Electric water pumps are devices that use electricity to move water between locations. It works by pumping fluids through a number of electrically or battery-operated valves, impellers, and other components. Electric water pumps are more widely used than traditional non-electric ones because of their energy efficiency, cost-effectiveness, and environmental friendliness.
According to SPER market research, ‘Global Electric Water Pump Market Size- By Type, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Electric Water Pump Market is predicted to reach USD XX billion by 2033 with a CAGR of XX%.
Since there is an increasing need for energy-efficient pumps, the Global Residential Electric Water Pump Market. Electric water pumps are utilised to boost energy output, reduce greenhouse gas emissions, and enhance engine reliability. Electric water pumps are also more compact and maintenance-free than traditional hydraulic ones. Due to their efficiency and other benefits, electric water pumps have so become popular in numerous industries, including the manufacture of automobiles. The growth of this industry has also benefited from technological advancements that have made it feasible to manufacture more efficient electric water pumps.
However, electric water pumps have a limited market due to factors including the high cost, difficulties, and regular maintenance needed during installation. The cost to buy and install electric water pumps is significantly higher than that of conventional pumps. In order to avoid damage from overheating or other reasons, these products also require frequent maintenance. Another barrier to the market is the dependence of the Electric Water Pump Industry on the price and availability of raw materials, which affects their cost of production and selling price. Similar to how the development of hybrid, plug-in hybrid, and fuel-cell vehicles may result in a price decrease for electric water pumps in certain circumstances.
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Impact of COVID-19 on Automotive Electric Water Pump Market
Furthermore, the COVID-19 epidemic has significantly affected the market for electric water pumps by disrupting worldwide supply chains and production. As a result of the pandemic, demand for electric water pumps has decreased, which has a significant impact on the automotive industry, one of its primary industries. Consequently, the pandemic has caused the market for electric water pumps to grow more slowly. The need for energy-efficient electric water pumps has expanded, nevertheless, as a result of rising investments made by corporate executives and governmental organisations in cutting-edge technologies like self-driving automobiles and electric vehicle charging stations.
Residential Electric Water Pump Market Key Players:
Geographically, Asia-Pacific currently dominates the global market and is predicted to continue dominating during the forecast due to the region's rapid industrialization, large population, and agricultural demands, which have generated a significant demand for electrical water pumps in industries like construction, manufacturing, and agriculture. The market has been further boosted by government attempts to increase energy efficiency and reduce pollution. Additionally, some of the market key players are Bosch Rexroth Corporation, Federal-Mogul Corporation, Flowserve Corporation, Grundfos Group, IHI Corporation, Robert Bosch GmbH, SPX Flow, Inc., Sulzer Ltd., Topeak Automotive Industries Co., Ltd., Xylem Inc., Others.
Global Electric Water Pump Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Electric Water Pump Market is segmented as; 12V EWP, 24V EWP.
By Application: Based on the Application, Global Electric Water Pump Market is segmented as; Battery, Engine, Turbocharger, Others.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Electric Water Pump Market Future Opportunities
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