The global electric coolant pump market size for electric vehicles is projected to reach USD 662 million by 2027 from an estimated USD 227 million in 2020 at a CAGR of 16.5%
during the forecast period. As electric coolant pumps help to reduce emissions, the implementation of strict emission norms across all regions globally is expected to drive the electric coolant pump industry growth significantly.
New York, June 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Coolant Pump Market by Type, Sealless, Power Output, Vehicle Type, Communication Interface, Application and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05904061/?utm_source=GNW
For instance, the introduction of Euro VI, China VI has pushed automakers to employ fuel-efficient technologies such as electric coolant pumps in their vehicles. However, relatively high costs and maintenance can hinder the overall market growth.
The sealless pump type is expected to remain the largest and fastest market by type
OEMs increasingly prefer sealless pumps over sealed pumps in electric vehicles.Numerous technical benefits, including negligible leakage and better efficiency offered by sealless pumps, have been the major factors driving their popularity.
Also, since electric vehicles operate at lower temperatures than ICE vehicles, sealless pumps are a suitable option for electric vehicles.Thus, with increasing sales of electric vehicles, the sealless pump market is expected to gain momentum in the future.
Additionally, continuous research and developments in sealless pump technology are also anticipated to drive its growth.
Up to 100W is expected to remain the largest electric coolant pump market, by power output
Up to100W electric coolant pumps are mainly used for auxiliary cooling purposes.Various auxiliary coolant pumps are employed in electric vehicles for various purposes, such as DC-DC converters, power electronics cooling, etc.
In electric vehicles, electric coolant pumps are often used in larger numbers for auxiliary purposes.This factor indicates that the up to 100W pumps segment is expected to hold a larger volume market than the >100W pumps.
Thus, growing sales of electric vehicles are expected to drive the market in the future.
Asia Pacific market is expected to register the largest and fastest growth during the forecast period.
The shifting momentum towards electric cars is expected to drive the electric coolant pump market primarily.Stringent emission norms such as China 6a, BS-VI norms are expected to propel the electric coolant pump sales in the future.
Respective governments are also rolling out attractive policies and schemes to popularize electromobility, which will eventually drive the electric coolant pump market.Manufacturers are focusing their R&D activities on developing robust, diversified electric cars, which will boost the demand for electric coolant pumps in the region.
The growing demand for electric cars has also prompted OEMs to increase strategic collaborations/partnerships between them and electric coolant pump manufacturers. Therefore, the region is expected to register an evident growth in the forecast period.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Tier I – 70%, Tier II - 20%, and Tier OEM - 10%
• By Designation: C Level - 20%, D Level - 40%, and Others - 40%
• By Region: Asia Oceania - 50%, Europe - 30%, North America - 20%
The electric coolant pump market is led by globally established players such as Rheinmetall Automotive AG(Germany), Robert Bosch GmbH (Germany), Aisin Seiki Co., Ltd. (Japan), Continental AG (Germany), and MAHLE GmbH (Germany).
Research Coverage:
The electric coolant pump market is segmented based on application for electric cars [engine cooling & HVAC, battery cooling & power electronics cooling, and gearbox cooling], type [sealed and sealless], sealless type [electrically driven/canned and magnetically driven], electric vehicle type [BEV and PHEV], electric vehicle use [passenger car and commercial vehicle], ICE vehicle [passenger car and commercial vehicle], vehicle voltage [12V and 48V], power output [up to 100W and >100W], communication interface[ LIN, CAN and PWM], and region for electric cars [Asia Pacific, Europe, North America]. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the electric coolant pump market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05904061/?utm_source=GNW
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