Electric Coolant Pump Market Forecast to 2028: Integration of Innovative Features Creating Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Electric Coolant Pump Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application, Power, Vehicle Type, Propulsion Type and Pump Type" report has been added to ResearchAndMarkets.com's offering.

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.

According to the US Department of Energy, the sales of new light-duty 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 impact the electric coolant pump market positively. Thus, rising initiatives from key players and growing demand for passenger vehicles are key factors driving the market. The government in the US has also set the target of 50.0% EV sales by 2030. Thus, the growing demand for EVs is expected to bolster the demand for electric coolant pumps in North America.

Asia Pacific is expected to offer lucrative growth opportunities for the market 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 sale of LCVs, electric buses, and passenger cars in China is expected to propel the demand for electric coolant pumps. Also, the Asian region has a huge potential for producing automotive vehicles across premium and SUV vehicle classes, boosting the demand for electric coolant pumps.

Electric coolant pump and battery-cell manufacturers are increasing their production capacities in European markets. Several top players in the automotive industry are investing in developing advanced electric coolant 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 coolant pumps.

For instance, Mahle GmbH - specializing in thermal management, including the heating and cooling the vehicle interior and components - developed a completely new cooling system for batteries in September 2021. The European Commission is planning to have at least 30 million electric vehicles on the roads by the end of this decade.

In addition, the European Commission had pumped around US$ 793.59 billion stimulus package, including US$ 21.16 billion, to boost the sales of clean vehicles. Thus, growing initiatives from the government for accelerating the production and imbibing awareness for clean vehicles are the prominent factors propelling the demand of electric vehicles, driving the demand for electric coolant pumps.

In the Middle East & Africa, the growing focus of the governments on promoting the use of electric vehicles is fueling the market growth. For instance, in April 2022, Saudi Arabia planned to construct new electric vehicle production plants capable of building 150,000 models per year and an EV infrastructure to support this initiative.

Key Market Dynamics

Market Drivers

• Advantages of Electric Coolant Pumps Over Mechanical Pumps
• Increase in Production of Vehicles and Rise in Demand for Eco-Friendly Vehicles

Market Restraints

• Temperature Challenges and High Installation and Maintenance Costs

Market Opportunities

• Integration of Innovative Features in Electric Coolant Pumps

Future Trends

• Increase in Number for Electric Vehicles

Company Profiles

• AISIN SEIKI Co.Ltd.
• Continental AG
• Hanon Systems
• Hitachi Automotive Systems, LTD
• Johnson Electric Holdings Limited
• Mahle GmbH
• Rheinmetall Automotive AG
• Robert Bosch GmbH
• GMB CORPORATION
• VOVYO Technology Co., Ltd

For more information about this report visit https://www.researchandmarkets.com/r/2x3ynn