The new report by Expert Market Research titled, ‘Global Automotive Electric Water Pump Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive electric water pump market, assessing the market based on its segments like vehicle types, pump types, applications, sales channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Automotive Electric Water Pump Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 3.1 Billion
- Forecast CAGR (2023-2028): 27%
- Forecast Market Size (2027): USD 6.9 Billion
The increasing number of vehicles owing to the improved living standards and the inflating disposable income is driving the growth of the automotive electric water pump industry. The growing adoption of electric vehicles in which electric water pump is used, is leading to the incremental development of the industry.
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This is because of the increasing awareness of the detrimental effects of fuels, such as carbon emission and stringent government regulations. Moreover, the numerous benefits of electric water pumps, such as thermal management and saving cost due to the reduced use of fuels, are also significantly catalysing the market growth. All these factors provide impetus to the development of the automotive electric water pump industry.
Automotive Electric Water Pump Market Industry Definition and Major Segments
The automotive electric water pump is fully electric, and it regulates the heat produced by the engine by managing the circulation of the coolant within the closed heating and cooling system. The electric water pump ensures that there is no thermal damage to the engines as a result of exposure to high temperatures.
The automotive electric water pump industry, by vehicle type, is divided into:
- Passenger Cars
- Light Commercial Vehicles
- Electric Vehicles
Based on pump type, the market is classified into:
- 12V
- 24V
On the basis of application, the market is segmented into:
- Engine
- Turbocharger
- Battery
- Others
Based on sales channel, the market can be bifurcated into:
- OEMs
- Aftermarket
The regional markets of automotive electric water pump include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Automotive Electric Water Pump Market Trends
The stringent government regulations to save the environment from the harmful emissions of fuels are contributing to the growth of the industry. For instance: the aim of the United Nations Climate Change Conference declaration is that all the vehicles sold are zero-emission by 2040 or earlier.
In addition, the rising consumption of fuel is leading to declining fuels, posing a threat to the future of the world economy. These factors are bolstering the automotive electric water pump industry as the product prevents unnecessary fuel by cooling down the engine. Moreover, the holistic and innovative products offered by the leading industry players to escalate their market potential is augmenting the industry’s growth.
Schaeffler Technologies AG & Co. offers electric water pumps characterised by exact controllability and are entirely separated from the engine speed. They are reliable and durable and can operate in a constantly changing environment. The technological advancements in hydraulics, electronic engines, and research activities to improve the performance of automotive electric water pumps are expected to invigorate the market in the forecast period.
Key Market Players
The major players in the market are Schaeffler Technologies AG & Co. KG, Continental AG, Robert Bosch GmbH, Rheinmetall Automotive AG, Gates Corporation, BLDC Pump Co., Ltd., Davies, Craig Pty Ltd, Valeo SA, Behr Hella Service GmbH, and Hanon Systems, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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