April 21, 2024
Electric Coolant Pump Market

Electric Coolant Pump Market is Estimated to Witness High Growth Owing to Increased Adoption in Autonomous and Electric Vehicles

The electric coolant pump market comprises pumps that are used in cooling systems of vehicles with advanced automotive technologies such as battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and autonomous vehicles. Electric coolant pumps deliver cooler and lighter alternatives to mechanically driven coolant pumps. They help optimize cooling system efficiency and contribute to decreased fuel consumption. The growing demand for autonomous and electric vehicles is expected to contribute significantly to the growth of the electric coolant pump market.

The Global electric coolant pump market is estimated to be valued at US$ 5.97 Mn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2030.

Key Takeaways

Key players – Key players operating in the electric coolant pump market are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Boehringer Ingelheim International GmbH, Takeda Pharmaceutical Company Limited, Johnson & Johnson, Bristol-Myers Squibb Company, AbbVie Inc., Pfizer Inc., Mylan N.V., Novartis International AG, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., among others.

Key opportunities – growing demand for autonomous and electric vehicles present significant opportunities for players in the electric coolant pump market to expand their product portfolios and innovation capabilities.

Global expansion – major players are focusing on global expansion plans by strengthening their distribution networks in emerging markets of Asia Pacific, Latin America, and Middle East & Africa. The large untapped growth potential offers lucrative opportunities for players for a long-term sustained growth.

Market drivers

Increased adoption in autonomous and electric vehicles is a key driver contributing to growth of the electric coolant pump market. As electric vehicles do not have combustion engine-driven cooling pumps, electric coolant pumps are increasingly being adopted to efficiently manage thermal loads. Growing vehicle electrification is expected to drive demand of electric coolant pumps during the forecast period.

PEST Analysis

Political: Regulations related to greenhouse gas emissions and fuel efficiency standards will spur demand for Electric Coolant Pumps Market Growth  that improves engine cooling without increasing fuel consumption and emissions. Government incentives for EVs also boost their adoption and sales of pumps.

Economic: Growth in automotive production and sales worldwide, especially electric vehicles, fuels demand for efficient engine cooling solutions like electric coolant pumps. Their lower energy consumption compared to mechanical pumps cuts operating costs for fleet owners.

Social: Rising environmental awareness and concerns over climate change make consumers seek vehicles with advanced fuel-saving technologies. Electric pumps with their eco-friendly attributes gain social acceptance. Safety regulations also drive pump innovation.

Technological: Advances in power electronics and miniaturization allow development of smaller, more efficient pumps. Integration of sensors for condition monitoring and self-diagnosis improves reliability. Connectivity features enable remote monitoring and predictive maintenance to optimize performance.

Geographical Regions with High Concentration:

North America leads globally in electric coolant pump market in terms of value, due to large EV production from US automakers and presence of major pump manufacturers. Asia Pacific also sees considerable demand from China, which is the largest vehicle manufacturer globally and an emerging EV market. Europe follows with high vehicle production from Germany and other countries mandating electric vehicle adoption.

Fastest Growing Region: Asia Pacific electric coolant pump market is projected to witness the highest CAGR during the forecast period. This is attributed to rising EV and commercial vehicle production in China and India to meet growing domestic demand and for exports. Government initiatives in these countries promoting electric mobility will further drive regional market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it