Dublin, Jan. 29, 2024 (GLOBE NEWSWIRE) -- The "Automotive Electric Water Pump Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The automotive industry is on the cusp of significant change as a newly released market research report unveils the exponential growth of the automotive electric water pump market. The comprehensive analysis provides a meticulous overview of the market landscape, projecting a substantial rise from $3.35 billion in 2023 to $6.69 billion by 2028 with a robust compound annual growth rate (CAGR) of 14.7%.
This surge is primarily driven by the ever-increasing demand for electric vehicles (EVs), which necessitates advanced thermal management systems to maintain optimal battery and engine temperatures. With environmental regulations tightening worldwide, the automotive sector's pivot towards more energy-efficient and eco-friendly solutions is further propelling the adoption of such innovative components.
A Region on the Rise: Asia-Pacific Dominates the Automotive Electric Water Pump Market
As the report highlights, Asia-Pacific has emerged as the leading market region as of 2023. The region's dominance is underpinned by rapid industrialization, massive automotive production, and an accelerating shift towards electric vehicles, cementing its position as the nexus for automotive electric water pump development and utilization.
Globally, major industry players such as Robert Bosch GmbH, Schaeffler AG, and Hitachi Astemo Americas Inc. are capitalizing on technological advancements, leading to the production of more efficient and reliable systems. Market developments are indicative of an industry in the throes of transformative innovations that cater to a diverse range of vehicle types across different propulsion systems.
- Technological Advancements: Emphasis on motor efficiency and reliability
- Regulatory Impact: Stricter emission standards fostering growth
- Product Innovation: Diverse solutions spanning EVs, hybrids, and traditional ICEs
- Expansion Activities: Strategic acquisitions and investments
Automotive electric water pumps are integral to efficient engine operation in vehicles. They play a critical role in ensuring the cooling systems operate effectively, which is especially crucial in the maintenance of hybrid and fully electric vehicles. With vehicle electrification on the trajectory of becoming a norm, these components are expected to experience an even greater demand.
Emerging trends such as the shift towards high-voltage 24V systems, the integration of smart and connected features, and the use of lightweight materials are elaborated upon in the report. These trends signify an industry eager to embrace change and the potential for phenomenal progress.
Market Composition: Voltage Types and Vehicle Applications
The report delineates the market into various segments, which include 12V and 24V water pumps, suitable for a broad range of applications from engine and turbocharger cooling to battery and vehicle cabin heating solutions. The comprehensive data illustrate the usage in passenger vehicles, light commercial vehicles, heavy commercial vehicles, and their deployment in battery electric, hybrid, plug-in hybrid, and fuel-cell electric vehicles.
Insightful Analyses Offering Future Market Projections
This detailed market research report stands as an invaluable tool for industry stakeholders, investors, and participants seeking a thorough understanding of the current trends, challenges, and growth opportunities in the automotive electric water pump market. It laser-focuses on providing insights into market drivers, geographical revenue distribution, emergent technological innovations, and the competitive landscape, thereby equipping industry players with the knowledge to navigate the nuances of this dynamic market.
A selection of companies mentioned in this report includes
- Robert Bosch GmbH
- Schaeffler AG
- Hitachi Astemo Americas Inc.
- HELLA GmbH & Co. KGaA
- Rheinmetall Automotive AG
- Valeo Service
- Continental Automotive GmbH
- BLDC Pump Co. Ltd.
- Gates Corporation
- Davies Craig Pty Ltd.
- ZF Friedrichshafen AG
- Johnson Electric Holdings Limited
- Hanon Systems Co. Ltd.
- Aisin Seiki Co. Ltd.
- Magna International Inc.
- Behr Hella Service GmbH
- Carter Fuel Systems LLC
- GMB Corporation
- Bosch Automotive Service Solutions Inc.
- ACDelco
- DENSO Corporation
- Delphi Technologies LLC
- BorgWarner Inc.
- Mahle GmbH
- Pierburg GmbH
- Airtex Products L.P.
- ASC Industries Inc.
- Okinawa Pumps Co. Ltd.
- Keihin Group
- Sanden Holdings Corporation
For more information about this report visit https://www.researchandmarkets.com/r/kf5ow3
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