New Energy Vehicle Electronic Water Pump Market REPORT OVERVIEW
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The global New Energy Vehicle Electronic Water Pump market size was USD 1154.7 million in 2022 and market is projected to touch USD 7373.34 million by 2032, exhibiting a CAGR of 20.4% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Electronic water pumps are improved substitutes for classic mechanical water pumps in the automotive sector. These pumps are critical in cooling a vehicle's engine by circulating coolant through the engine's cooling system. The primary goal is to keep the engine temperature within a safe range, preventing overheating and guaranteeing efficient performance. Electric cars (EVs) and hybrid vehicles that use electric propulsion systems, either partially or totally, are commonly referred to as New Energy cars (NEVs). An electronic water pump for NEVs would then be an electrically-driven water pump utilized in such cars to cool their electric drive systems or internal combustion engines (in hybrid vehicles).
The advantages of electronic water pumps in NEVs include increased energy efficiency, lower power consumption, and more control over the cooling system, all of which can be critical in optimizing the overall performance and range of electric cars. Please keep in mind that automobile technology is constantly improving, and it's possible that new developments have occurred after my last update. For the most up-to-date information on this topic, I recommend consulting the most recent sources and publications from renowned car manufacturers and specialists.
COVID-19 Impact: Supply Chain Disruptions to Hinder Market Growth
Like many other automotive industries, the NEV Electronic Water Pump industry relies on a global supply chain for raw materials, components, and completed goods. The pandemic's spread impacted industrial processes in several nations, resulting in shortages of crucial components and production delays. COVID-19 has caused economic downturns and decreased consumer spending, which may have influenced demand for innovative energy vehicles and related components, such as electronic water pumps. Lower car sales would inevitably have an impact on demand for these products. Many automakers and suppliers temporarily suspended production or decreased capacity to comply with lockdown procedures and guarantee the safety of their employees. These disruptions could have caused the production and delivery of NEV electronic water pumps to be delayed.
LATEST TRENDS
"Increased Adoption of New Energy Vehicles to Enhance Market Growth"
The entire expansion of the NEV market, including electric and hybrid vehicles, has been increasing. As the demand for more environmentally friendly modes of transportation grows, so does the demand for efficient and dependable electronic water pump systems in these vehicles. Electric car technology breakthroughs are likely to promote advancements in electronic water pump systems. Pump efficiency and performance may be prioritised by manufacturers in order to optimise the cooling of electric drivetrains, battery packs, and power electronics. The automobile industry is shifting towards linked and smart vehicles. Electronic water pump systems can be linked to vehicle data networks for real-time monitoring and control, resulting in more effective cooling management.
New Energy Vehicle Electronic Water Pump Market SEGMENTATION
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- By Type
Based on type market is classified as 12V electric water pump, 24V electric water pump and others.
- By Application
Based on application market is classified as new energy vehicle electronic water pump segment by application, battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV).
DRIVING FACTORS
"Growing Demand for New Energy Vehicles to Augment Market Growth"
The growing awareness of environmental issues, as well as the need to minimise greenhouse gas emissions, has resulted in an increase in demand for new energy vehicles such as electric cars (EVs) and hybrids. The demand for efficient electronic water pump systems to cool electric drivetrains and batteries is increasing as the NEV market grows. To reduce pollution and promote sustainable transportation, governments around the world are enacting tough emission regulations. These laws encourage automakers to invest in more environmentally friendly vehicles, which promotes demand for NEV components such as electronic water pumps. Electric vehicle technology breakthroughs are generating improvements in a variety of components, including electronic water pump systems. To improve vehicle performance and range, manufacturers are concentrating on producing more energy-efficient, compact, and intelligent pumps.
"Increasing Vehicle Electrification to Propel Market Growth"
Many conventional internal combustion engine vehicles are adopting mild-hybrid and full-hybrid systems, extending vehicle electrification beyond pure electric vehicles. To improve total fuel efficiency and reduce pollutants, these hybrid vehicles rely on electronic water pump systems. Various governments offer financial incentives and subsidies to encourage the use of alternative fuel cars. These incentives have the potential to have a considerable impact on the expansion of the NEV sector, including demand for electronic water pump systems. Electronic water pump systems are projected to become more affordable as technology improves and production scales up, making them more accessible to a wider range of car makers and consumers. Furthermore, increased efficiency has a direct impact on the overall performance of new energy vehicles.
RESTRAINING FACTORS
"Limited Infrastructure to Impede Market Expansion"
Electronic water pump systems can be more expensive than typical mechanical water pumps, especially at first. Some automakers and consumers may be put off by the greater upfront cost, slowing market penetration. Adoption of new energy vehicles, especially those with electronic water pump systems, is dependent on the availability of supporting infrastructure, such as electric vehicle charging stations. In some places, the lack of a well-developed charging infrastructure may impede the market growth of NEVs and their associated components. Range anxiety, which is particularly prevalent in pure electric vehicles, refers to the dread of running out of battery charge while driving. The efficiency and performance of electronic water pump systems can have an impact on an automobile's driving range.
New Energy Vehicle Electronic Water Pump Market REGIONAL INSIGHTS
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"Asia Pacific to Dominate the Market Due to Large Production"
The Asia Pacific region has actively promoted the use of electric vehicles as a means of reducing air pollution and reliance on fossil fuels. Subsidies, incentives, and legislation in favour of NEVs have fuelled tremendous expansion in the electric vehicle market. In terms of both production and sales, Asia Pacific has continuously been the world's largest new energy vehicle electronic water pump market share. Because of the country's size and expanding middle class, there is a large market base for modern energy vehicles, especially those with electronic water pump systems. Asia Pacific has made significant investments in charging infrastructure to serve the growing number of electric vehicles on its roadways. This infrastructural development alleviates range anxiety and increases customer confidence in NEV adoption.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players of new energy vehicle electronic water pump are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Bosch (Germany)
- Continental (Germany)
- Aisin (Japan)
- Rheinmetall Automotive (Germany)
- Gates (U.S.)
- Hanon Systems (South Korea)
- MAHLE (Japan)
- GMB (Japan)
- Buehler Motor (Germany)
REPORT COVERAGE
The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1154.7 Million in 2022 |
Market Size Value By |
US$ 7373.34 Million by 2032 |
Growth Rate |
CAGR of 20.4% from 2022 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the new energy vehicle electronic water pump market expected to touch by 2032?
The global new energy vehicle electronic water pump market size is expected to reach USD 7373.34 million by 2032.
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What CAGR is the new energy vehicle electronic water pump market expected to exhibit by 2032?
The new energy vehicle electronic water pump market is expected to exhibit a CAGR of 20.4% by 2032.
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Which are the driving factors of the new energy vehicle electronic water pump market?
Growing demand for new energy vehicles and increasing vehicle electrification are the driving factors of the new energy vehicle electronic water pump market growth.
