Electric Coolant Pump Market Research Report and Outlook by 2028

The electric coolant pump sector is anticipated to expand from US$ 467.46 million in 2022 to US$ 1,188.28 million by 2028, reflecting a compound annual growth rate (CAGR) of 16.8% during this period.

The growth of the electric coolant pump sector in North America is being propelled by supportive government policies and a rising interest in all-electric vehicles. In 2021, the US Department of Energy reported that sales of new light-duty plug-in electric vehicles, which encompass both electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), surged from 308,000 units to 608,000 units. This trend is expected to have a favorable impact on the electric coolant pump market. Major industry players are actively investing in this sector, and the increasing demand for passenger vehicles further contributes to market growth. Moreover, the US government aims for 50% of vehicle sales to be electric by 2030, which is likely to enhance the demand for electric coolant pumps in the region.

The Asia Pacific market is projected to present substantial growth opportunities throughout the forecast period. To bolster local automotive industries, various cities in China have relaxed their vehicle registration policies, facilitating the registration of more internal combustion engine vehicles. Government incentives and subsidies are anticipated to boost consumer spending on electric vehicles (EVs) during this timeframe. Additionally, there has been a rise in the registration of electric buses and heavy-duty trucks (HDTs) in China. Consequently, the increasing sales of light commercial vehicles (LCVs), electric buses, and passenger cars in China are expected to drive the demand for electric coolant pumps. The Asian market holds significant potential for manufacturing a diverse range of automotive vehicles, including premium and SUV categories, which is likely to further stimulate the demand for electric coolant pumps. These pumps are known for their ability to lower power consumption and fuel usage. Furthermore, innovations in products and the growing interest in EVs are expected to significantly influence market growth in Asia. For example, in South Korea, Eurol Lubricants introduced a new coolant, the Coolant -36 degrees C GLX-AV in 2021, tailored for modern vehicles, including EVs from Japanese and Korean manufacturers like Honda, Hyundai, Mazda, Kia, and Mitsubishi.

In Europe, manufacturers of electric coolant pumps and battery cells are ramping up their production capabilities. Prominent automotive companies are investing in the development of advanced electric coolant solutions. Notable players such as Continental AG and Mahle GmbH are heavily investing in research and development to enhance battery efficiency through the use of effective electric coolant pumps. In September 2021, Mahle GmbH unveiled a new cooling system for batteries, concentrating on thermal management, which includes both heating and cooling for vehicle interiors and components. The European Commission has set a goal of having at least 30 million electric vehicles on the roads by the end of the decade. Additionally, a stimulus package of approximately US$ 793.59 billion has been allocated by the European Commission, which includes US$ 21.16 billion aimed at promoting the sales of clean vehicles. Consequently, the increasing governmental initiatives to accelerate production and raise awareness about clean vehicles are pivotal factors driving the demand for electric coolant pumps and electric vehicles in Europe.

In the Middle East and Africa, the growing governmental emphasis on encouraging electric vehicle adoption is propelling market growth. For instance, in April 2022, Saudi Arabia announced plans to establish new electric vehicle manufacturing plants capable of producing 150,000 units annually, along with an infrastructure to support this initiative.

Effective thermal management is essential for maximizing the operational efficiency of electric motors in both internal combustion engine (ICE) and electric vehicles. Electric coolant pumps play a vital role in achieving this goal. In South American nations like Argentina and Brazil, the trend towards autonomous vehicles is gaining traction, which is expected to drive the demand for electric coolant pumps. Additionally, the rising investments in research and development of electric fluids and drive systems are projected to significantly contribute to the growth of the electric coolant pump market in South America.

This market analysis of electric coolant pumps focuses on five key segments: application, power, vehicle type, propulsion type, and pump type. The market is categorized based on pump applications, which include engine cooling and HVAC, battery and power electronics cooling, and gearbox cooling. Furthermore, the market is segmented by power into two categories: below 100 W and above 100 W. The electric coolant pump market is also divided into three vehicle types: passenger cars, light commercial vehicles, and heavy commercial vehicles. The propulsion type segment encompasses ICE, electric, and hybrid vehicles. Lastly, the market is classified based on pump type, either with ECU or without ECU.

The size of the electric coolant pump market has been determined through a combination of primary and secondary research. Secondary research involved utilizing both internal and external sources to gather qualitative and quantitative data regarding the electric coolant pump market. This process included obtaining an overview and forecast for the market across all segments. Additionally, numerous primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the electric coolant pump market. These interviews aimed to validate the collected data and provide further analytical insights.