Automotive Electric Water Pump Market Trends

Growth Drivers

• Growing Sales of Electric Vehicles with Rising Fuel Prices Around the World – An electric water pump uses a motor to send coolant from the cooling system to the engine internals in electric cars. The rising sales of electric vehicle are expected to propel the automotive electric water pump market in the forecasted period. For instance, the sales of electric vehicles increased to 6.6 million in the year 2021 across the globe.

• Increasing Penetration of Turbochargers to Increase Efficiency of Engines – for instance, the revenue of air turbochargers for internal combustion engines or diesel engines is estimated to amount to more than USD 790 million in Brazil by 2025.

• Upsurge in the Production of Medium and Heavy-Duty Trucks with Increasing Transportation – the global production of which reached more than 3 million units by 2021.

• Rising Demand for Key Battery Minerals with Rising Electric Vehicles Demand – for instance, the demand for graphite and lithium is projected to amount to about 2 million metric tons by 2028 around the world.

• Growing Penetration of Hydrogen-Powered Vehicles with Increasing Greenhouse Gases – As per the estimated data, the use of hydrogen vehicle, as of 2022, was found to be approximately 15,000 units on United States roads.

Challenges

• Concern about EWP Failure – which is mostly caused by the simple age and wear of its electric motor. With time, most parts in the automotive industry, including auxiliary pumps, start to break down owing to constant wear and tear, which hinders the market growth.
• Huge Cost Involved in Automotive Manufacturing
• Requires High Investment in Research & Development