The electric coolant pump is a critical part of automotive cooling systems that is used in engine temperature maintenance, power train cooling, and other accessories such as battery and power electronic cooling. These pumps offer several advantages over mechanically driven pumps in terms of efficiency, cost effectiveness and others. Therefore, due to this, the demand for electric cooling pumps is growing tremendously in the market. Apart from this, the increase in vehicle production and the associated boost in demand for eco-friendly vehicles is also driving the market growth during the forecast period.
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The Electric cooling pump market it is expected to grow at a steady rate of around 16% due to technological advancements and increased investment by automotive giants. Key players are adopting strategic alliances to maintain their position in the global market. For example, in April 2022, Concentric AB received a new development contract to supply high-voltage electric cooling pumps for a battery electric mining machine. The customer, a global construction OEM, will use our electronic pumps to cool the batteries and power electronics in a large all-electric mining machine.
Depending on the type, the market bifurcates into sealed and less sealed. The unsealed category captured a significant share of the market in 2021 due to its high preference among OEMs. Several technical advantages, such as negligible leakage and improved efficiency offered by sealless pumps, are the main factors driving their popularity. Also, since EVs operate at lower temperatures than ICE vehicles, sealless pumps are a suitable choice for EVs. Thus, with the increase in sales of electric vehicles, the market for sealless pumps is expected to gain momentum in the future. In addition, continuous research and developments in sealless pump technology is also expected to drive its growth.
Based on the vehicle, the market is divided into Battery Electric (BEV) and Plug-in Hybrid Electric Vehicle (PHEV). The BEV category is expected to register a high CAGR during the forecast period owing to increased investments by key players to develop advanced battery solutions for BEVs. For example, in October 2021, Tesla announced the use of lithium-iron-phosphate (LFP) cathode batteries across its standard range of electric cars to improve its profit margin. These batteries have an improved lifespan, are maintenance-free and lightweight, which has a positive impact on the growth of the segment.
APAC to witness huge growth
For a better understanding of the adoption of the Electric Cooling Pump market, the market is analyzed based on its global presence in countries such as North America (USA, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Spain). , Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of the World. APAC held a significant market share in 2021. This is mainly due to the increase in sales of electric vehicles in the region due to strict government regulations. 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 -36 Β°C GLX-AV coolant, a coolant suitable for modern cars, including electric vehicles from Japanese and Korean car brands such as Honda, Hyundai , Mazda, Kia and Mitsubishi. Major automobile manufacturers and suppliers are increasing their focus on improving their global footprint in target markets by boosting production of vehicles and automotive components. For example, in 2019, Tesla began construction of its manufacturing plant in Shanghai, China.
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According to UnivDatos Market Insights (UMI)’, the key players with considerable market share in the electric cooling pump market are Polaris Inc., Honda Motor Co. Ltd., Textron Inc., Kawasaki Heavy Industries Ltd., Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Deere & Company, Bombardier Recreational Products Inc., KWANG YANG MOTOR CO. LTD. and Hisun Motors Corp.
“Global Electric Refrigeration Pumps Market” provides comprehensive qualitative and quantitative information on industry potential, key factors affecting buying and selling decisions, hotspots and opportunities available to market players. In addition, the report also includes key strategic imperatives for competitor success along with strategic factor indexing that measures competitor capabilities across various parameters. This will help companies formulate go-to-market strategies and identify the blue ocean for their offerings.
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Market segmentation:
- By Type (Sealed and less sealed)
- With Vehicle (Battery Electric Vehicle (BEV) and Plug-in Electric Hybrid (PHEV)
- By Application (Engine and HVAC cooling and battery and power electronics cooling)
- By output power (Below 100W and above 100W)
- By Region (North America, Europe, Asia-Pacific, Rest of World)
- By Company (Rheinmetall AG, Robert Bosch GmbH, Audi AG, AISIN CORPORATION, Continental AG, DENSO CORPORATION, Grayson Thermal Systems, Industrie Saleri Italo SpA, Avid Technology, Inc. and BΓΌhler Motor GmbH.)
Key questions answered in the study:
- What are the current and future trends in the global electric cooling pump industry?
- How has the industry evolved in terms of type, vehicle type, application and power?
- How has the competition between the countries followed by their comparative factor indexation been shaped?
- What are the major growth drivers and challenges for the global Electric Cooling Pump industry?
- What are the customer orientation, buying behavior and expectations of global electric cooling pump suppliers in different regions and countries?
Table of Contents –
1 INTRODUCTION TO THE MARKET
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE ELECTRIC COOLANT PUMP MARKET
6 ELECTRIC COOLANT PUMP MARKET REVENUE (BN USD), 2020-2028F
7 MARKET VIEWS BY TYPE
8 MARKET VISIT BY VEHICLE
9 MARKET PERSPECTIVES BY APPLICATION
10 MARKET PERSPECTIVES BY OUTPUT POWER
11 MARKET OUTLOOK BY REGION
12 DYNAMICS OF THE ELECTRIC COOLANT PUMP MARKET
13 ELECTRIC COOLANT PUMP MARKET OPPORTUNITIES
14 TRENDS IN THE ELECTRIC COOLANT PUMP MARKET
15 DEMAND AND SUPPLY ANALYSIS
16 VALUE CHAIN ββANALYSIS
17 COMPETITIVE SCENARIO
18 COMPANY PROFILE
19 DISCLAIMER OF LIABILITY
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