Electric Coolant Pump Market: Current Analysis and Forecast (2022-2028)
Electric coolant pump is a critical part of the cooling systems in the automobile that is used in the maintenance of the engine temperature, power train cooling, and other accessories such as the battery, and power electronic cooling. These pumps offer several advantages in comparison to mechanically driven pumps in terms of efficiency, cost effectiveness, and others. Thus, due to this, the demand for electric coolant pump is tremendously growing in the market. Apart from this, the surge in the production of vehicles and associated boost in the demand for eco-friendly vehicles is also propelling the growth of the market during the forecast period.
The Electric Coolant Pump Market is expected to grow at a steady rate of around 16% owing to technological advancements and an increase in investment by automotive giants. The key players are adopting strategic alliances to maintain their position in the global market. For instance, in April 2021, Concentric AB received a new development contract to supply high-voltage electric coolant pumps for a battery electric mining machine. The customer, a global construction OEM, will use our e-pumps for cooling the batteries and power electronics on a large fully electric mining machine.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook