LONDON--(BUSINESS WIRE)--The global electric coolant pump market for passenger cars is expected to post a CAGR about 41% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Automotive manufacturers are increasingly focusing on adopting new and fast-changing technologies such as replacing the mechanical components with electronic components to sustain in the competitive environment. Electronic components reduce the weight of the vehicle by eliminating the need for multiple automotive controls. These components are not only more efficient and capable of handling higher complexities but also improve the safety and comfort of users. This trend of electrification is encouraging vendors to implement advancements on powertrain components as well, which will boost the demand for electric coolant pumps. Thus, the rapid electrification of mechanical components will boost the growth of the electric coolant pump market for passenger cars during the forecast period.
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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 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: Improvements in the Automotive Electric Pump System
With the advent of EVs and rising demand for automotive systems with improved safety, comfort, and performance, vehicle manufacturers are incorporating advances in electric pumps of EVs. Advanced electric pumps are compact and have higher accuracy in determining the oil temperature unlike other traditional electric oil pumps. The performance of the vehicle is improved by enhancing the efficiency of heat transfer. This is done by incorporating advanced technologies in efficient functioning of cooling and lubrication systems such as electric coolant pumps. These pumps are likely to be used in ICE vehicles, mainly in the passenger cars segment. Thus, with such improvements in electric coolant pumps, the market for electric coolant pump for passenger cars is expected to showcase a positive outlook during the forecast period.
“Apart from the rapid electrification of mechanical components, the increasing popularity of 48V electrical architecture in automobiles and use of advanced materials for automotive pumps are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Electric Coolant Pump Market for Passenger Cars: Segmentation Analysis
This market research report segments the global electric coolant pump market for passenger cars by powertrain type (hybrid and electric powertrain and internal combustion engine (ICE) powertrain) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market due to the expansion of existing production capabilities of EV manufacturing facilities.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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