CHICAGO, April 15, 2024 /PRNewswire/ — Electric Coolant Pump Market is projected to grow from USD 1.9 billion in 2024 to USD 3.9 billion by 2030 at a CAGR of 12.8% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the electric coolant pump market is influenced by factors such as growing stringency in emission regulations with decreased emission limits, where electric coolant pumps can help reduce engine load and lower emissions. Factors such as the increase in hybrid and plug-in hybrid electric vehicles and powerful GDI engines installed with gasoline turbochargers are also estimated to boost the market for electric coolant pumps. These factors fuel continuous developments in pump specifications like power output, and increasing collaborations between electric coolant manufacturers and OEMs drive its growing popularity. Therefore, the electric coolant pump market is expected to witness significant growth in the future.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=107390652
Browse in-depth TOC on “Electric Coolant Pump Market“.
391 – Tables
65 – Figures
318 – Pages
Electric Coolant Pump Market Scope:
|
Report Coverage |
Details |
|
Market Size |
USD 3.9 billion by 2030 |
|
Growth Rate |
CAGR of 12.8% |
|
Largest Market |
Asia Pacific |
|
Market Dynamics |
Drivers, Restraints, Opportunities & Challenges |
|
Forecast Period |
2024-2030 |
|
Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type (Sealed, Sealless), Sealless (Electrical, Magnetic), Power Output (<150W, 150-200 W, >250 W), 48V & Electric Vehicle Type, Communication Interface (LIN, CAN, PWM), Application and Region |
|
Geographies Covered |
Asia Pacific, Europe, North America, and Rest of the World |
|
Report Highlights |
Updated financial information / product portfolio of players |
|
Key Market Opportunities |
Development of advanced electric coolant pump technology and strategic partnerships between OEMs |
|
Key Market Drivers |
Increasing sales of turbocharged engines |
“12 V electric coolant pumps hold the largest share of electric coolant pumps during the forecast period.”
Most electric and hybrid passenger and light commercial vehicles have lower voltage and power requirements. They are usually fitted with a 12V electrical system for main and auxiliary applications such as batteries, inverters, power electronics, lighting, etc. This makes the 12 V electric coolant pumps lead the global electric coolant pumps industry. The compact design of the 12V electric coolant pump allows for flexible placement within the vehicle’s powertrain, enabling efficient packaging and integration with other vehicle systems. It also offers higher efficiency with less energy consumption, and components required to support a 12V electric coolant pump are widely available and relatively inexpensive compared to higher voltage systems. Thus, it is considered a cost-effective solution for vehicle thermal management.
Moreover, technical benefits such as reduced contact erosion faults are expected to continuously push automakers and tier-1 suppliers to develop 12V electric coolant pumps with sophisticated technologies. For instance, Robert Bosch developed an electric coolant pump named PCE 2.0 which is 12 V that has a robust design that is suitable to absorb high vibrations and temperature resistance up to 140 degrees Celsius and applies to hybrid, electric vehicles, and internal combustion engines. A 12V coolant pump configuration fulfils the power demand of light-duty vehicles effectively and is sufficient for the cooling needs of key components; hence, it will continue to be considered a cost-effective solution for vehicle thermal management in the future.
“Local Interconnect Network (LIN) is expected to be largest and fastest growing communication interface market by 2030.”
LIN is one of the recent communication interfaces developed to create a standard for low-cost communication in the automotive sector. It is a popular choice in electric vehicles due to its simple architecture, small size, and features like real-time feedback and diagnosis. In the LIN interface, the cost per node is two to three times lower than CAN, and increased use of electronics like switches and sensors has further paved the way for the usage of this communication interface. Additionally, LIN allows the control unit to receive diagnostic information from the coolant pump, such as fault codes or error messages indicating issues with pump operation or system performance, thus enabling early detection of faults and timely troubleshooting. Most OEMs use a 150 W LIN interface in their passenger car models. The LIN interface is suitable for the coolant flow rate used in passenger cars and is also a low-cost communication interface. LIN uses lower bandwidth and is sufficient for transferring the coolants through circuits, making them a suitable choice over the CAN interface. LIN’s simple protocol and lower data rates make implementing and integrating into electric coolant pump systems easier. This simplicity can reduce the development time and effort compared to CAN. As LIN operates at a lower data rate, it requires lower power consumption compared to CAN, and this is crucial for electric vehicles as less power consumption extends the battery life and overall vehicle efficiency. LIN allows for the connection of multiple sensors and actuators within a localized network, making it suitable for integrating additional features into the coolant pump system in the future
In addition to this, most of the electric coolant pumps offered by major suppliers, such as Robert Bosch GmbH, Continental AG, Denso Corporation, and Rheinmetall, among others, are regulated by the LIN interface. They are applicable for cooling the battery, powertrain, and other auxiliary applications. Thus, with the growing advanced functionality of electric coolant pumps, the enablement of the LIN interface may witness significant growth in the coming years.
