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Global Electric Water Circulation Pump for Electric Vehicle Market was Valued at 513.56 Million in 2022 and is Expected to Reach 1770.7 Million in 2030, With a CAGR of 16.90% During the Forecast Period 2023-2030.

Infograph - Global Electric Water Circulation Pump for Electric Vehicle Market was Valued at 513.56 Million in 2022 and

By Infinium Global Research Jan, 2024

The global electric water circulation pump for electric vehicle market was valued at USD 513.56 million in 2022 and is expected to reach USD 1,770.73 million by 2030 and grow at a CAGR of 16.90% over the forecast period. The main reason behind the adoption of electric vehicles around the world is a shift in preference driven by growing environmental and sustainability consciousness. Zero tailpipe emissions from electric vehicles significantly decrease greenhouse gas emissions and aid in the slowing of climate change. Electric vehicles are also an environmentally friendly and healthier form of transportation because they release fewer toxins and particles that are harmful to human health. This adoption has greatly boosted demand for OEM components like electric coolant pumps. The biggest challenge facing the transportation sector is the drastic shift in climate and the rise in air pollution imposed by cars. To minimize pollution, tackle climate change, and promote public health considering the rising exposure to vehicular pollutants that fuel market expansion, governments are supporting the usage of electric vehicles. Lung cancer and Chronic Obstructive Pulmonary Disease (COPD) cases worldwide are also rising. Governments across the world are encouraging people to invest in electric vehicles, which save them money on fuel costs and require less maintenance than conventional automobiles, by providing incentives like tax credits and subsidies. The high cost and reliability concerns with respect to electric vehicles hamper the growth of the market. Electric coolant pumps can have a higher initial cost than traditional mechanical pumps, which may deter some consumers from adopting them. The market is primarily hampered by its low reliability, and it has been a major concern among the global population. Innovative product development investments by manufacturers will be a lucrative market opportunity. The desire to enhance the appearance and efficiency of the electric car is the reason that motivates these investments. Manufacturers are working on cutting-edge control systems that can track the pump's performance in real-time and adjust based on the vehicle's cooling requirements.

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