The Global Electric Coolant Pump Market size for electric vehicles is projected to reach USD 662 million by 2027 from an estimated USD 227 million in 2020, declining at a CAGR of 16.5% during the forecast period, due to an increase in adoption of electric coolant pump to comply with emission standards. Multiple supply contracts/orders between electric coolant pump manufacturers and OEMs are a testament to its growing popularity.
For instance, in November 2019, Concentric AB was awarded a contract to supply electrically driven, and controlled coolant pumps to a global OEM of trucks and buses. The pump is set to be used for thermal management of batteries and power electronics in their new range of medium-sized electric trucks.
The electric coolant pump market is led by globally established players such as Rheinmetall Automotive AG(Germany), Robert Bosch GmbH (Germany), Aisin Seiki Co., Ltd. (Japan), Continental AG (Germany), and MAHLE GmbH (Germany).
- Development of advanced electric coolant pump technologies and strategic partnerships/collaborations between OEMs
- Developments in ceramic seal materials
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By electric vehicle type, BEV is estimated to be the fastest-growing segment of the electric coolant pump market owing to the rapidly growing sales of pure electric vehicles globally. Government efforts to subsidize electric vehicles and encourage domestic production of electrified powertrain components are expected to drive the BEV market. Also, growing collaborations between regional players and OEMs to develop robust EV charging infrastructure is anticipated to be a crucial factor for its growing demand.
LIN is the fastest-growing communication interface in the electric coolant pump market during the forecast period. LIN being a relatively economical communication interface, also provides real-time feedback. LIN supports the working of networks that do not need excessive bandwidth and complexity. Also, nodes can be added to the LIN network without changes in software or hardware. It is because of the aforementioned technical benefits that the LIN market demand is expected to grow significantly in the near future. Additionally, with developments of advanced electric coolant pumps, the LIN market may witness growth in the coming years.
According to MarketsandMarkets, Asia Pacific is estimated to be the fastest-growing market for electric cars in the forecasted period, 2020-2027. The primary reason for this growth is the shifting momentum towards electric vehicles due to attractive government schemes and policies. Also, implementation of stringent emission standards like China 6a, BS-VI is expected to push automakers to employ electric coolant pumps in their vehicles. Also, the presence of numerous players in the region paves the way for continuous developments of coolant pumps with better efficiency and performance, thus, driving the popularity of the technology among OEMs. Considering the rising sales of electric and hybrid vehicles, the electric coolant pump market is anticipated to bolster in the region.
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Thus, with increasing sales of electric vehicles globally and stringent emission norms, the electric coolant pump market is expected to witness significant growth during the forecast period. Additionally, continuous developments in pump specifications, including power output, are also likely to further fuel the adoption of these electric coolant pumps. The strategic collaboration of electric coolant pump manufacturers with the OEM would enable the designing of tailored solutions and thereby creating lucrative growth opportunities during the forecast period.
- Many companies are operating in the electric coolant pump market space across the globe. Who, according to you, are the front leaders, and what strategies have been adopted by them?
- Do BEVs and PHEVs employ the same number of electric coolant pumps? If not, what are the reasons for it?
- Are electric coolant pumps also gaining popularity in ICE vehicles? Are they used for auxiliary purposes or primary cooling purposes?
- Do commercial vehicles use the same rated power output electric coolant pump as passenger cars? If not, what is the reason behind the same?
- Why are sealless type pumps used in electric vehicles? Which type of sealless pump is widely used, and why?
- Does each application employ a separate coolant pump? If not, why? And does this vary OEMs to OEMs?
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