by Electric coolant pump helps to circulate the engine coolant throughout the system, maintaining proper operating temperature. It regulates coolant flow and prevents overheating by circulating coolant through radiator and back to engine using an electric motor.
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 23% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the electric coolant pump market is the increasing demand for brushless electric coolant pumps. Brushless electric coolant pumps are more efficient and durable compared to traditional brushed electric coolant pumps. They have a longer lifespan and require low maintenance. The elimination of brushes also reduces mechanical noise, thereby providing a quieter operation. Many leading automotive OEMs are replacing traditional brushed electric coolant pumps with advanced brushless electric coolant pumps to improve the performance and efficiency of electric cooling systems in modern vehicles.
SWOT Analysis
Strength: Electric coolant pumps are more efficient and reliable than mechanical pumps. They provide precise coolant flow control for optimal engine temperature.
Weakness: High initial costs associated with designing, manufacturing and assembling electric coolant pumps. Dependence on vehicle battery for power supply.
Opportunity: Increasing demand for fuel-efficient and low emission vehicles is driving OEMs to adopt electric coolant pumps. Growing electric vehicle market also presents an opportunity.
Threats: Bulk pricing by major suppliers can threaten margins of small players. Stringent vehicle emission norms may require additional upgrades in electric coolant pump technology.
Key Takeaways
The global Electric Coolant Pump Market Growth is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period, due to increasing demand for fuel-efficient vehicles. Precise coolant flow control provided by electric pumps helps automakers meet stringent fuel efficiency and emission norms.
Regional analysis: Asia Pacific dominated the global market in 2023 and is expected to maintain its lead through 2030 driven by high vehicle production in China, Japan and South Korea. Europe and North America are also lucrative markets driven by presence of major automakers and strict emission regulations.
Key players operating in the Electric Coolant Pump market are Aisin Seiki, Rheinmetall, Hanon Systems, MAHLE, BorgWarner, Robert Bosch, GMB, DaviesCraig, Torishima Pump, and Modine. Major players are focusing on expansion in Asia Pacific and developing advanced products with improved efficiency to strengthen their market position. Key players are expanding their manufacturing foothold in China through partnerships and JVs.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
