The global electric coolant pump market for passenger cars was valued at 2 million units in 2015 and is expected to surpass 3 million units by 2020, says Technavio.
Technavio has announced its latest market research report on electric coolant pumps for passenger cars to its powertrain portfolio. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the electric coolant pumps market for passenger cars during the forecast period 2016-2020. Some of the top vendors listed in this industry analysis include Bosch, Continental, Johnson Electric, and Aisin Seiki.
In terms of geographical analysis, Europe will continue its dominion over the global market, reaching revenues of almost 2 million units by 2020. Strict carbon emission regulations in the region are the key driving force behind the growth of the electric coolant pump market for passenger cars in Europe.
“Rapid electrification of mechanical components is a trend that will work in favor of the global market. Fuel economy benefit is the major driving factor for the electrification of the mechanical components. Electrification reduces the load from the engine and increases the efficiency of the engine. Changes are also being made in the vehicles to support self-driving features,” says Abhay Sinha.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing implementation of stringent emission norms and regulations
Harmful emission of mono-nitrogen oxides (NOx) is a major cause of environmental pollution and a serious health hazard. Increasing awareness about emission control has prompted the governments of several countries, particularly in Europe, to implement strict emission norms and regulations. In 1993, Euro 1 was introduced. Euro 6 emission standards, introduced in 2014, define the acceptable limits for the emission of nitrogen and the emission of particulates. It also emphasizes on lowering the emission of carbon dioxide. Due to such stringent emission norms, OEMs are focusing on electrification and reducing the engine capacity while not compromising on power. Other emerging economies are also moving toward the implementation of such emission norms.
Growing demand for fuel economy benefits
The growing need for fuel efficient cars is propelling the adoption of electric coolant pumps globally. Electric coolant pumps can efficiently manage the flow of the coolant and do not depend on the speed of the engine. Another major advantage of electric coolant pumps is the downsizing of radiators. Moreover, it has greater efficiency than the conventional coolants as it is driven by electric servo motors.
Growing concern for increased emission of GHG
The use of fossil fuels for electricity production is the major contributor for the emission of greenhouse gasses. The second major contributor to greenhouse gasses is the automotive industry. Around 26% of the total emitted greenhouse gas is from transportation, which includes emission from cars, trucks, buses, ships, planes, and trains.
Increased awareness about GHG emissions is spurring an increase in the demand for curbing emissions. This has resulted in an increase in the demand for electric vehicles that are more fuel-efficient. As a result, a lot of technological advancements are being tried and tested with more electrification of the critical mechanical components to improve the performance of the engines of vehicles.
Some of the other prominent vendors identified in this report are KSPG, Davies Craig, and Mahle Group.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, key financials, etc. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Electric Coolant Pump Market for Passenger Cars 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Automotive Advanced Emergency Braking System Market 2016-2020
- Global Automotive Brake Booster Market 2016-2020
- Global Automotive Coolant Market 2015-2019
- Global Passenger Car Motor Oil Market 2015-2019
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