How Infinium Global Research LLP Assisted a Leading German Company in Market Analysis of Electric Water Circulation Pumps for Off-Highway Commercial EVs

Client Overview

A leading company based in Germany, specializing in off-highway commercial electric vehicles (EVs), approached Infinium Global Research LLP. Their objective was to understand the market size of electric water circulation pumps used across various applications in off-highway commercial EVs. Additionally, they sought detailed insights into the current demand for these pumps and future market potential.

Challenges Faced

1. Market Complexity: The off-highway commercial EV market encompasses a variety of applications, including agriculture, construction, and mining vehicles, each with distinct requirements for electric water circulation pumps.
2. Data Scarcity: Given the niche nature of the market, obtaining reliable and comprehensive data was challenging.
3. Forecasting Uncertainty: The rapidly evolving EV landscape made it difficult to predict future market trends accurately.

Objectives

1. Determine Market Size: Accurately estimate the current market size for electric water circulation pumps across different applications in off-highway commercial EVs.
2. Assess Current Demand: Understand the existing demand dynamics and key factors driving the adoption of these pumps.
3. Forecast Future Potential: Provide a reliable forecast of market growth and potential opportunities over the next five to ten years.

Methodology

Infinium Global Research LLP employed a comprehensive and multi-faceted approach to address the client's needs:

1. Data Collection:
   • Primary Research: Conducted interviews with key stakeholders, including manufacturers, suppliers, and industry experts, to gather firsthand insights.
   • Secondary Research: Reviewed industry reports, market publications, regulatory databases, and company financials to supplement primary data.
   • Market Surveys: Deployed targeted surveys to collect data from end-users and industry professionals.
2. Market Analysis:
   • Market Segmentation: Segmented the market based on application types (agriculture, construction, mining, etc.) and geographical regions.
   • Competitive Analysis: Analyzed the competitive landscape to identify key players, their market share, and strategic initiatives.
   • Demand Analysis: Examined current demand trends and factors influencing the adoption of electric water circulation pumps.
3. Forecasting:
   • Trend Analysis: Utilized historical data and identified emerging trends to model future market behavior.
   • Scenario Planning: Developed multiple scenarios considering various factors such as technological advancements, regulatory changes, and economic conditions.
   • Quantitative Forecasting: Applied statistical models and forecasting techniques to project market growth over the next decade.

Findings

1. Market Size:
   • The market size for electric water circulation pumps in off-highway commercial EVs was estimated to be USD 593 million in 2023.
   • Agriculture and construction applications accounted for the largest share, with increasing adoption in mining vehicles.
2. Current Demand:
   • The demand for electric water circulation pumps was driven by the increasing electrification of off-highway commercial vehicles, stringent emission regulations, and the need for efficient thermal management systems.
   • Key regions with high demand included Europe, North America, and Asia-Pacific, with Germany leading in Europe.
3. Future Potential:
   • The market is projected to grow at a CAGR of 17% from 2024 to 2030, reaching USD 1.8 billion by 2030.
   • Innovations in pump technology, expansion of EV infrastructure, and supportive government policies are expected to fuel market growth.
   • Emerging markets in Asia-Pacific and Latin America present significant growth opportunities.

Recommendations

1. Strategic Partnerships: Form strategic alliances with OEMs and suppliers to strengthen market position and leverage technological advancements.
2. Product Innovation: Invest in R&D to develop advanced, energy-efficient electric water circulation pumps tailored to specific applications in off-highway commercial EVs.
3. Market Expansion: Focus on expanding presence in emerging markets, particularly in Asia-Pacific and Latin America, to capitalize on growth opportunities.
4. Regulatory Compliance: Stay abreast of regulatory changes and ensure compliance to maintain a competitive edge and avoid potential market barriers.