Press release
Automotive Electric Water Pump Market to Reach $6.69 Billion by 2028, Driven by Electric Vehicle Demand
Automotive Electric Water Pump Market Report
The automotive electric water pump market size is expected to see rapid growth in the next few years. It will grow to $6.69 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to continued emission reduction efforts, integration of smart and connected features, rise of thermal management systems, increased focus on lightweight materials, growing market penetration of electric vehicles. Major trends in the forecast period include increased electrification of vehicles, focus on energy efficiency, integration with smart cooling systems, lightweight design and materials, rise of electric and hybrid powertrains.
Market Overview -
An automotive electric water pump refers to a pump that moves coolant from the cooling system to the engine's internals using a motor. It aids in the movement of coolant from the radiator to all of the relevant sections of the powertrain. It uses controller to determine how much coolant circulates through the engine at different temperature ranges and maintain a desired temperature.
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Rising Electric Vehicle Demand Propels Growth Of Automotive Electric Water Pump Market
The rising demand for electric vehicles is expected to boost the growth of the automotive electric water pump market going forward. An electric vehicle (EV) refers to a vehicle that can be propelled by an electric motor that gets power from a battery and can be charged externally. An automotive electric water pump determines how much coolant circulates through the engine of an electric vehicle at specific temperature ranges and maintains a target temperature by using a controller. This avoids insufficient or excessive cooling. Hence, rising demand for electric vehicles is expected to boost the automotive electric water pump market. For instance, according to a report published by the International Energy Agency (IEA), a France-based international forum for energy cooperation, in 2022, the market share for electric vehicles increased to over 10% in 2021 from 4% in 2019. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the rising demand for electric vehicles is driving the growth of the automotive electric water pump market.
Competitive Landscape -
Major companies operating in the automotive electric water pump market report are Robert Bosch GmbH, Schaeffler AG, Hitachi Astemo Americas Inc., HELLA GmbH & Co. KGaA, Rheinmetall Automotive AG, Valeo Service, Continental Automotive GmbH, BLDC Pump Co. Ltd., Gates Corporation, Davies Craig Pty Ltd., ZF Friedrichshafen AG, Johnson Electric Holdings Limited, Hanon Systems Co. Ltd., Aisin Seiki Co. Ltd., Magna International Inc., Behr Hella Service GmbH, Carter Fuel Systems LLC, GMB Corporation, Bosch Automotive Service Solutions Inc., ACDelco, DENSO Corporation, Delphi Technologies LLC, BorgWarner Inc., Mahle GmbH, Pierburg GmbH, Airtex Products L.P., ASC Industries Inc., Okinawa Pumps Co. Ltd., Keihin Group, Sanden Holdings Corporation .
Next-Generation Thermal Pro Electric Water Pumps For Evs
Technological advancement is the key trend gaining popularity in the automotive electric water pump market. Major companies operating in the automotive electric water pump market are focusing on developing new technologies to sustain their market position. For instance, in November 2021, Gates Corporation, a US-based manufacturer of application-specific fluid power and power transmission solutions, launched next-generation Thermal Pro electric water pumps (EWP) used in electric vehicle applications. The unique feature of this technology is its sophisticated design, which enables it to handle a wide range of applications from 100 W to 3 kW (4.0 hp). By increasing pump reliability, proprietary mechanical design separates the electronics assembly from potential exposure to coolant fluids. On fully electric platforms, where electric water pumps can be substantial battery consumers, patent-pending technology enhances motor efficiency, which is crucial.
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Key Segments -
The automotive electric water pump market covered in this report is segmented -
1) By Voltage Type: 12V, 24V
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Duty Trucks, Buses And Coaches
3) By Propulsion: Internal Combustion Engines (ICEs), Electric, Battery Electric, Hybrid Or Plug-in Hybrid Electric, Fuel-Cell Electric
4) By Application: Engine, Turbocharger, Battery, Other Applications
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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