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.
The growth of electric coolant pump market size is influenced by factors such as stringency in emission norms, increasing sales of electric vehicles, and turbocharged engines. Additionally, rising sales of electric vehicles, continuous developments in pump specifications like power output, and growing collaborations between electric coolant manufacturers and OEMs are also driving its growing popularity. Therefore, the electric coolant pump market is expected to witness significant growth in the future.
The commercial vehicles segment is expected to grow with the highest CAGR in electric vehicle use segment
Commercial vehicles are expected to witness significant growth during the forecast period. The growing demand for electrified buses and trucks is boosting the demand for electric coolant pumps globally. Additionally, increasing sales and availability of various electric pick-up vehicles such as Toyota RAV4, Chrysler Pacifica Hybrid, and Toyota Highlander driven by government subsidies is anticipated to propel commercial vehicles electric coolant pump market. Also, the growing adoption of 48V vehicle architecture owing to various technical advantages is expected to impact the electric coolant pump market significantly. As various electric coolant pump manufacturers are focusing on developing high-powered electric coolant pumps (suitable for commercial vehicles), commercial vehicles are expected to register a noticeable growth.
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Asia Pacific region is expected to lead the market during the forecast period.
Asia Pacific is estimated to be the largest market for the electric coolant pump market with China(global hub) and Japan (an important automotive hub) holding a significant share in the market. The growing popularity of BEVs and hybrid turbocharged engines is expected to give China a considerable boost in the electric coolant pump market. The introduction of BS-VI emission norms in India is a crucial factor expected to drive the electric coolant pump market growth in the forecast period. The presence of prominent players and the growing availability of hybrid vehicle models will support the electric coolant pump market. Additionally, the presence of key players like Aisin Seiki Co., Ltd, Johnson Electric, GMB Corporation, etc. is expected to create favorable opportunities for the electric coolant pump market.
48V is expected to be the largest market in the vehicle voltage segment
According to MarketsandMarkets analysis, the 48V electric coolant pump market is estimated to be the largest during the forecast period. 48V vehicle architecture is growing in popularity due to increasing sales of 48V vehicles and MHEVs. As 48V vehicles employ more number of electric coolant pumps than 12V vehicles, increasing sales of 48V vehicles is expected to drive the electric coolant pump volume market. Also, as 48V hybrid systems register reduced emissions, this vehicle architecture is finding its adoption in various vehicle models. Thus, with the growing popularity of 48V vehicle architecture, the electric coolant pump is expected to witness an evident growth in the future.
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Key Market Players:
The electric coolant pump market is dominated 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).
Related Report:
Electric Commercial Vehicle Market – Global Forecast 2030
Vehicle Electrification Market – Global Forecast to 2025
Automotive Pumps Market – Global Forecast to 2027
