The market for electric water pumps is propelled by rising demand for electric water pumps used in automotive applications and rising interest in electric water pumps that are more energy-efficient. Some of the factors influencing this market's expansion include the rising popularity of electric and hybrid vehicles, strict emission laws, better fuel economy standards, and more efficient engines. As this industry expands, other technological developments including miniaturization, improvements in the materials used to produce these pumps, and the creation of interconnected motor coordination systems also play a role.
The Electric Water Pump market was valued USD 50.0 billion in 2021, and is estimated to reach at a value of 68.0 billion by 2031, at a growing CAGR of 10% during the forecast period.
The marketplace for electric water pumps is necessary since there is a growing requirement for energy-efficient pumps. Electric water pumps are used to increase power production, decrease greenhouse gas emissions, and improve engine performance and reliability. Additionally, compared to conventional hydraulic ones, electric water pumps are smaller and require less upkeep. As a result, many businesses, including the production of automobiles, have switched over to electric water pumps due to their cost-effectiveness and other advantages. Additionally, the expansion of this industry has been aided by technological developments that have made it possible to create electric water pumps that are more effective.
An electrically powered tool used to transport water from one place to another is called an electric water pump. It functions by forcing the fluids through several electrically or battery-powered valves, impellers, and other parts. Due to their energy efficiency, cost-effectiveness, and environmental friendliness as contrasted to conventional non-electric water pumps, electric water pumps have grown in popularity.
The market for electric water pumps is constrained by things like the high cost, difficulty, and frequency of maintenance required during installation. Electric water pumps are much more expensive to buy and install than traditional pumps. Additionally, these goods need routine maintenance to avoid damage from overheating or other causes. The dependence of the electric water pump market on the costs and access to raw materials, which in turn impacts their cost of production and selling price, is another restraint on the market. Similarly, there may be a price reduction for electric water pumps under certain settings as a result of the development of hybrid, plug-in blended, and fuel-cell vehicles. This can further slow the expansion of this market during the forecast timeframe. Meanwhile, strict government rules concerning fuel economy and pollution levels in many countries are anticipated to further the market's expansion.
COVID-19 Impact and Market Status
Because it has disrupted global supply chains and production, the COVID-19 pandemic has had a significant effect on the electric water pump market. Electric water pumps are in less demand as a result of the pandemic, which is one of the main industries affected by it is the automotive sector. The market for electric water pumps has therefore experienced a slowdown in growth due to the pandemic. However, there is a rise in demand for energy-efficient electric water pumps as a result of increased investments made by business leaders and governmental institutions in cutting-edge technologies like self-driving cars and electric vehicle charging stations.
The 12V EWP Type emerged as the Most Booming Segment
The CAGR for 12V electric water pumps is anticipated to be the highest over the forecast period. Their expanding use in automotive applications such as fuel delivery systems, transmission systems, and engine cooling systems might be credited for this. Another important element influencing the market expansion of 12V EWP is the rising need for energy-efficient electric water pumps.
The Most Prominent Application is the Engine Sector
Among all applications of the Electric Water Pump market, the engine application sector is anticipated to have the highest CAGR, with a CAGR of 6.2% over the course of the projected period. In cars and trucks, engine application segments are utilized for fuel distribution, cooling systems, and other functions.
The Asia Pacific Region to render Ample Financing Opportunities
The forecast period is expected to have the highest CAGR in Asia Pacific. This region includes nations with fast-growing automotive industries and considerable consumer demand for fuel-efficient vehicles, including India, China, Japan, and others. The automobile industry now has a higher demand for energy-efficient electric water pumps as a result of the expanding economic development in these nations.
The major companies competing in the market for electric water pumps are Federal-Mogul Corporation (US), Flowserve Corporation (US), Xylem Inc. (US), Bosch Rexroth Corporation (Germany), Robert Bosch GmbH (Germany), SPX Flow, Inc. (US), Sulzer Ltd. (Switzerland), Grundfos Group (Denmark), Topeak Automotive Industries Co., Ltd. (Taiwan), and IHI Corporation (Japan). These businesses produce goods that are energy-efficient and suit client needs, and they are well-established in the global market for electric water pumps. They offer novel ways to decrease energy use, cut pollutants, and boost the effectiveness of electric water pumps used in automotive applications. In order to create modern electric water pumps, the corporations also make significant investments in research and development. In order to maintain their competitiveness in the market, they also employ techniques like product releases and collaborations.
Recent Developments in the Electric Water Pump Market
• A line of cutting-edge electric water pumps for turbocharged gasoline engines was introduced by Robert Bosch GmbH in 2020. According to the manufacturer, these pumps operate better and use less energy than traditional ones.
• Continental AG unveiled a selection of electric water pumps in 2021 for use in cooling and heating systems for cars, trucks, and other commercial and industrial vehicles. According to the manufacturer, these pumps are appropriate for urban areas, have a low noise level, and are very efficient.
• Johnson Electric intends to introduce a selection of electric water pumps in 2022 for use in commercial, industrial, and automotive settings. According to the manufacturer, these pumps are built to use less energy and function better.
Electric Water Pump Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||USD 68.0 billion|
|Growth Rate||CAGR of 10 %during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Federal-Mogul Corporation (US), Flowserve Corporation (US), Xylem Inc. (US), Bosch Rexroth Corporation (Germany), Robert Bosch GmbH (Germany), SPX Flow, Inc. (US), Sulzer Ltd. (Switzerland), Grundfos Group (Denmark), Topeak Automotive Industries Co., Ltd. (Taiwan), and IHI Corporation (Japan).|
Key Segments of the Global Electric Water Pump Market
By Type Overview, (USD Billion)
- 12V EWP
- 24V EWP
By Application Overview, (USD Billion)
By Regional Overview, (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa