LONDON--(BUSINESS WIRE)--The global electric coolant pump market for passenger cars is expected to post a CAGR close to 41% during the period 2019-2023, according to the latest market research report by Technavio.
Technological advances in the automotive industry are replacing mechanical components with electronic components as they are more efficient and capable of handling higher complexities than the conventional components. For instance, the conventional ICE is integrated with electronic components, and controlled with the help of the engine management system. Similarly, hydraulic power steering is being replaced with electric power steering. This type of electrification in the automotive market, especially in the passenger cars segment, is witnessing high adoption. This will drive the demand for electric coolant pumps, thereby leading to market growth over the forecast period.
As per Technavio, the improvements in the automotive electric pump system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global electric coolant pump market for passenger cars market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Electric Coolant Pump Market for Passenger Cars Market: Improvements in the Automotive Electric Pump System
The prime concentration of vehicle manufacturers is on the development of an automotive system to improve the safety, comfort, and performance of a vehicle. With the advent of EVs, most of the developments are for EV parts and components. As a result, there have been advances in electric pumps, that are used in EVs. For instance, Tesla Inc. has developed an electric pump system that can monitor and report the condition of the oil used as a lubricant in vehicles. Such improvements in electric coolant pumps are expected to offer benefits such as improved efficiency in heat transfer, thus improving the performance of the vehicle. These improvements in the electric pumps used in EVs are likely to be incorporated in ICE vehicles, mainly the passenger cars segment. Therefore, it is expected to positively impact the global electric coolant pumps market for passenger cars soon.
“Currently, several prominent players operating in automotive pumps market are developing and innovating in terms of design and materials used. Such developments and enhancements in automotive pumps will help to improve the overall efficiency of the vehicle, thereby driving market growth,” says a senior analyst at Technavio.
Global Electric Coolant Pump Market for Passenger Cars Market: Segmentation Analysis
This market research report segments the global electric coolant pump market for passenger cars by powertrain type (hybrid and electric powertrain, and ICE powertrain) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. However, during the forecast period, the North American region is expected to register the highest incremental growth due to the high demand of automobiles from the large consumer base in the region.
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