July 20, 2023 05:30 ET | Source: Research Nester Research Nester
New York, July 20, 2023 (GLOBE NEWSWIRE) -- The global automotive electric water pump market size is slated to expand at ~14% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 8 billion by the end of 2033, up from a revenue of ~USD 3 billion in the year 2022.The growing demand for vehicles globally along with the increased need for high heat resistance products that can ensure vehicle safety and curtail vehicular breakdown are anticipated to escalate the growth of the market in the estimated time period. Special Spark Plug
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It was found that little less than 70 million units of automobiles were sold globally in 2021. Moreover, it was also found out that even if a vehicle’s engine is running well with no leakages or damage, every 5-6 months a coolant loss of ~0.25% is considered normal and hence cooling system maintenance becomes essential to reduce the chances of vehicular failure.
Automotive Electric Water Pump Market: Key Takeaways
Growth in the Sale of Cars to Boost Market Growth
The rising global sale of cars as well as the increasing demand for luxury cars, luxury SUVs, and other high-speed premium cars, along with the rising demand for 12-volt electric water pumps for cars, are expected to boost market growth in the forecasted years. It was found that the sales of light vehicles, which included cars and LCVs, reached more than 56 million in the first nine months of 2022. Moreover, the U.S. luxury car industry revenue amounted to ~USD 5 billion in 2021. Additionally, it has been found that the automotive water pump is majorly divided into mechanical and electrical. The electric water pump's working principle involves the utilization of a controller that determines coolant circulation through the engine at given temperature ranges, maintaining a target temperature. Furthermore, while reviewing the various advantages and disadvantages of an electric water pump, the market findings favored the adoption of an automotive electric coolant pump as it maintains a target temperature by sustaining adequate cooling.
Automotive Electric Water Pump Market: Regional Overview
The market is divided into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Automotive Production to Drive Growth in the Asia Pacific Region
The market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The growth can be attributed to the presence of a strong vehicle manufacturing network in the region, which is responsible for the growing production of vehicles. In 2021, China alone manufactured nearly 32% of vehicles. The soaring production in the region is also backed by the vast existence of population in the Asia Pacific as well as the rising emergence of the middle-class population in countries like China and India, which is propelling the demand for cars and other vehicles in the region, which seconds the projection of gusty regional growth in the upcoming years. It is a known fact that currently China and India are the most populous countries in the world and are in the Asia-Pacific region, which is home to almost 60% of the global population. Additionally, China was leading in car sales with total sales of over 21,000,000 units, whereas India was the country with the greatest growth potential in car sales with an increase of ~27% in 2021.
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Stringent Measures to Curb CO2 Emissions to Drive Growth in the Europe Region
The automotive electric water pump (EWP) market in Europe is estimated to garner highest CAGR by the end of 2033. With the rising government initiatives to reduce the carbon footprint in the region owing to the surge in greenhouse gas emissions from the transport sector and the increased awareness amongst the regional population and automobile manufacturers about the harmful effects of the coolant, there is a growing demand for fuel-efficient cars and vehicles with biodegradable engine coolant and environmentally friendly antifreeze in the region, which in turn is expected to drive the regional market growth in the forecasted years. The European Union has openly stated its intention to reduce over 50% of its greenhouse gas emissions by 2030 and is enacting restrictive policies to reduce emissions from the transportation sector, which grew by the equivalent of 50 million tons of CO2 in 2020 compared to 1990. Automotive Electric Water Pump Segmentation by Vehicle Type
The passenger vehicle segment in automotive electric water pump (EWP) market is anticipated to hold the largest share of revenue by the end of 2033. The growth of this segment is primarily attributed to the rapidly growing sale of passenger vehicles along with the demand for lightweight and low-emission vehicles worldwide. It was found that India saw a rise of nearly 14% in passenger vehicle sales in the financial year 2022. Furthermore, the growth of the segment can be further attributed to the rising trend of green transportation as well as the adoption of non-toxic antifreeze and the increasing demand for advanced parts of powertrains, along with EWP, which moves the car coolant from the radiator in a car to all the necessary parts of the powertrain. It is estimated that by 2025, the revenue for air turbochargers for internal combustion engines or diesel engines will hit USD 790 million in Brazil.
Automotive Electric Water Pump Segmentation by Propulsion Type
The electric segment in automotive electric water pump market is anticipated to hold the largest revenue by the end of 2033. There is an increasing popularity of electric vehicles amongst the global population owing to the stringent emission frameworks adopted by governments, and the growing adoption of efficient, eco-friendly cars that use renewable energy sources is expected to elevate the segment's growth in the upcoming years. Moreover, car cooling in electric vehicles is as essential as in ICEs, as they also produce heat and need a cooling system. In electric cars, EWP uses a motor to send coolant from the cooling system to the engine internals. Henceforth, the escalating sales of electric vehicles are projected to augment segment growth in the forecasted period. The sales share of electric vehicles has risen from about 4% in 2020 to around 8% in 2021.
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Automotive Electric Water Pump Segmentation by Voltage Type
Automotive Electric Water Pump Segmentation by Application
Automotive Electric Water Pump Segmentation by Distribution Channel
A few of the well-known market leaders in the automotive electric water pump market that are profiled by Research Nester are Continental AG, Schaeffler Group, Hitachi Inc., Gates Corporation, Rheinmetall AG, Robert Bosch GmbH, Magna International Inc., ZF Friedrichshafen AG, BLDC Pump Co., Ltd., Behr Hella Service GmbH, and other key market players.
Recent Development in the Automotive Electric Water Pump Market
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