The electric coolant pump is an important component used in electric vehicles as it helps in proper circulation and cooling of the motor and battery. Electric coolant pumps provide efficient cooling, are compact in size, consume lesser power as compared to engine-driven coolant pumps and contribute to improved fuel efficiency. 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:
Increasing production of electric vehicles is one of the key drivers of the Global electric coolant pump market size. Various countries are promoting adoption of electric vehicles in order to reduce vehicular emissions. For example, the Chinese government offers purchase subsidies for electric vehicles. Growing consumer preference for environment-friendly electric vehicles is also fueling their demand. As electric coolant pumps are an important component for thermal management in electric vehicles, their market is also expected to grow significantly over the coming years driven by rising electric vehicle sales globally.
SWOT Analysis
Strength: Electric coolant pumps provide better and precise control over coolant circulation which improves overall efficiency and performance of the engine. They also help in reducing emissions.
Weakness: High initial costs associated with installation of electric coolant pumps. Failure of electronic components can hamper the functioning of the pumps.
Opportunity: Stringent regulations regarding emissions can drive the demand for electric coolant pumps. Growing automotive industry especially in developing countries also provides growth opportunities.
Threats: Availability of cheaper and efficient alternatives like mechanical pumps poses threat to electric coolant pumps. Trade barriers and changing macroeconomic conditions can negatively impact the market.
Key Takeaways
The global electric coolant pump market is expected to witness high growth over the forecast period.
Asia Pacific region currently dominates the market and is expected to maintain its lead throughout. Rapid growth of automotive sector especially in China and India is boosting sales of electric coolant pumps in the region. Key players are focussing on expanding their presence by tapping opportunities in emerging nations to strengthen their position.
Key players operating in the electric coolant pump include major automobile manufacturers as well as pump manufacturers. Automobile giantsare focusing on development of advanced automotive technologies for enhanced vehicle performance and to meet stringentemission norms. Pump manufacturers on the other hand are investing in R&D to provide customized solutions as per evolving industry demands. Collaboration between players is also on the rise to integrate latest innovations across the value chain.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it