Automotive Electric Water Pump Market Outlook
According to a new report by Expert Market Research titled “Global Automotive Electric Water Pump Market Size, Share, Growth, Analysis, Report, Demand, Forecast 2023-2028″, the global automotive electric water pump market is projected to grow at a CAGR of 14.27% between 2023 and 2028. Aided by the expanding demand for electric vehicles and the increasing applications of automotive electric water pumps in various vehicle types, the market is expected to grow significantly by 2028.
Automotive electric water pumps are used to circulate coolant through the engine cooling system when the engine is in operation. These pumps are efficient, reliable, and offer considerable energy savings compared to conventional mechanical water pumps. In addition to their core function of cooling, automotive electric water pumps provide enhanced control over engine temperature, thereby improving engine performance and efficiency.
The upsurge in the global demand for electric vehicles is propelling the automotive electric water pump market growth. As automakers and consumers increasingly shift towards sustainable mobility solutions, the demand for components such as electric water pumps, which are essential for electric vehicle operation, is rising.
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The growing awareness of fuel efficiency and emission standards is another significant driver for the market. Automotive electric water pumps contribute to improved fuel efficiency by managing the engine’s cooling requirements more effectively. This capability, combined with the stringent emission regulations enforced worldwide, has led to an increased adoption of these pumps in both conventional and electric vehicles.
The broadening applications of automotive electric water pumps in various vehicle types also play a significant role in the automotive electric water pump market development. These pumps are not only utilised in passenger cars and commercial vehicles but also find applications in high-performance vehicles such as racing cars, where efficient engine cooling is crucial.
The rise in vehicle production and sales, especially in emerging economies, is another factor that augments the demand for automotive electric water pumps. The increasing disposable incomes in these regions are driving automotive sales, thereby indirectly contributing to the market growth of these essential vehicle components.
Finally, the ongoing trend towards vehicle electrification, driven by the need for sustainable mobility solutions, is expected to significantly boost the demand for automotive electric water pumps. As more automakers commit to producing hybrid and electric vehicles, the need for components compatible with these vehicle types will increase, further accelerating automotive electric water pump market expansion.
Automotive Electric Water Pump Market Segmentation
The market can be divided based on vehicle type, pump type, application, sales channel, and region.
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Market Breakup by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Electric Vehicles
Market Breakup by Pump Type
Market Breakup by Application
Market Breakup by Sales Channel
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automotive electric water pump companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Schaeffler Technologies AG & Co. KG
- Continental AG
- Robert Bosch GmbH
- Rheinmetall Automotive AG
- Gates Corporation
- BLDC Pump Co., Ltd.
- Davies, Craig Pty Ltd
- Valeo SA
- Behr Hella Service GmbH
- Hanon Systems
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