The electric coolant pump market in North America is expected to grow from US$ 314.00 million in 2022 to US$ 761.29 million by 2028; it is estimated to grow at a CAGR of 15.8% from 2022 to 2028.
Increase in Production of Vehicles and Rise in Demand for Eco-Friendly Vehicles
The automobile industry is one of the pillars of the global economy. It is the main driver of technological advancement, macroeconomic growth, and stability in developed and developing countries, spanning many adjacent industries. The core automotive industry supports a wide range of business segments—upstream, core automotive, and downstream. Government regulations, country’s GDP, and purchasing power of consumers are among the prominent factors influencing the evolution and momentum of the automotive industry. The government’s policies to promote electric vehicle sales in the automotive industry play a crucial role in the demand of electric vehicles, influencing vehicle production. As per the data published by the International Organization of Motor Vehicle Manufacturers (OICA) statistics, in the pre-COVID scenario, the production and sales of automotive vehicles were increasing at a faster pace, owing to growth in country’s GDP and rise in consumer spending. However, the pandemic hampered the country’s GDP as well as the spending power of the consumers, which eventually impacted the buying trend of automotive in 2020. However, in 2022, with ease in restrictions and reopening of business activities, the production and sales witnessed an abrupt increase which depicts a potential demand for electric coolant pumps.
Market Overview
North American countries, such as the US, Canada, and Mexico, are very advanced in adopting coolant pump solutions in passenger cars and light commercial vehicles. The demand for electric coolant pumps is increasing as they provide high reliability and save fuel. Several benefits, such as fast cooling ability and fuel efficiency, are expected to influence automobile manufacturers over the forecast period resulting in significant market growth. According to the US Department of Energy, the sales of new light-duty plug-in electric vehicles, including electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs), doubled from 308,000 units in 2020 to 608,000 units in 2022. Further, top US automaker Ford Motor Co. has announced a plan to spend US$ 11.4 billion on battery & electric vehicle manufacturing. These investment plans are expected to positively impact the electric coolant pump market during the forecast period.
North America Electric coolant pump Market Revenue and Forecast to 2028 (US$ Million)
North America Electric coolant pump market Segmentation
The North America electric coolant pump market is segmented on the basis of application, power, vehicle type, propulsion type, pump type, and country. Based on application, the North America electric coolant pump market is segmented into engine cooling & HVAC, battery & power electronics cooling, and gearbox cooling. The engine cooling & HVAC segment held the largest market share in 2022.
Based on power, the North America electric coolant pump market is bifurcated into below 100 W and above 100 W. The below 100 W segment held a larger market share in 2022.
Based on vehicle type, the North America electric coolant pump market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment held the largest market share in 2022.
Based on propulsion type, the North America electric coolant pump market is segmented into ICE, electric, and hybrid. The ICE segment held the largest market share in 2022.
Based on pump type, the North America electric coolant pump market is bifurcated into with ECU and without ECU. The without ECU segment held a larger market share in 2022.
Based on country, the North America electric coolant pump market is segmented into the US, Canada, and Mexico. The US dominated the market share in 2022.
Aisin Seiki Co. Ltd.; Continental AG; Hanon Systems; Hitachi Automotive Systems, LTD.; Johnson Electric Holdings Limited; Mahle GmbH; Rheinmetall Automotive AG; Robert Bosch GmbH; GMB CORPORATION; and VOVYO Technology Co. Ltd are the leading companies operating in the North America electric coolant pump market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 314.00 Million |
| Market Size by 2028 | US$ 761.29 Million |
| CAGR (2022 - 2028) | 15.8% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Electric Coolant Pump Market is valued at US$ 314.00 Million in 2022, it is projected to reach US$ 761.29 Million by 2028.
As per our report North America Electric Coolant Pump Market, the market size is valued at US$ 314.00 Million in 2022, projecting it to reach US$ 761.29 Million by 2028. This translates to a CAGR of approximately 15.8% during the forecast period.
The North America Electric Coolant Pump Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Electric Coolant Pump Market report:
The North America Electric Coolant Pump Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Electric Coolant Pump Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Electric Coolant Pump Market value chain can benefit from the information contained in a comprehensive market report.
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