Increasing demand for hybrid and electric vehicles across the world is shoring up the need for automotive radiators, as these are widely used in these vehicles for cooling purposes. There is high demand for aluminum automotive radiators to facilitate weight reduction in automotive. As per analysis by Persistence Market Research, the automotive radiator market is slated to expand at a steady CAGR of 5% over the forecast period of 2020 to 2030, to be valued over US$ 10 Bn by 2030-end.
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Key Takeaways from Automotive Radiator Market Study
- By product, the cross-flow segment is expected to lead the global market with a high market valuation and growth rate. This segment is projected to hold a market share of 53% in 2020.
- By material, the aluminum/plastics segment is the largest in the automotive radiator market, owing to high adoption rate.
- By vehicle, the passenger cars segment is expected to show high lucrativeness and high growth potential. This is attributed to increasing developments in the technology of passenger cars. The LCVs segment is the second-largest segment from a market share perspective.
- By sales channel, the aftermarket segment is poised to expand at a relatively high value CAGR throughout the period of forecast. The OEMs segment is anticipated to dominate the global market with a high market value throughout the forecast period.
- By region, the markets in the U.S., Germany, China, Japan, and South Korea will provide lucrative opportunities to stakeholders in the global automotive radiator market space.
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“With reduced demand, both, from OEMs and the aftermarket, as a result of the coronavirus spread across the world, growth of the automotive radiator market will be hit in the short term,” says a PMR analyst.
The Path Ahead!
Growth of the global automotive radiator market will be influenced by various aspects across regions. Factors such as increasing adoption of hybrid powertrains, growing technological developments, growing agricultural sector proliferating the demand for heavy commercial vehicles, increasing investments in research & development, stringent emission norms, growing modifications in designs for enhancement purposes, high replacement rate of old radiators, increasing demand for weight reduction of engine components propelling the demand for aluminum radiators, growing industries coupled with increasing urbanization, application of advanced nanofluids for enhancement of heat transfer, and rising infrastructure spend and low interest rate are driving the growth of the global automotive radiator market. However, factors such as counterfeiting in the aftermarket will challenge the smooth growth of the global automotive radiators market.
Global Automotive Radiator Market: Competitive Analysis
The research report on global automotive radiator market includes the profiles of key companies such as Valeo SA, Calsonic Kansei Corporation, Denso Corporation, Mahle GmbH, Zhejiang Yinlun Machinery Co., Ltd., Sanden Holdings Corporation, T.RAD Co., Ltd., TYC Brother Industrial Co. Ltd., Nissen A/S, Modine Manufacturing Company, Banco Products (I) Ltd., Keihin Corporation, PWR Advanced Cooling Technology, Nissim India Private Limited, Kor tech Auto Industries Pvt. Ltd., Spectra Premium, Griffin Thermal Products, Saldana Racing Products, and MEZZO TECHNOLOGIES, INC.
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Want to Know More?
PMR has published a market research study on the automotive radiator market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the automotive radiator market through five different segments, namely, product, material, vehicle, sales, and region. The global automotive radiator market report also provides supply and demand current trends, detailed overview of the parent market, and a comprehensive list of suppliers and distributors in the market.
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