The global automotive electric water pump market size is projected to reach USD 6690.8 million by 2026, surging at a CAGR of…
The global automotive electric water pump market size is projected to reach USD 6690.8 million by 2026, surging at a CAGR of 14.0% during the forecast period. Introduction of innovative designs and solutions will be the central growth driver for this market, as per the new Fortune Business Insights™ report, titled “Automotive Electric Water Pump Market Size, Share & Industry Analysis, By Pump Type (12V, 24V), By Vehicle Type (Passenger Car, Commercial Vehicle, Electric Vehicle) and Regional Forecast, 2019-2026”. An electric water pump (EWP) in automobiles is installed mainly for engine cooling, battery cooling, and heating air circulation. It plays an important role in maintaining the thermal balance in a vehicle and many innovators have developed advanced products in this regard.
For instance, Italy-based automotive cooling system specialist Saleri engineered a unique electromechanical water pump (EMP) to enable enhanced temperature control, without increasing power, in hybrid-powered vehicles. Similarly, the German automotive major Rheinmetall employed the canned motor concept to design a novel coolant solution that eliminates the need for sealing elements, thus ensuring a prolonged lifespan of the water pump. These, and many such innovations, are expected to emerge as the leading automotive electric water pump market trends in the forthcoming years.
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The report states that the value of the market stood at USD 2410.2 million in 2018. Additionally, it provides the following information:
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Air pollution levels all over the world are escalating at an unprecedented rate and emissions from on-road vehicles is one of the foremost contributors to this rise. According to the World Health Organization (WHO), ambient air pollution was responsible for close to 4.2 million deaths worldwide in 2016. In the US, the Environment Protection Agency (EPA) estimates that motor vehicles account for 75% of the carbon monoxide pollution. One of the main reasons for such high level of vehicular pollution is the outdated and inefficient combustion and coolant technologies in automobiles. As a result, the fuel efficiency of vehicles is reduced, leading to more emissions and more pollution. In this scenario, the development of sustainable EWP systems for automobiles will bode well for the automotive electric water pump market growth.
The market size in Asia-Pacific stood at USD 951.7 million in 2018 and is expected to expand steadily in the coming years, enabling the region to dominate the automotive electric water pump market share. The chief growth propeller in the region is the skyrocketing demand for passenger vehicles, which itself is supported by continuously rising disposable income. In Europe, on the other hand, stringent government regulations on vehicular carbon emissions are nudging people towards electric vehicles which come preinstalled with EWP systems. A similar trend is witnessed in North America where there is an increasing demand for fuel-efficient vehicles, which augurs well for this market.
While the opportunities for innovation are wide and extensive in this market, industry leaders are adopting a more targeted approach towards developing innovative solutions, the automotive electric water pump market analysis suggests. Companies are particularly designing products to cater to the rapidly growing market for electric vehicles, where the demand for advanced EWP units is set to rise in the near future.
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Post time: May-27-2020