Global Electric Coolant Pumps Market by Power, Vehicle Types, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Electric Coolant Pumps Market is valued to grow by 32.4 Million units, growing at a healthy CAGR of 40% over the forecast period 2020–2026. Growing adoption of electric vehicles, growing electrification of mechanical components and rise in the production of automobiles are key factors augmenting the market.

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As electric coolant pumps help to reduce emissions, the implementation of strict emission norms across all regions globally is expected to drive the electric coolant pump industry growth significantly. For instance, the introduction of Euro VI, China VI has pushed automakers to employ fuel-efficient technologies such as electric coolant pumps in their vehicles. However, relatively high costs and maintenance can hinder the overall market growth.

Market Dynamics:

Rise in use of electric coolant pumps in vehicles to cool down components such as batteries, cabins, electronic circuits, and power train systems is expected to drive the market growth.
Increasing need to control the inner temperature of vehicle components to prevent internal damages is creating an irreplaceable place for the pumps and boosting their demand.
The need for installation of electric coolant pumps and thermal management systems and integrated circuits is another factor driving the growth of the market.
Availability of online retail channels for the worldwide distribution of the pumps is projected to create opportunities for manufacturers to enter into untapped market.