The electric coolant pump market size for electric vehicles is projected to reach USD 3.9 billion by 2030 from an estimated USD 1.9 billion in 2024, declining at a CAGR of 12.8% during the forecast period due to the rising adoption of electric coolant pumps to meet emission standards is evident. The increasing number of supply contracts or orders between manufacturers of these pumps and OEM underscores their growing preference. For example, in June 2021, Concentric AB secured a contract to provide electrically driven and controlled coolant pumps to a leading global OEM specializing in trucks and buses. These pumps will be utilized to manage the thermal conditions of batteries and power electronics in the OEM’s upcoming line of medium-sized electric trucks.
“BEV is anticipated to be the fastest growing electric vehicle type during the forecast period.”
Regarding electric vehicle categories, the BEV segment is projected to be the fastest market for electric coolant pumps. This is primarily attributed to the swift expansion in sales of pure electric vehicles globally. Government initiatives aimed at subsidizing electric cars and promoting domestic manufacturing of electrified components are anticipated to fuel growth in the BEV market. Additionally, increasing partnerships between regional stakeholders and OEMs to establish reliable EV charging infrastructure will be vital in expanding this market segment.
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“LIN interface holds the largest market share and is anticipated to be the fastest growing segment during the forecast period.”
LIN is the fastest and most prominent segment in the communication interface during the forecast period. LIN is a cost-effective communication interface with additional advantages, such as real-time feedback. It supports network operations that do not require excessive bandwidth or complexity. Moreover, LIN allows for the seamless addition of nodes to the network without changes in software or hardware. These technical advantages are expected to drive the popularity of LIN. In the context of coolant pump communication, LIN ensures dependable and deterministic data exchange between the pump and the vehicle’s control unit, thereby enhancing the safety and reliability of the cooling system. As a result, there is a growing demand for LIN in advanced electric coolant pumps during the forecast period.
“Asia Pacific is estimated to be the largest electric coolant pump during the forecast period.”
Asia Pacific holds the largest global electric coolant pump market share during the forecast period. The growth of electric coolant pumps in Asia Pacific is mainly driven by an increasing shift towards electric vehicles, propelled by attractive government schemes and policies. Further, enforcing stringent emission standards such as China 6a and BS VI is expected to compel automakers to integrate electric coolant pumps into their vehicles. Additionally, numerous players in the region facilitate continuous advancements in coolant pump technology, resulting in improved efficiency and performance. This trend enhances the technology’s appeal among Original Equipment Manufacturers (OEMs). With the growing sales of electric and hybrid vehicles, the electric coolant pump market is anticipated to boost in the region. In addition to this, the presence of major electric coolant pump manufacturers such as Denso Corporation (Japan), Aisin Seiki., Co. Ltd. (Japan), Hanon Systems (South Korea), and GMB Corporation (Japan) also led the growth of electric coolant pump market in this region.
Thus, with increasing sales of electric vehicles due to strict emission regulations, the electric coolant pump market is poised for substantial growth during the forecast period.
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