Market Overview:
An automotive radiator is a component of automotive cooling system that transfers the heat from the engine to the outside air to keep the engine running at its optimal temperature. There are three main types of automotive radiators- cross flow radiator, down flow radiator and tube and fin radiator. Cross flow and down flow radiators are most commonly used types. The automotive radiator is a crucial component without which overheating of engine can lead to breakdown.
Market Dynamics:
Rising automotive production globally is anticipated to propel the growth of automotive radiator market during the forecast period. According to Organization Internationale des Constructeurs d'Automobiles (OICA), the global vehicle production increased from 70.5 million units in 2015 to 94.1 million units in 2021, witnessing a CAGR of 5.4% during the period. This rising automotive production will ultimately increase the demand for engine cooling system components including automotive radiators.
Development of lightweight and more efficient radiators is expected to present lucrative opportunities for market players. Manufacturers are developing radiators made of advanced, lightweight materials like aluminum and composites to improve the fuel efficiency of vehicles. This will drive the demand for technologically advanced automotive radiators.
The global Automotive Radiator Market Growth is estimated to be valued at US$ 7.59 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: The automotive radiator market is consolidated with presence of few global players. The strong distribution network of major players ensures reliable supplies to OEMs and aftermarket. Rising vehicle production across the world increases demand for automotive radiators.
Weakness: Significant price fluctuations of raw materials including aluminum and plastics increases production cost. Dependence on automotive industry makes market vulnerable to fluctuations in vehicle sales.
Opportunity: Growing demand for electric vehicles presents an opportunity for innovative radiator designs suitable for electric powertrains. Advancements in radiator technologies to improve fuel efficiency while reducing vehicle weight.
Threats: Stringent emission norms forcing shift towards alternative powertrains threaten demand for conventional radiators. Trade wars and geopolitical tensions impact global supply chains and sales.
Key Takeaways
The global automotive radiator market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing motorization across emerging economies. Asia Pacific dominates the global market, with China and India accounting for major share due to large automobile production bases and rising vehicle parc.
Regional analysis
Asia Pacific accounts for around 50% share of the global automotive radiator market led by China, India, and Japan. presence of large automobile manufacturing hubs and increasing per capita spending on vehicles drives the regional market. North America and Europe follow Asia Pacific in terms of market size owing to mature automotive industries and replacement demand.
Key players
Key players operating in the automotive radiator market are Denso Corporation, Valeo SA, Calsonic Kansei Corporation, Mahle GmbH, Sanden Holdings Corporation, TYC Brother Industrial Co. Ltd., Modine Manufacturing Company, Sciton Inc., Keihin Corporation, PWR Advanced Cooling Technology, Griffin Thermal Products, and Saldana Racing Products.
Get more insights on this topic: http://versatileblogger.weebly.com/blog/automotive-radiator-market-is-estimated-to-witness-high-growth-owing-to-increasing-demand-for-fuel-efficient-and-lightweight-vehicles