Electric coolant pumps are an integral component of vehicle cooling systems as they circulate the coolant through the radiator and engine. They help keep the engine temperature regulated, allowing for optimum fuel efficiency and performance.
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:
Growing demand for fuel-efficient vehicles has been one of the major drivers of the electric coolant pump market. With increased environmental regulations on vehicle emissions, automakers are focusing on making vehicles more efficient. Electric coolant pumps help improve fuel efficiency as they allow for more optimized coolant circulation and temperature control compared to engine-driven pumps. This has resulted in their growing adoption in gasoline as well as hybrid and electric vehicles. The report expects this trend to continue driving market growth over the forecast period.
SWOT Analysis
Strength: The electric coolant pump offers better efficiency and reliability compared to mechanical coolant pumps. It reduces emissions and improves fuel efficiency.
Weakness: High initial costs associated with electric coolant pumps limit their adoption. Dependence on electric motors increases component complexity.
Opportunity: Stringent emission standards push automakers to adopt electric cooling systems. Growing electric vehicle market creates demand.
Threats: Slow economic conditions can reduce replacement demand. Supply chain disruptions affect just-in-time production.
Key Takeaways
The Global Electric Coolant Pump Market Size is expected to witness high growth. The market size for 2023 is estimated to be US$ 5.18 Bn and it is forecast to reach US$ 7.63 Bn by 2030, growing at a CAGR of 3.6% during the forecast period.
Regional analysis: Asia Pacific dominates the global market currently owing to strong presence of automotive manufacturing bases in China, India, Japan, and South Korea. Countries like China and India are expected to drive future demand due to increasing vehicle production and sales. Europe and North America are other major markets for electric coolant pumps.
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, and Verso Corporation, Mitsubishi Paper Mills Limited, Delta Paper Corp.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it