Global Electric Refrigeration Pumps Market
Dublin, March 08, 2023 (GLOBE NEWSWIRE) — The report “Electric Cooling Pump Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Application, Power, Vehicle Type, type of propulsion and type of pump” a ResearchAndMarkets.com’s offers
The Electric Cooling Pumps Market is expected to grow from USD 467.46 Million in 2022 to USD 1,188.28 Million by 2028; is estimated to grow at a CAGR of 16.8% from 2022 to 2028.
North America has potential share, due to favorable government initiatives and increased demand for fully electric vehicles. According to the US Department of Energy, sales of new light plug-in electric vehicles, including electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), doubled from 308,000 units in 2020 to 608,000 units in 2021.
These investment plans are expected to positively affect the electric cooling pump market. Thus, increasing initiatives by key players and growing demand for passenger vehicles are key factors driving the market. The US government has also set a target of 50.0% electric vehicle sales by 2030. Therefore, the growing demand for electric vehicles is expected to drive the demand for fuel pumps. electrical refrigerants in North America.
Asia Pacific is expected to offer lucrative growth opportunities for the market during the forecast period. Several cities in China relaxed car licensing policies, allowing more internal combustion engine vehicles to be registered to support local auto industries. During the forecast period, consumer spending on electric vehicles is expected to increase with government support through subsidies and incentives. In addition, China’s electric bus and heavy-duty truck (HDT) registrations increased in 2020.
Thus, growing sales of utility vehicles, electric buses and passenger cars in China are expected to drive the demand for electric cooling pumps. In addition, the Asian region has great potential to produce automobile vehicles in premium vehicle and SUV classes, increasing the demand for electric cooling pumps. An electric coolant pump provides reduced energy requirements and also saves fuel consumption. In addition, product innovation and demand for electric vehicles are expected to play a vital role in the growth of the Asian market.
For example, in South Korea in 2021, Eurol Lubricants introduced the new Coolant -36C GLX-AV, a coolant suitable for modern cars, including electric vehicles from Japanese and Korean car brands such as Honda, Hyundai , Mazda, Kia and Mitsubishi.
Manufacturers of electric cooling pumps and battery cells are increasing their production capacity in European markets. Several major players in the automotive industry are investing in the development of advanced electric cooling products. Major companies such as Continental AG and Mahle GmbH invest heavily in their R&D to improve battery power consumption by using efficient electric cooling pumps. For example, Mahle GmbH, which specializes in thermal management, including heating and cooling of vehicle interiors and components, developed a completely new cooling system for batteries in September 2021.
The European Commission plans to have at least 30 million electric vehicles on the road by the end of this decade. In addition, the European Commission had injected a stimulus package of about $793.59 billion, including $21.16 billion, to boost sales of clean vehicles. Thus, increasing government initiatives to accelerate production and awareness about clean vehicles are the prominent factors driving the demand for electric vehicles, driving the demand for electric cooling pumps.
In the Middle East and Africa, the increasing focus of governments on promoting the use of electric vehicles is driving the market growth. For example, in April 2022, Saudi Arabia planned to build new electric vehicle production plants capable of building 150,000 models per year and an electric vehicle infrastructure to support this initiative.
In any ICE or EV, electric cooling motors have become a key to certify maximum operational efficiency. The use of electric coolant pumps can provide effective thermal management. The growing trend of autonomous vehicles in South American countries such as Argentina and Brazil is expected to increase the need for electric cooling pumps. In addition, increasing investment in research and development of electric fluids and drive systems is expected to play a key role in the expansion of the electric cooling pump market in South America.
This Electric Coolant Pump market study mainly focuses on five segments: Application, Power, Vehicle Type, Propulsion Type and Pump Type. In terms of application, the electric cooling pump market is segmented into engine and HVAC cooling, battery and power electronics cooling, and gearbox cooling.
Based on power, the electric cooling pump market is classified into below 100W and above 100W.
On the basis of vehicle type, the electric cooling pump market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. In terms of propulsion type, the electric cooling pump market is segmented into ICE, electric and hybrid.
On the basis of pump type, the electric cooling pump market is divided into with ECU and without ECU.
Market dynamics
Market drivers
Market limitations
Market opportunities
Future trends
Key Attributes:
|
Report attribute |
Details |
|
Number of pages |
252 |
|
Forecast period |
2022-2028 |
|
Estimated market value (USD) in 2022 |
467.46 million dollars |
|
Projected market value (USD) for 2028 |
1188.28 million dollars |
|
Compound annual growth rate |
16.8% |
|
Regions covered |
global |
Key topics covered:
1. Introduction
2. Key takeaways
3. Research methodology
4. Electric Refrigeration Pumps Market Landscape
5. Electric Refrigeration Pumps Market – Key Market Dynamics
6. Electric Coolant Pump – Global Market Analysis
7. Electric Cooling Pumps Market Analysis – By Application
8. Global Electric Refrigeration Pumps Market Analysis – By Power
9. Global Electric Cooling Pumps Market Analysis – By Vehicle Type
10. Market analysis of electric cooling pumps – By type of propulsion
11. Market analysis of electric cooling pumps – by type of pump
12. Electric cooling pumps market – Geographical analysis
13. Impact of the COVID-19 pandemic on the electric cooling pump market
14. Landscape of the industry
15. Company profiles
16. Appendix
A selection of the companies mentioned in this report includes
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AISIN SEIKI Co. Ltd.
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Continental AG
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Hanon Systems
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Hitachi Automotive Systems, LTD
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Johnson Electric Holdings Limited
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Mahle GmbH
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Rheinmetall Automotive AG
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Robert Bosch GmbH
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CORPORATION GMB
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VOVYO Technology Co., Ltd
For more information on this report, visit https://www.researchandmarkets.com/r/qr91fx
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