Electric Water Pumps for Commercial & Off Highway Vehicles Market|2031

Report Description

The global electric water pumps for commercial & OHV market size was valued at USD 1.31 Billion in 2022 and is projected to reach USD 2.25 Billion by 2031, expanding at a CAGR of 6.2% during the forecast period 2023-2031. The market is driven by factors such as rising focus of automakers toward fuel-efficient vehicles, weight reduction of EWP by auto manufacturers, growing pollution levels worldwide, availability of raw materials, and ease of manufacturing EWP.

However, technical issues with the EWP and higher cost as compared to mechanical pumps are key restraints of this market. Rising replacement rate of mechanical pump with EWPs and increasing demand for commercial vehicles are boosting the market. 

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On the basis of types, the market is segmented into primary electric pump and secondary electric pump. The secondary electric pump segment is anticipated to expand at a CAGR of X.X% during the forecast period due to its increasing demand in commercial vehicles. The primary electric pump segment is estimated to hold X5.9% share of the market in 2020 owing to its superior efficiency in the heavy commercial vehicles and off-highway vehicles.

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Based on vehicle types, the electric water pumps for commercial & OHV market is bifurcated into commercial and off-highway vehicles. The commercial segment is projected to hold a major share of the market during the forecast period owing to the increasing numbers of construction and e-commerce operations have resulted in rising demand for material transport, resulting in increased worldwide sales of commercial vehicles. The off-highway vehicles segment is expected to grow at a substantial pace due to increasing construction and mining activities globally. 

Based on commercial vehicles, the segment is further classified as light commercial vehicle and heavy commercial vehicle. The light commercial vehicles segment is projected to constitute XX.9% share of the market in 2027 owing to the increasing cross border transport of goods and investments in the public transport mediums. The heavy commercial vehicle segment is anticipated to expand at a significant pace due to the increasing demand for downsized engines and rising deployment of multi-axle vehicles to improve heavy commercial vehicle performance during the forecast period.

In terms of off-highway vehicles, the segment is divided into agriculture equipment, construction equipment, and others. The construction equipment segment holds market share XX.1% in 2020 owing to the rapid growth in renewable energy generation capacity investments, which is expected to drive construction activities during the forecast period. The agriculture equipment segment is anticipated to expand at substantial CAGR during the forecast period due to the adoption of modern technologies by farmers to increase farm yields and fulfill rising food demand.

On the basis of voltage, the electric water pumps for commercial & OHV market is categorized as 12V, 24V, and 24V. The 24V segment holds XX.4% share of the market in 2020 owing to the primary use of 24V electric water pumps in the majority of the heavy commercial vehicles and off-highway vehicles.

Based on sales channels, the electric water pumps for commercial & OHV market is segregated into OEM and aftermarket. The OEM segment is projected to constitute XX.3% share of the market in 2027 owing to the increasing demand for better quality and long life of the OEM electric water pumps. The aftermarket segment is anticipated to expand at significant pace due to growing replacement rate of the mechanical pumps with the EWP.

In terms of regions, the market is fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a promising region for the market. The region constituted XX.6% share of the market in 2020. The market in the region is projected to expand at a CAGR of X.9% during the forecast period. The demand for EWP for commercial & OHV is expected to rise due to the rapid growth in the automotive manufacturing units in the region. The market in Europe is projected to expand at a CAGR of X.0% due to the presence of a majority of players in the region.

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Key Market Trends & Growth Opportunities

• On the basis of types, the electric water pumps for commercial & OHV market is segmented into primary electric pump and secondary electric pump. The primary electric pump segment accounts for a major share of the market and the secondary electric pump segment is anticipated to expand at a high CAGR during the forecast period.

• The secondary electric pump segment is  expected to grow at substantial rate in the market due to its increasing demand from commercial automotive industry and is preferred as compared to electric water pump. Growing demand for commercial vehicles and their maintenance are fueling market growth.

• A primary electric pump is a safe option for heavy commercial vehicles and off-highway vehicles, where high engine efficiency is required. The primary electric pump is installed while manufacturing vehicles and rarely post-sales of the vehicle due to the high cost of replacement. Currently, many electrical vehicles are pre-installed with the primary electric pump during the manufacturing process as a part of an OEM. 

• Electric water pumps are an important addition to any commercial and OHV, as they reduce fuel consumption and increase efficiency. However, compared between the primary electric pump and secondary electric pump, there is no clear-cut option, as it depends on the intended use of the vehicle.