Global Electric Coolant Pump Market Size, Share and Growth Analysis Research Report and Forecast to 2020-2030
Research Reports
Jan 09, 2021
Product overview
An electric coolant pump is a device that is used in automotive to provide on-demand cooling based on the load of the engine, especially during cold starts that increase fuel efficiency and reduces emissions. It also leads to improvement in air conditioning in the passenger compartment of the vehicle. The electric coolant pump is employed with the thermal management system of the internal combustion engine which provides additional benefits. The electric coolant pump market is expected to have huge demand during the forecasted period owing to its improved engine performance along with the rise in demand for electric vehicles across the world.
Market Highlights
The Electric Coolant Pump Market registered a growth of USD XXXX billion in 2019 and is expected to register a growth of USD XXXX billion in the forecast period and grow at a CAGR of XX% till 2030.
Improved engine performance, fuel efficiency, and government regulations are to increase the market growth for electric coolant pumps. Increased demand for fuel-efficient engines as well as increased demand for electric vehicles is also expected to spur the growth of the market. The coolants provide various benefits and fewer technical challenges, they require less maintenance as well as cooling oil requirements which is another factor for the increasing market growth. Rapid electrification of mechanical components and rising awareness among people for use of eco-friendly vehicles is also accelerating the market growth.
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Electric Coolant Pump Market: Segments
The electric coolant pump market research report categorizes the given market based on application, type, vehicle type, sealless, electric vehicle type, electric vehicle uses, and region.
The battery and power electronics cooling segment to grow with the highest CAGR of XX% during 2020-2030
By Application, the market is segmented into Engine Cooling & HAVC, Battery and Power Electronics Cooling, Gearbox Cooling. Battery and power electronics cooling is to hold the highest CAGR growth.
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The seal-less type segment to grow with the highest CAGR of XX% during 2020-2030
By Type, it can be categorized into Sealed and Sealless. The seal-less type to hold the highest CAGR in the electric coolant pump market due to its various technical benefits, zero leakage, and increased efficiency.
The electrically driven type segment to grow with the highest CAGR of XX% during 2020-2030
By Seal less Type it can be divided into electrically driven/ Canned and Magnetically driven. Electrically driven type to dominate the segment owing to the increased technical benefits over the traditional hand-driven types. They are less costly and reduce emissions which increase their growth.
The plug-in hybrid electric vehicle segment to grow with the highest CAGR of XX% during 2020-2030
By Vehicle Type, it can be classified into Battery Electric (BEV) and Plug-in Hybrid Electric Vehicle (PHEV). The hybrid segment to register the highest CAGR growth during the forecast period due to its high technology features such as regenerative braking systems and electric motors.
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The passenger car segment to grow with the highest CAGR of XX% during 2020-2030
By Electric Vehicle Use it can be divided into Passenger Car and Commercial Vehicle. The passenger car uses to dominate the segment owing to the increased adoption of electric vehicles, electrification of mechanical components as well as emission control regulations.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC and MENA.
Electric Coolant Pump Market: Dynamics
Fuel efficiency as well as government regulations to increase growth
Improved engine performance, fuel efficiency, and government regulations are to increase the market growth for electric coolant pumps. Increased demand for fuel-efficient engines as well as increased demand for electric vehicles is also expected to spur the growth of the market. The coolants provide various benefits and fewer technical challenges, they require less maintenance as well as cooling oil requirements which is another factor for the increasing market growth. Rapid electrification of mechanical components and rising awareness among people for the use of eco-friendly vehicles is also accelerating market growth.
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High installation cost as well as operational costs to hamper the market growth
Faulty electric coolant pump recalls and design defects in the pumps are major factors that hamper the growth of the Electric Coolant Pump Market. High installation charges and high operational costs causing failure in coolant pumps also negatively impact the market.
Electric Coolant Pump Market: Regions
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
APAC region is expected to dominate the regional segment due to the increasing demand and sale of electric vehicles and efficient norms of the government which is in turn accelerating growth. It is likely to have high growth during the forecasted period due to, improvements in automotive, economic growth in the developing countries of the region, and collaborations between key players of electric coolant pump markets and original equipment manufacturers.
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