Smart Home Automation Is Fastest Growing Segment Fueling The Growth Of Electric Coolant Pump Market

 Electric Coolant Pump Market


The global electric coolant pump market is estimated to be valued at US$ 5.18 Bn in 2023 and is expected to exhibit a CAGR of 23.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:


An electric coolant pump is a key component of the engine cooling system that circulates coolant around the engine block, cylinder head, and radiator core to maintain optimal engine temperature. It helps to efficiently cool down the engine without any engine stalling issues. With advancements in engine technology, electric coolant pumps are increasingly being used as they provide precise coolant flow control.


Market key trends:


One of the key trends in the electric coolant pump market is the rising demand for electric vehicles. As EVs do not require conventional combustion coolant systems, they utilize electric coolant pumps to efficiently regulate coolant circulation for thermal management of various EV components like battery packs and electric motors. This fuels the adoption of enhanced and efficient electric coolant pump solutions customized for EV thermal management applications.

Segment Analysis


The electric coolant pump market is segmented by type, end-use, and geography. By type, the centrifugal pumps segment accounted for the highest market share in 2022 and will continue its dominance over the forecast period. Centrifugal pumps can handle heavier pressures and load conditions as compared to other types making them suitable for use in various automotive and industrial applications.


Key Takeaways


The Global Electric Coolant Pump Market Size  is expected to witness high growth, exhibiting a CAGR of 23% over the forecast period, due to increasing demand for efficiency and performance enhancement in automotive cooling systems.

Regionally, Asia Pacific dominated the global market and is expected to exhibit the highest CAGR during the forecast period. Countries like China, India, and Japan are manufacturing hubs for automotive industry as well as providing lucrative opportunities to electric coolant pump market players.

The global electric coolant pump market size is expected to reach US$ 5.18 Bn in 2023. Key players operating in the electric coolant pump market are Aisin Seiki (Japan), Rheinmetall (Germany), Hanon Systems (South Korea), MAHLE (Germany), BorgWarner (US), Robert Bosch (Germany), GMB (Japan), DaviesCraig (Australia), Torishima Pump (Japan), and Modine (US). Key players like Bosch are strategically developing products that improve fuel efficiency and are compatible with alternative fuels like CNG and LPG, to strengthen their global presence.

 

Read More - https://www.pressreleasebulletin.com/electric-coolant-pump-market-share-size-analysis-growth-and-demand-forecast/

 

 

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