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:
- Comprehensive insights into the regional dynamics of the market;
- Detailed analysis of the competitive landscape of the market;
- Exhaustive study of the various market segments; and
- Microscopic evaluation of the market drivers, trends, and challenges.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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List of Players Covered in the Automotive Electric Water Pump Market Report:
• Gates Corporation
• Magna International Inc.
• Robert Bosch GmbH
• Schaeffler AG
• BLDC Pump Co., Ltd.
• Rheinmetall Automotive AG
• Continental AG
Escalating Pollution Levels Worldwide to Aid Market Expansion
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.
Asia-Pacific to Hold Lion’s Share; Europe to Follow Closely
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.
Targeted Innovation Strategies to be Adopted by Major Players
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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