by The global electric coolant pump market is seeing growing demand due to the rising sales of electric vehicles worldwide. Electric coolant pumps are crucial components in electric vehicles as they circulate coolant to regulate the temperature of high voltage batteries and other critical systems. These pumps offer improved coolant circulation and more precise temperature control compared to mechanically driven pumps. The growing concerns about vehicular emissions and increasing stringency of emission norms are propelling more consumers and automakers towards electric mobility. Leading automakers are aggressively expanding their electric vehicle portfolio with improved driving range and performance. This increasing adoption of electric vehicles is fueling the demand for efficient thermal management systems including electric coolant pumps.
The global Electric Coolant Pump Market is estimated to be valued at US$ 5.18 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the Global Electric Coolant Pump Market Size is the development of more efficient and compact pumps. Manufacturers are focusing on designing pumps with reduced size and weight but higher thermal dissipation capabilities. This allows automakers to optimize vehicle packaging space and battery capacities. Advanced materials and innovative motor designs are enabling new pumps with enhanced flow rate control and precise temperature regulation. Customizable coolant pumps tailored for specific applications are also gaining demand. Features like self-diagnostics, corrosion resistance, and networking capabilities are being integrated to enable remote monitoring and diagnostics of pump performance. These ongoing innovations are expected to further increase electric coolant pump adoption in the coming years.
Porter’s Analysis
Threat of new entrants: Low-to-medium. Established key players have strong brand visibility and economies of scale. However, technological advancements have lowered barriers.
Bargaining power of buyers: High. Buyers can negotiate on pricing and demand price reductions due to presence of multiple manufacturers.
Bargaining power of suppliers: Medium-to-high. Suppliers of raw materials like metals and electronics components have some control over pricing.
Threat of new substitutes: Medium. Alternatives like oil coolant pumps offer substitution. However, electric pumps offer better efficiency.
Competitive rivalry: High. Intense competition exists among key players to gain market share. Players differentiate through innovation.
Key Takeaways
The global electric coolant pump market is expected to witness high growth.
Regional analysis: The Asia Pacific region accounts for around 40% of the global market share due to rapid industrialization. China is the largest producer of electric vehicles worldwide and thus offers lucrative opportunities. Meanwhile, European countries are actively supporting the adoption of electric mobility to reduce emissions.
Key players operating in the electric coolant pump market are International Paper Company, Georgia-Pacific LLC, Finch Paper LLC, Burgo Group SPA, Alberta Newsprint Company Ltd., Rolland Enterprises Inc., P.H. Glatfelter Co., American Eagle Paper Mills, Asia Pacific Resources International Holdings Ltd., Canfor Corporation, Domtar Corporation, Twin Rivers Paper Company Inc., UPM-Kymmene Oyj, BillerudKorsnäs AB, Catalyst Paper Corporation, Clearwater Paper Corporation, Stora Enso Oyj, Verso Corporation, and Mitsubishi Paper Mills Limited.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
