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Coolant pump is a major auxiliary device used in the vehicle. It is used for the purpose of cooling the components of the power train and other accessories such as battery, electronic circuits, and cabin heating. The resultant output generated is coupled to the engine RPM (Revolution per minute). The electric coolant pump has features of sufficient cooling at lower RPMs at high engine loads & vice-versa and at elevated external temperature. The electric coolant pump is used along with thermal management system of the IC engine (internal combustion engine) for getting additional benefits of this advanced system.
The coolant pump has such features that can provide on-demand cooling to machines, especially during cold-start that saves fuel and leads to less emission. This can also lead to enhanced air conditioning in the passenger compartment, which in turn can provide more comfort to the passengers and driver.
COVID-19 pandemic has shut-down the production of various products in the coolant pump market industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the coolant pump market significantly since the past few months, and is expected to continue during 2020.
COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is projected to cause a negative impact on the market growth throughout the year.
The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players will have to modify their investment plans.
Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19.
The main concentration of vehicle manufacturers is on the development of the automotive system to improve and ensure the safety, comfort, and performance of the vehicle, and advanced technology in coolant pumps drives the market growth.
The majority of the developments are being implemented for electric vehicles related parts and components. As a result, there have been advances in electric pumps, especially their design and features, so that they can be properly used in electric vehicles. Such improvements in electric coolant pumps are expected to increase their benefits such as improved efficiency in heat transfer that can result in improving the performance of the vehicle. In this case, this development is expected to have a positive impact on the overall market growth owing to their increased utilization in the automotive industry. In the automotive industry, there is a constant revision and upgrading of technology to increase fuel efficiency in powertrains and reduce vehicular emissions to comply with stringent emission rules. Thus, introduction of electric coolant pumps is a step in this direction.
There is huge demand for vehicles globally, which is a major factor driving the automotive electric coolant pumps market. Moreover, the demand for vehicles is increasing consistently. Some continents such as Europe, Asia-Pacific, and North America are the major producers and consumers of automobiles globally, owing to rise in disposable income and increase in per capita income of people in these regions, which in turn is increasing sales of vehicles. Sales and production of vehicles are the major factors that tend to increase the growth of business that directly impacts the demand for automotive electric coolant pumps during the forecast period.
Other important factor is increase in demand for eco-friendly and fuel-efficient vehicles, which is boosting the automotive electric coolant pumps market due to increasing concern about the environment. Rising prices of conventional fuel and the depletion of fossil fuel resources are encouraging customers to switch from conventional fuel-driven vehicles to eco-friendly vehicles. Conventional fuel powered vehicles emit hazardous gases, which are harmful for humans and the environment, which is the biggest concern in the current scenario. Consequently, several countries have made various laws and norms for vehicle emissions. Automotive electric coolant pumps reduce emission in vehicles. This is also a key factor that tends to increase the growth of the automotive electric coolant pumps market during the estimated time.
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