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.
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.
Key players in the market include Schaeffler AG, MAHLE GmbH, and VALEO SERVICE. These companies are considered as key manufacturers of electric water pumps for commercial & OHV based on their revenue, research & development (R&D) activities, regional presence, and supply chain management system.
|Market Value in 2019||USD 1,095.3 Million|
|Regional scope||Global - North America, Europe, China, Rest of Asia Pacific, Central & South America, and the Middle East & Africa|
|Segments covered||By Pump Type, By Voltage, By Vechile Type, By Sales Channel, By Region|
|Key companies profiled||Schaeffler AG, MAHLE GmbH, VALEO SERVICE, Magna International Inc, Rheinmetall Automotive AG, Gates Corporation, Robert Bosch GmbH, GMB Corporation, DaviesCraig, BLDC PUMP Co., Ltd.|
Some frequently asked quetions about this report!
The global electric water pumps for commercial & OHV market was valued at USD 1,095.3 Million in 2019.
The electric water pumps for commercial & OHV market will grow at a CAGR of 6.2% during the forecast period.
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