Overview and Scope
An automotive electric water pump refers to a pump that moves coolant from the cooling system to the engine’s internals using a motor. It aids in the movement of coolant from the radiator to all of the relevant sections of the powertrain. It uses controller to determine how much coolant circulates through the engine at different temperature ranges and maintain a desired temperature.
Sizing and Forecast
The automotive electric water pump market size has grown rapidly in recent years. It will grow from $3.35 billion in 2023 to $3.86 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to growing fuel efficiency standards, increased emphasis on emission reduction, advanced engine cooling requirements, rising demand for electric and hybrid vehicles, automotive innovation and performance enhancement, increased engine downsizing trends.
The automotive electric water pump market size is expected to see rapid growth in the next few years. It will grow to $6.69 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to continued emission reduction efforts, integration of smart and connected features, rise of thermal management systems, increased focus on lightweight materials, growing market penetration of electric vehicles. Major trends in the forecast period include increased electrification of vehicles, focus on energy efficiency, integration with smart cooling systems, lightweight design and materials, rise of electric and hybrid powertrains.
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Segmentation & Regional Insights
The automotive electric water pump market covered in this report is segmented –
1) By Voltage Type: 12V, 24V
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Duty Trucks, Buses And Coaches
3) By Propulsion: Internal Combustion Engines (ICEs), Electric, Battery Electric, Hybrid Or Plug-in Hybrid Electric, Fuel-Cell Electric
4) By Application: Engine, Turbocharger, Battery, Other Applications
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Asia-Pacific was the largest region in the automotive electric water pump market in 2023. The regions covered in the automotive electric water pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising demand for electric vehicles is expected to boost the growth of the automotive electric water pump market going forward. An electric vehicle (EV) refers to a vehicle that can be propelled by an electric motor that gets power from a battery and can be charged externally. An automotive electric water pump determines how much coolant circulates through the engine of an electric vehicle at specific temperature ranges and maintains a target temperature by using a controller. This avoids insufficient or excessive cooling. Hence, rising demand for electric vehicles is expected to boost the automotive electric water pump market. For instance, according to a report published by the International Energy Agency (IEA), a France-based international forum for energy cooperation, in 2022, the market share for electric vehicles increased to over 10% in 2021 from 4% in 2019. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the rising demand for electric vehicles is driving the growth of the automotive electric water pump market.
Key Industry Players
Major companies operating in the automotive electric water pump market are focusing on product developments, such as electric water pumps for electric, hybrid, and ice vehicles, to sustain their position in the market. For instance, Dayco, a US-based engine products and drive systems supplier for the automotive, industrial, and aftermarket industries, introduced electric water pumps (E-Pumps) for not only hybrid and electric vehicles (EV), but for selected traditional internal combustion engine (ICE)-powered applications. Dayco’s thermal management portfolio has been expanded with the addition of E-Pumps, demonstrating the company’s dedication to providing innovative and sustainable mobility solutions.
The automotive electric water pump market report table of contents includes:
1. Executive Summary
2. Automotive Electric Water Pump Market Characteristics
3. Automotive Electric Water Pump Market Trends And Strategies
4. Automotive Electric Water Pump Market – Macro Economic Scenario
5. Global Automotive Electric Water Pump Market Size and Growth
….
31. Global Automotive Electric Water Pump Market Competitive Benchmarking
32. Global Automotive Electric Water Pump Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Electric Water Pump Market
34. Automotive Electric Water Pump Market Future Outlook and Potential Analysis
35. Appendix
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