Electric Coolant Pump Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

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Overview and Scope

The electric coolant pump market consists of sales of centrifugal pumps, axial flow pumps, and brushless pumps. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Sizing and Forecast

The electric coolant pump market size has grown rapidly in recent years. It will grow 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.

The electric coolant pump market size is expected to see rapid growth in the next few years. It will grow to $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. Major trends in the forecast period include the development of compact and lightweight solutions, advancements in pump efficiency, integration with smart thermal management systems, research and development investments, and advancements in automotive technology.

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Segmentation & Regional Insights

The electric coolant pump market covered in this report is segmented –

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

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.

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Major Driver Impacting Market Growth

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. For instance, in 2023, according to the International Energy Agency (IEA), almost 14 million new electric cars were registered globally, bringing their total number on the roads to 40 million, closely tracking the sales forecast for 2023. Electric car sales in 2023 were 3.5 million higher than in 2022, a 35% year-on-year increase. Therefore, the growing demand for electric cars is driving the growth of the electric coolant pump market.

Key Industry Players

Major companies operating in the electric coolant pump market are Hyundai Corporation, Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Aisin Corporation, Valeo S.A., MAHLE GmbH, BorgWarner Inc., HELLA GmbH & Co. KGaA, Eberspächer Gruppe GmbH & Co. KG, Rheinmetall Automotive AG, Hanon Systems, Johnson Electric, Gates Corporation, Standard Motor Products Inc., TYC Brother Industrial Co. Ltd., Vernet Group, Saleri Silvio S.p.A., Grayson Thermal Systems, Stant Corporation, Rotex Automation Limited, Delphi Technologies, Davies Craig Pty Ltd.

The electric coolant pump market report table of contents includes:

1. Executive Summary
2. Electric Coolant Pump Market Characteristics
3. Electric Coolant Pump Market Trends And Strategies
4. Electric Coolant Pump Market – Macro Economic Scenario
5. Global Electric Coolant Pump Market Size and Growth
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32. Global Electric Coolant Pump Market Competitive Benchmarking
33. Global Electric Coolant Pump Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Coolant Pump Market
35. Electric Coolant Pump Market Future Outlook and Potential Analysis
36. Appendix