Electric coolant pumps are controlled by the vehicle's engine management system and sensors that monitors the engine's thermal conditions. They allow the pump to operate independent of the engine's operation which provides advantages like lower emissions and improved fuel efficiency. The global Electric Coolant Pump Market is estimated to be valued at US$ 5.97 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Technological advancements are one of the key trends driving the growth of the Global electric coolant pump market size. Major players in the market are focusing on developing electric coolant pumps with advanced features like variable speed control and intelligent thermal management. Variable speed electric coolant pumps allow customized coolant flow according to the engine's thermal load, resulting in optimized temperature control and improved efficiency. OEMs are increasingly adopting electric coolant pumps integrated with advanced control units and temperature sensors for precision cooling and reduction in emissions. This is expected to boost the demand for electric coolant pumps during the forecast period.
Segment Analysis
The global electric coolant pump market can be segmented based on vehicle type, technology, sales channel. In vehicle type segment, the passenger vehicles sub-segment dominated the market in 2021 owing to increasing production and sales of passenger vehicles over the years. In technology segment, the electric coolant pump sub-segment accounted for the largest market share in 2021 as these pumps are efficient and require less maintenance.
Key Takeaways
The global electric coolant pump market is expected to witness high growth during the forecast period from 2024 to 2031. The market is estimated to reach a value of US$ 9.33 Mn by 2031, expanding at a CAGR of 11%.
Regional analysis - Asia Pacific region held the highest share of the global market in 2021 and is projected to maintain its dominance during the forecast period. Rapidly increasing automotive production and high vehicle parc in countries such as China and India are fueling market growth in the region.
Key players - Key players operating in the electric coolant pump market are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca PLC, Sanofi S.A., Merck & Co., Inc., Boehringer Ingelheim International GmbH, Takeda Pharmaceutical Company Limited, Johnson & Johnson, Bristol-Myers Squibb Company, AbbVie Inc., Pfizer Inc., Mylan N.V., Novartis International AG, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., among others.
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