The global electric coolant pump market accounted for a value of USD 211 million in 2019 and is projected to register growth at a CAGR of 11.2% during forecast period.
COVID-19 has impacted the global electric coolant pump market negatively. The production is on halt due to lockdown. The demand from automotive industry is decreasing due to which there is a significant decline in demand of electric coolant pump. The supply chain is also affected due motion restriction and lockdown policies. The raw material supply is facing difficulties. Thus, the electric coolant pump market is expected to witness decline during forecast period.
For more details, visit: Global Electric Coolant Pump Market By Sealless Type (Electrically Driven, Magnetically Driven, Others), By Electric Vehicle Use, By Application, By Vehicle Type, By ICE Vehicle, By Region, Forecast & Opportunities to 2026
The government is implementing various stringent policies to reduce air pollution. The use electric components in vehicle help in reducing emission from vehicles. The government is constantly promoting and introducing attractive schemes to promote adoption of electric vehicles and this drives growth in electric coolant pump market during forecast period.
On the basis of sealless type, the electric coolant pump market is segmented into electrically driven/ canned and magnetically driven. The electrically driven pump segment is estimated to be the largest market during forecast period. Electrically driven pump provide technical benefits over mechanically driven pumps. These pumps are compact in size and less expensive. This makes them more preferred in automotive industry. Electrically driven pumps are efficient and cause less emission. This increases demand for electrically driven segment and drives growth in this segment during forecast period.
On the basis of electric vehicle use, the electric coolant pump market is segmented into passenger car and commercial vehicle. The passenger car segment is estimated to dominate the market during forecast period. The passenger cars are available in several electric models and it employ auxiliary as well as coolant pumps. Government is providing various subsidies schemes to promote electric passenger cars sell. This increases the demand and adoption for electric coolant pump in electric passenger car. This drives growth in electric passenger car segment during forecast period.
On the basis of ICE vehicle, the electric coolant pump market is segmented into passenger car and commercial vehicles. The commercial vehicles segment is estimated to dominate the market during forecast period. The electrification of powertrain components is increasing. There are various developments occurring in power output and the electric coolant pump are rapidly utilizing in commercial vehicles. This increases demand for electric coolant pump and drives growth in commercial vehicles segment during forecast period.
Asia-Pacific region is estimated to be the largest market during forecast period. The sales of electric vehicles are increasing in this region due to stringent emission norms implemented by government. The government is providing subsidies and attractive schemes to promote sales of electric vehicles in this region. The government is promoting the in-house production of components of powertrain. This increases demand and adoption of electric coolant pump in this region and drives growth in Asia-Pacific region during forecast period.
The key market payers in electric coolant pump sector are Rheinmetall Automotive AG, Robert Bosch GMBH, Aesin Seiki CO., Continental AG, Mahle GMBH, Denso Corporation, Johnson Electric Holdings Ltd., Hanon Systems, Industrie Saleri Italo S.P.A, Concentric AB, Sanhua Automotive, Vovyo Technology, Buhler Motor Gmbh, Grayson Thermal Systems, GMB Corporation and JTEKT Corporation.
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