The electric coolant pump market in South America is expected to grow from US$ 96.24 million in 2021 to US$ 211.46 million by 2028; it is estimated to grow at a CAGR of 14.0 from 2021 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 2021, 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
South American emerging markets, such as Brazil, Colombia, and Argentina, are rapidly evolving with the constantly expanding automotive sector. The rising demand for passenger cars, LCVs, and the development of smart mobility solutions are boosting the south America market. According to the automakers association, Anfavea Brazilian automotive industry production increased to 11.4% in March 2022, totaling 184,786 units. Thus, the growing auto production is expected to bolster the demand for electric coolant pumps in this region over the forecast period.
South America Electric coolant pump Market Revenue and Forecast to 2028 (US$ Million)
South America Electric coolant pump market Segmentation
The South 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 South 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 2021.
Based on power, the South 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 2021.
Based on vehicle type, the South 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 2021.
Based on propulsion type, the South America electric coolant pump market is segmented into ICE, electric, and hybrid. The ICE segment held the largest market share in 2021.
Based on pump type, the South America electric coolant pump market is bifurcated into with ECU and without ECU. The without ECU segment held a larger market share in 2021.
Based on country, the South America electric coolant pump market is segmented into the Brazil, Argentina, and Rest of South America. The Brazil dominated the market share in 2021.
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 South America electric coolant pump market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 96.24 million |
| Market Size by 2028 | US$ 211.46 million |
| CAGR (2021 - 2028) | 14.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South America Electric Coolant Pump Market is valued at US$ 96.24 million in 2021, it is projected to reach US$ 211.46 million by 2028.
As per our report South America Electric Coolant Pump Market, the market size is valued at US$ 96.24 million in 2021, projecting it to reach US$ 211.46 million by 2028. This translates to a CAGR of approximately 14.0% during the forecast period.
The South 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 South America Electric Coolant Pump Market report:
The South 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 South America Electric Coolant Pump Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South America Electric Coolant Pump Market value chain can benefit from the information contained in a comprehensive market report.
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