Increased demand for EV pumps is a result of the booming automobile sector. Several factors, including an increase in vehicle production, stricter emission standards, and the adoption of new technologies, drive the market. Most new technology, like automated transmissions and gasoline turbocharged direct injection, boosts a vehicle's performance. Furthermore, the EV pump market is expanding due to a shift toward electrification and a greater focus on fuel efficiency. Additionally, as consumer demand for environmentally friendly services grows, manufacturers are careful to design effective EV pumps. Additionally, the market is experiencing considerable demand growth due to rising consumer desire for fuel-efficient vehicles.
The COVID-19 pandemic is now a major cause for concern for automotive partners. Due to supply problems and the halt in car production, the EV pumps sector has ended. Due to the outbreak, automobile OEMs will be quite concerned about decreasing vehicle sales in the coming quarters. In any case, the market for EV pumps will need to experience a large expansion due to the standards for fossil fuel byproducts set by various nations. Before that, reduced vehicle sales and unexpected halts in developing new car technologies will result in slower growth of the EV pumps market.
Increasing Pollution Will Drive Demand for EV Pumps
One of the main elements permitting the sale of EV pumps is the rising pollution. The car industry is one of the main causes of the enormous growth in pollution levels. The Environment Protection Agency (EPA) has discovered that in the U.S., automobiles are responsible for around 75% of carbon monoxide emissions. Several government and international organizations are restricting the automotive industry to prevent this. Inefficient combustion and antiquated cooling techniques frequently contribute to the high level of vehicle pollution. The result is a decrease in the fuel efficiency of cars. In light of this, sustainable electric water pumps (EWP) may be advantageous for the car industry.
Huge Initial Cost of EV Pumps May Hamper Growth
Electronic parts, including ECUs, sensors, and microcontrollers with actuators, are installed to electrify pumps used in engine applications. A vehicle's weight can be reduced through electrification, which also helps it adhere to strict pollution standards. Although sophisticated high-voltage circuits and inductive losses make electric components less reliable, they perform better than mechanical components. The cost of the car as a whole has increased due to the electrification of more automotive parts.
Based on product, the EV pumps market is segmented into fuel pump, oil pump, steering pump, water pump, fuel injection pump and other. The steering pumps category dominated the market in 2021. The water-driven steering framework in commercial vehicles and in the hatchback part of passenger automobiles both support the growth of the EV pump market. Systems that direct force with water or electricity use steering pumps. As a result of advancements in guiding system technology, electric power steering (EPS) systems are replacing water-driven and electro-pressure-driven guiding systems.
By technology, the market is segmented into mechanical and electrical. The mechanical category dominated the market in 2021. In contrast to electric siphons, which use the electric energy from an engine to pump the liquid, mechanical vehicle pumps use mechanical power to push the liquid. Mechanical pumps, sometimes known as geared pumps, are precisely driven by drive belts or a car's camshaft. The market for EV pumps will need to grow gradually over a very long time since electronic pumps are being used more and more in place of mechanical pumps to increase the efficiency of cars.
By Vehicle Type
By vehicle type, the market is segmented into passenger car, LCVs, HUV and two wheeler. The passenger car category dominated the market in 2021. Rising consumer per capita income and cutting-edge technology like the Advanced Driver Assistance System (ADAS) are expected to fuel demand for the market segment and speed up the growth of the EV pumps sector. Additionally, because of the growing importance of transportation and the growing distances between homes, workplaces, educational institutions, retail centers, and recreational facilities, it is anticipated that demand for passenger cars will increase. Therefore, the need for EV pumps is anticipated to increase during the projection period.
The Asia Pacific is projected to hold the largest share of the EV pumps market over the forecast period. Growing consumer demand for fuel-efficient automobiles offers firms in the sector significant opportunities. Growing car manufacturing in rising nations like China and India is credited with the high growth rate of the Asia Pacific region. Additionally, the encouragement given to hybrid vehicle producers greatly impacts the development of EV pumps.
On the other hand, North America EV pumps market is anticipated to grow significantly over the forecast period. The region's increasingly strict emission regulations, the auto industry's paradigm change toward vehicle electrification, and the rising demand for commercial vehicles from the logistics and e-commerce sectors are all expected to contribute to the industry's growth.
LIST OF KEY COMPANIES PROFILED:
- Aisin Seiki Co. Ltd.
- Delphi Automotive
- Denso Corporation
- Robert Bosch Gmbh
- Johnson Electric
- KSPG AG-A- Rheinmetall
- Mikuni Corporation
- Magna International
- TRW Automotive
- SHW AG.
KEY INDUSTRY DEVELOPMENTS:
- November 2019: To deliver electrically powered and regulated EV pumps to a major global OEM of trucks and buses, Concentric AB has been given a contract.
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Product, By Technology, By Vehicle Type and By Geography|
|By Vehicle Type||