Electric Coolant Pump Global Market 2024 To Reach $5.19 Billion By 2028 At Rate Of 14.1%
Electric Coolant Pump Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Electric Coolant Pump Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 16, 2024 /EINPresswire.com/ -- The electric coolant pump market has experienced robust growth in recent years, expanding from $2.69 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 14.0%. The growth in the historic period can be attributed to a shift towards electric powertrains, increasing automotive production, a growing focus on thermal management, stringent emission regulations, and increasing demand for fuel efficiency.
Strong Future Growth Anticipated
The electric coolant pump market is projected to continue its strong growth, reaching $5.19 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to the rise of direct liquid cooling systems, increased penetration in ice vehicles, customization for specific vehicle applications, integration of renewable energy, and demand for high-performance cooling solutions.
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Growth Driver Of The Electric Coolant Pump Market
The growing demand for electric cars is expected to propel the growth of the electric coolant pump market going forward. Electric cars are vehicles powered by electric motors that utilize energy stored in rechargeable batteries, offering a clean and sustainable alternative to traditional combustion engine vehicles. The demand for EV cars is on the rise due to increasing environmental awareness and stringent emissions regulations. In electric vehicles (EVs), electric coolant pumps regulate component temperatures by circulating coolant, ensuring the efficient performance and longevity of critical systems such as batteries and electric motors.
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Major Players And Market Trends
Key players in the electric coolant pump market include Hyundai Corporation, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc.
Major companies operating in the electric coolant pump market are focusing on extending their portfolio for the aftermarket to provide more efficient and durable solutions and meet the growing demand for vehicle maintenance and upgrades. Aftermarket electric coolant pumps are replacement or upgrade components available for vehicles after the original purchase.
Segments:
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, Aftermarket
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the electric coolant pump market in 2023. 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.
Electric Coolant Pump Market Definition
An electric coolant pump is a device used in vehicles to circulate coolant fluid through the engine and radiator. It helps maintain optimal engine temperature, enhances fuel efficiency, and prevents overheating by regulating coolant flow independent of engine speed. This technology is particularly common in hybrid and electric vehicles to manage thermal performance efficiently.
Electric Coolant Pump Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Electric Coolant Pump Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electric coolant pump market size, electric coolant pump market drivers and trends, electric coolant pump market major players, electric coolant pump competitors' revenues, electric coolant pump market positioning, and electric coolant pump market growth across geographies. The electric coolant pump market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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