to cater to the rising demand in the aftermarket for these components by offering a diverse assortment of electric coolant pumps, thereby enabling garages and service centers with the capacity to service and repair vehicles utilizing the latest cooling system technologies.
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Which Companies Hold the Largest Market Share in the Electric Coolant Pump Sector?
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.
Where Is the Electric Coolant Pump Market Experiencing the Highest Growth?
Asia-Pacific was the largest region in the electric coolant pump market in 2024. 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.
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