“Asia Pacific will be the leading electric coolant pump market over the forecast period.”
The Asia Pacific region emerges as the primary market for electric coolant pumps, led by China, a global hub, and Japan, a key automotive center, both holding substantial market shares. China’s electric coolant pump market is poised for significant growth due to the increasing popularity of BEVs and hybrid turbocharged engines. For instance, according to the Electric Vehicle World Sales Database, China accounted for 65% of global EV sales in 2023. In addition to this, China exported around 900,000 EVs in 2023. Further, in India, implementing BS VI emission norms is a pivotal factor expected to propel market growth in the foreseeable future. The demand for 12 V electric coolant pumps with a power wattage range <150 W is higher in the Asia Pacific due to higher demand for economy electric vehicles requiring low-powered electric coolant pumps. Most of the OEMs from the Asia Pacific region use 12 V and <150 W electric coolant pumps in their electric vehicle models, which creates the opportunity for electric coolant pump suppliers such as Denso Corporation (Japan), Aisin Seiki Co., Ltd. (Japan), and Hanon Systems (South Korea) who are mainly developing 12 V electric coolant pumps.
In addition, E-trucks and buses have higher demands in countries like China, where the use of 24 V electric coolant pumps is high. For instance, according to PRI (Public Radio International), China constitutes about 99% of the world’s electric bus fleet. Thus, with growing sales of electric buses and commercial vehicles, the demand for 24 V electric coolant pumps is also expected to grow at a significant CAGR during the forecast period.
Moreover, the participation of major players such as Aisin Seiki Co., Ltd (Japan), Denso Corporation (Japan), Hanon Systems (South Korea), and GMB Corporation (Japan) is anticipated to create favorable opportunities in the electric coolant pump sector.
Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=107390652
Key Market Players:
The major players in Electric Coolant Pump Companies include Robert Bosch GmbH (Germany), Continental AG (Germany), Mahle GmbH (Germany), Denso Corporation (Japan), and Rheinmetall AG (Germany).
Recent Developments
- In February 2024, The Automotive Aftermarket division of Schaeffler AG extended its product range within the INA brand to provide auxiliary electric water pumps of established quality, meeting top OEM standards. This aftermarket solution extends its benefits to owners of combustion engines, hybrids, and electric vehicles, ensuring compatibility with a wide range of well-known manufacturers, covering over 50 million vehicles.
- In September 2023, DENSO Corporation developed the “Everycool” advanced cooling system, which provides comfort and energy efficiency when the commercial vehicle engine is off. “Everycool” is a cooling system designed for use when a truck’s engine is idle. It serves the dual purpose of enhancing driver comfort during hot summer months and contributing to environmental sustainability by minimizing fuel consumption and promoting efficient energy utilization.
- In June 2023, Rheinmetall Automotive AG introduced the latest heat pump, designed as a convenient plug-and-play solution. This compact unit arrives fully assembled and filled, ready for immediate use. With its intelligent thermal management system, the new coolant system extends the vehicle range and material lifespan and elevates passenger comfort. Specifically engineered to provide precise climate control within the passenger compartment, it also offers intelligent conditioning for batteries in electric vehicles and drive components.
- In September 2022 September 2024, Schaeffler AG developed high-performance electric motors for commercial vehicles that are over 97 percent efficient. Schaeffler’s new high-performance electric motors are scalable, efficient, and highly robust. These systems consist of a coolant regulator, electric water pumps, sensors, and an intelligent controller, offering manufacturers the advantages of a compact, space-efficient design.
- In August 2022, HELLA enhanced its thermal management offerings under the FORVIA umbrella brand by introducing an electronic Valve Actuator and a high-performance Media Pump designed for coolant circulation. The company has commenced series a series of development of these advanced components, with plans for market release set for 2025.
- In November 2021, Gates Corporation, a worldwide supplier of tailored fluid power and power transmission solutions, expanded its footprint in hybrid and battery electric vehicle (BEV) sectors by introducing its latest-generation technology for electric water pumps (EWP). These pumps are utilized in light commercial and heavy-duty vehicles. The Gates ThermalPro EWP technology results from substantial investments in electronics, software, motor design, and computational fluid dynamics.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=107390652
Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting
Related Reports:
Automotive Pumps Market – Global Forecast to 2027
Vehicle Electrification Market – Global Forecast to 2025
Electric Commercial Vehicle Market – Global Forecast to 2030
Automotive Fuel Cell Market – Global Forecast to 2030
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/electric-coolant-pump-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/electric-coolant-pump.asp
Logo: https://mma.prnewswire.com/media/2297424/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
