Electric Water Pumps Market Size, Share, Growth, and Industry Analysis, By Type (12V EWP and 24V EWP), By Application (Engine, Turbocharger, Battery and Others) Forecast to 2028

Updated On: 08 April 2024

REPORT OVERVIEW

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The global electric water pumps market size was USD 960.6 million in 2022. As per our research, the market is projected to touch USD 1.7297 billion by 2028, exhibiting a CAGR of 10.3% during the forecast period.  The global COVID-19 pandemic has been unprecedented and staggering, with the electric water pumps market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Electric water pumps are devices that use electricity to move water from one place to another. They can be used for various purposes around the home or yard, such as well systems, water pressure, water removal, pool covers, sprinklers, and water features. The motor of the electric pump converts electrical energy into mechanical energy and immerses in the pumping liquid. Electric water pump is activated by battery and motor only on demand for cooling. The just function minimizes the load on engine. These devices are a part of a growing number of newer vehicles where higher efficiency engines are demanded. Aside from providing standard engine cooling, they reduce engine load and can be controlled by sensors to provide the necessary amount of coolant at any time. Some new vehicles even use up to three pumps for various systems, including cabin heating, turbocharger and battery system cooling.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 problem has had an impact on the global economy, causing a strict lockdown and a halt to day-to-day activities in every industry. With the limits imposed by the government, the panic scenario has had a negative influence on the industries. This has resulted in a market drop as well; there was a direct and indirect impact from numerous sectors producing Electric water pumps. With the revival of the market following COVID-19, we are seeing a recovery of the market where the blanks are restructured with product innovation and investments into R&D activities to develop advanced technologies to meet advanced requirements, which will project a proposed increase in the electric water pumps market share in the forecasted period.

LATEST TRENDS

"Environmental Efficiency and Technological Advancements leading for Adoption of High-Efficiency Electric Water Pumps and Smart Technologies"

The electric water pumps market growth is witnessing a significant trend as the focus on environmental efficiency and technological advancements prompts manufacturers to develop and promote high-efficiency pump systems. This includes leveraging advanced materials, optimized motor designs, and smart technology integration such as sensors and remote monitoring, resulting in pumps that consume less energy while delivering optimal performance. This combined effect not only addresses sustainability concerns but also enhances water management efficiency through data-driven decision-making.

SEGMENTATION

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• By Type

Based on type Electric water pumps market is classified as 12V EWP and 24V EWP.

• By Application

Based on application Electric water pumps market is classified as Engine, Turbocharger, Battery and Others.

DRIVING FACTOR

"Demand for Electric Water Pumps with Higher Efficiency and Lower Power Consumption Rises with the Increasing Need for Sustainability"

The increasing global emphasis on energy efficiency and sustainability is a significant driving factor in the electric water pumps market. As governments, industries, and consumers seek to reduce energy consumption and minimize environmental impact, the demand for electric water pumps that offer higher efficiency and lower power consumption rises. These pumps are viewed as vital components of energy-efficient systems, especially in sectors such as building management, industrial processes, and water supply, driving their adoption and market growth.

"Shift towards Electrification and Renewable Energy Sources resulting in Market Expansion"

The ongoing shift towards electrification and the integration of renewable energy sources in various applications, including transportation, heating, and cooling systems, is driving the electric water pumps market. Electric water pumps play a pivotal role in these systems by enabling efficient circulation of liquids for cooling, heating, and other processes. As internal combustion engines are replaced by electric and hybrid systems, the demand for electric water pumps grows, contributing to the market's expansion. Additionally, the integration of electric water pumps with renewable energy systems enhances their role in sustainable energy-efficient solutions.

RESTRAINNG FACTORS

"Initial High Costs and Infrastructure Limitations"

An important restraining factor in the electric water pumps market is the initial high costs associated with transitioning from traditional pump systems to electric ones. This includes not only the cost of the electric pumps themselves but also any necessary upgrades to existing infrastructure, electrical systems, and controls. While electric pumps offer long-term energy savings, the upfront investment can deter some buyers, particularly those with budget constraints or who may perceive the transition as financially burdensome. Additionally, in regions with inadequate electrical infrastructure or inconsistent power supply, the adoption of electric water pumps might be limited, hindering market growth in those areas.

REGIONAL INSIGHT

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"North-America Expected to Hold Major Share of Electric water pumps market "

Based on region, the global Electric water pumps market is classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa, where North-America is dominating the global market and is expected to dominate during the forecast period in terms of demand generation. The market in Asia Pacific region is expected to grow at significantly high growth rate owing to rapid industrialization and increasing demand from developing countries such as China, India, Indonesia, Vietnam and Philippines. Increasing population along with rising living standards have led to an increase in consumer spending on household appliances including pumps. This trend is projected to drive product demand over the coming years.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The Electric water pumps market is extremely competitive and consists of various global and regional players. Global market is majorly driven by the top manufacturers, which holds higher share of the market. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of market players Profiled

• Bosch (Germany)
• Continental (Germany)
• Aisin (Japan)
• Rheinmetall Automotive (Germany)
• Gates (U.S)
• Hanon Systems (South Korea)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.