April 21, 2024
Electric Coolant Pump Market

The Electric Coolant Pump Market Is Driven By The Growth Of Electric Vehicles

The electric coolant pump is a key automotive component that circulates coolant throughout an internal combustion engine or electric vehicle powertrain to regulate temperature. It is an essential component for maintaining optimal operating temperatures in modern vehicles equipped with advanced cooling systems. Growing environmental concerns and stringent emission regulations have boosted the demand for electric vehicles in recent years. As electric vehicles do not require conventional combustion engines, they utilize electric coolant pumps to regulate battery and motor temperatures. The increasing adoption of electric vehicles worldwide owing to factors such as reduced greenhouse gas emissions, government incentives for electric vehicle purchases, and decreasing battery prices will drive the demand for efficient electric cooling solutions in the coming years.

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 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the electric coolant pump market is the development of smart and advanced pumps with integrated electronics. Leading manufacturers are focusing on incorporating sensors and control units within electric coolant pumps to enable communication with other vehicle systems. Smart electric coolant pumps assist in automated temperature regulation and fault diagnosis. They provide real-time coolant flow and temperature data to electronic control units for monitoring engine/battery health. Advanced features such as variable speed control and integrated heat exchangers further improve efficiency. The integration of electronics is allowing electric coolant pump manufacturers to offer advanced solutions meeting the evolving demands of automakers.

Porter’s Analysis

Threat of new entrants: The Global electric coolant pump market size has moderate threat of new entrants due to high R&D cost and established brand names of existing players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes however established brands create buyer loyalty.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and differentiated products.

Threat of new substitutes: Threat of new substitutes is low as electric coolant pumps have applications across industries however hybrid vehicles pose competition.

Competitive rivalry: The market has high competitive rivalry due to presence of global and regional players competing on basis of product quality, innovation and pricing.

Key Takeaways

The global Electric Coolant Pump market is expected to witness high growth.

Regional analysis: North America dominated the market in 2020 and is expected to maintain its dominance over forecast period. Europe is the second largest market driven by presence of major automobile manufacturers. Asia Pacific is emerging as high growth region attributed to growing focus of key players on expansion in developing countries.

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.

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