electric coolant pump Market

The electric coolant pump market is projected to grow from US$ 467.46 million in 2022 to US$ 1,188.28 million by 2028; it is estimated to grow at a CAGR of 16.8% from 2022 to 2028.

Favorable government initiatives and the increasing demand for all-electric vehicles are driving the potential share of the electric coolant pump market in North America. In 2021, according to the US Department of Energy, the sales of new light-duty plug-in electric vehicles, including electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), doubled from 308,000 units to 608,000 units, which is expected to positively impact the electric coolant pump market. Key players are taking initiatives to invest in this market, and the growing demand for passenger vehicles is another factor that is driving the market. Additionally, the US government has set a target of achieving 50% EV sales by 2030, which is expected to further increase the demand for electric coolant pumps in North America.

The market in Asia Pacific is expected to offer significant growth prospects during the forecast period. To support local car industries, several cities in China have eased their car license policies, allowing more internal combustion engine vehicles to be registered. The government's subsidies and incentives are expected to increase consumer spending on electric vehicles (EVs) during the forecast period. Furthermore, the registrations of electric buses and heavy-duty trucks (HDTs) have increased in China. Thus, the growing sale of light commercial vehicles (LCVs), electric buses, and passenger cars in China is expected to drive demand for electric coolant pumps. The Asian region has tremendous potential for producing automotive vehicles in various categories, including premium and SUV vehicle classes, which is expected to boost the demand for electric coolant pumps. Electric coolant pumps can reduce power requirements and fuel consumption. Additionally, product innovation and the demand for EVs are expected to play a crucial role in driving the market growth in Asia. For instance, in South Korea, Eurol Lubricants launched a new coolant, the Coolant -36 degrees C GLX-AV in 2021, designed for modern cars, including EVs from Japanese and Korean auto brands such as Honda, Hyundai, Mazda, Kia, and Mitsubishi.

Manufacturers of electric coolant pumps and battery cells are expanding their production capacities in the European markets. Leading players in the automotive industry are investing in developing advanced electric coolant products. Continental AG and Mahle GmbH are among the major companies investing heavily in research and development to improve battery power consumption by utilizing efficient electric coolant pumps. In September 2021, Mahle GmbH developed a new cooling system for batteries, specifically focusing on thermal management, including heating and cooling of the vehicle interior and components. The European Commission aims to have at least 30 million electric vehicles on the roads by the end of the decade. Additionally, the European Commission has allocated a stimulus package of around US$ 793.59 billion, including US$ 21.16 billion, to boost the sales of clean vehicles. As a result, the increasing government initiatives for accelerating production and promoting awareness for clean vehicles are the key factors driving the demand for electric coolant pumps, as well as electric vehicles.

In the Middle East & Africa, the growing focus of the governments on promoting the use of electric vehicles is fueling the market growth. For instance, in April 2022, Saudi Arabia planned to construct new electric vehicle production plants capable of building 150,000 models per year and an EV infrastructure to support this initiative.

Effective thermal management has become crucial for ensuring the highest operational efficiency of electric motors in both ICE and EV vehicles. The use of electric coolant pumps can aid in achieving this objective. In South American countries such as Argentina and Brazil, the trend of autonomous vehicles is on the rise, which is expected to increase the demand for electric coolant pumps. Furthermore, the increasing investments in the research and development of electric fluids and drive systems are projected to play a pivotal role in expanding the electric coolant pump market in South America.

The main focus of this market study on electric coolant pumps is on five distinct segments, which include application, power, vehicle type, propulsion type, and pump type. The market is categorized based on the application of the pump, which can either be engine cooling and HVAC, battery and power electronics cooling, or gearbox cooling. Furthermore, the market is segmented by power into two categories, below 100 W and above 100 W. The electric coolant pump market is further divided into three vehicle types: passenger cars, light commercial vehicles, and heavy commercial vehicles. The propulsion type segment includes ICE, electric, and hybrid vehicles. Lastly, the market is divided based on pump type, either with ECU or without ECU.

The electric coolant pump market size has been determined by combining information obtained from primary and secondary sources. The secondary research included the use of both internal and external sources to gather qualitative and quantitative data on the electric coolant pump market. This process involved obtaining an overview and forecast for the market across all segments. Additionally, several primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, external consultants such as valuation experts, research analysts, and key opinion leaders who specialize in the electric coolant pump market. The purpose of these interviews was to validate the data obtained and gain further analytical insights.