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The electric coolant pump for passenger cars market size is estimated to grow at a CAGR of 15.33% between 2022 and 2027. The market size is forecast to increase by USD 1.55 billion. The growth of the market depends on several factors such as rapid electrification of mechanical components, increasing adoption of EVs, and improved reliability and longevity of electric coolant pumps.
This electric coolant pump for passenger cars market report extensively covers market segmentation by application (ICE powertrain, hybrid, and electric powertrain), type (battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rapid electrification of mechanical components is the key factor driving the growth of the market. Technological advancements in the auto industry are replacing mechanical parts with electronic parts because they are more efficient and capable of handling greater complexity than traditional parts. Many car controls are being replaced with electronic components to enhance user safety and comfort as well as reduce vehicle weight.
Furthermore, advances in powertrain systems are growing the adoption of automated transmission vehicles. These types of electrification in the automotive market, especially in the passenger car segment, are widely accepted and have high adoption rates. Therefore, these factors will fuel the growth of the global electric coolant pump for passenger cars market during the forecast period.
Improvements in automotive electric pump system is the primary trend in the market. The main focus of automobile manufacturers is to develop automotive systems to enhance vehicle safety, comfort, and performance. With the advent of electric vehicles, most of the developments have been related to electric vehicle-related parts and components. As a result, there have been many advances in the field of electric pumps, especially in their design used in electric vehicles.
For example, in November 2021, Gates, a global manufacturer of application-specific power transmission and transmission solutions, launched its next-generation technology for electric water pumps (EWPs) used in cars, and light and heavy multi-purpose vehicles for hybrid vehicles, and battery electric vehicle (BEV) applications. Such improvements to electric coolant pumps are expected to bring benefits such as improved heat transfer efficiency, thereby improving vehicle performance. This is expected to have a positive impact on the market during the forecast period.
Design and operational defects causing failure in electric coolant pumps is a challenge that affects the growth of the market. Improper sealing of the electric coolant pump can result in exposure to high-temperature areas. This can damage electronic components, causing the coolant pump to fail. Additionally, the electric coolant pump is driven by an electric motor, which increases the load on the vehicle's battery. Such an increase in battery charge may affect the efficient operation of the vehicle and its components.
Therefore, the need to use high-capacity batteries in cars is essential. Such additional requirements on batteries to ensure efficient operation of electric coolant pumps slow down the rate of adoption of electric coolant pumps, despite their many advantages. Therefore, these factors are expected to hinder the growth of the global electric coolant pump for the passenger car market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Electric Coolant Pump for Passenger Cars Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The ICE powertrain segment is estimated to witness significant growth during the forecast period. The ICE powertrain segment of the global passenger car electric coolant pump market includes gasoline and diesel passenger cars. Most ICE powertrains are fitted with a mechanical coolant pump that is driven by the engine by a belt. In a mechanical coolant pump, the coolant flow rate depends on the engine speed.
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The ICE powertrain segment was the largest segment and was valued at USD 5.54 billion in 2017. Additionally, electric coolant pumps are more costly than mechanical coolant pumps. Such factors have limited the application of electric coolant pumps in ICE drive systems. The global passenger cars electric coolant pump market revenue in the ICE powertrain segment is generated only by luxury cars such as the BMW 5 Series, BMW 7 Series, AUDI A4, and AUDI A6. The adoption of electric coolant pumps is expected to increase in luxury passenger cars during the forecast period due to its numerous benefits in terms of fuel efficiency and emissions.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. APAC is the dominant region in the global passenger car electric coolant pump market, mainly due to the high penetration of electric vehicles in key APAC countries such as China, Japan, and Korea from the South, along with other countries.
Furthermore, the growth of luxury ICE vehicles, associated with the rising adoption of electric coolant pumps in luxury cars, is contributing significantly to the electric coolant pump market for passenger cars. calendar in the APAC region. Additionally, increasing pressure to reduce vehicle emissions is forcing automakers to increase the adoption of electrification for their vehicles. Such factors are expected to boost the demand for automotive electrical components, especially in the powertrain, thereby driving the growth of the passenger cars electric coolant pump market in the region during the forecast period.
The outbreak of COVID-19 in 2020 had a negative impact on the passenger cars electric coolant pump market in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Thus, rising economic and supply chain activities will further drive market growth in the forecast period.
The electric coolant pump for passenger cars market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Electric Coolant Pump For Passenger Cars Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.33% |
Market growth 2023-2027 |
USD 1.55 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
15.15 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Germany, France, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AISIN CORP., Buhler Motor GmbH, Continental AG, Davies Craig Pty Ltd., Gates Industrial Corp. Plc, GMB CORP., Hanon Systems, Johnson Electric Holdings Ltd., MAHLE GmbH, Mikuni Corp., Nidec Corp., Rheinmetall AG, Robert Bosch GmbH, Sanhua Holding Group Co. Ltd., Schaeffler AG, Sogefi Spa, Stellantis NV, TBK Co. Ltd., Valeo SA, and VOVYO TECHNOLOGY Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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