According to The Insight Partners latest market study on “Electric Coolant Pump Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, Power, Vehicle Type, Propulsion Type, and Pump Type,” the electric coolant pump market is projected to grow from US$ 467.46 million in 2022 to US$ 1,188.28 million by 2028; it is estimated to grow at a CAGR of 16.8% from 2022 to 2028.
An electric coolant pump is one of the indispensable parts of the cooling system in an automobile. It is used to maintain the engine temperature, power train cooling, and other accessories, such as battery and power electronics cooling. Electric coolant pumps provide various technical benefits over mechanically driven pumps, such as being highly efficient with emissions, less expensive, compact size, and other features. Electric coolant pumps use a battery system as a power source, which is highly efficient with respect to emissions, making them the most preferred solution for various electric and hybrid automotive vehicles.
The core automotive industry supports a wide range of business segments—upstream, core automotive, and downstream. Government regulations, country’s GDP, and purchasing power of consumers are among the prominent factors influencing the evolution and momentum of the automotive industry. The government’s policies to promote electric vehicle sales in the automotive industry play a crucial role in the demand of electric vehicles, influencing vehicle production.
The Asia Pacific is expected to offer lucrative growth opportunities for market growth over the forecast period. Several cities in China relaxed car license policies, allowing more internal combustion engine vehicles to be registered to support local car industries. During the forecast period, consumer spending on EVs is expected to rise with the government’s support through subsidies and incentives. Further, China’s electric bus and heavy-duty truck (HDT) registrations increased in 2020. Thus, the growing sales of LCVs, electric buses, and passenger cars in China are expected to propel the demand for electric coolant pumps. The region has a huge potential for producing automotive vehicles across premium and SUV vehicles, further boosting the demand for electric coolant pump that helps drive the market growth over the forecast period. An electric coolant pump provides reduced power requirements and also saves fuel consumption. In addition, product innovation and demand for EVs are expected to play a vital role in Asia’s market growth.
As electric coolant pumps help reduce carbon emissions, the implementation of stringent emission norms globally is expected to propel the electric coolant pump industry growth significantly. For instance, the introduction of Euro VI and China VI pushed automotive manufacturers to employ fuel-efficient technologies such as electric coolant pumps in their electric vehicles. The increase in number of contracts and rising demand for coolant pumps is further bolstering the market growth. For instance, in April 2021, Concentric AB received a new development contract to supply electric coolant pumps for a fuel cell application.
The top five companies in the market AISIN SEIKI Co., Ltd., Continental AG, Hanon Systems, Mahle GmbH, and Robert Bosch GmbH. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
A few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Country |
| 2022 | Hanon Systems, a provider of thermal and energy management solutions for the automotive industry, announced the opening of a new plant in Hubei, China. This move furthers the company’s growing assistance to automakers in the electrified vehicle market. According to Min Sung, president and chief executive officer of Hanon Systems, the company continues to build its global business by investing in the design of cutting-edge eco-friendly automotive solutions and assisting manufacturers in the electrified vehicle category. | Global |
| 2022 | MAHLE Aftermarket is planning to expand its portfolio by continuously expanding its thermal management product range; MAHLE Aftermarket is making it possible for workshops to generate new business. MAHLE Aftermarket is offering not only a growing range of components but also accompanying service equipment, training, and digital information solutions. The company is hence preparing workshops for the future and helping them with the switch to alternative drive systems. | Global |
| 2021 | Johnson Electric Holdings Limited was included in Automotive News’ Top Suppliers 2021 list. JE is included in this list for the fifth consecutive year. | Global |
