Vehicles run on complex engines, which help regulate the speed and safety of the vehicle. These engines consist of automotive components, including radiators. Automotive radiators are an essential part of the vehicle engine system, as it helps maintain the temperature of the engine. Increasing demand for fast-moving vehicles is increasing the demand for light-weight and highly effective radiators, to help cool the engine.
Automotive radiators market growth is expected to be driven by increasing adoption of hybrid powertrains. Furthermore, government of various economies are imposing stringent regulations regarding reduction of carbon emissions from vehicles, which is projected to fuel growth of the automotive radiators market during the forecast period (2017 - 2025). The regulations such as Low Emission Vehicle (LEV) III, Tier 3, and Super Ultra Low Emissions Vehicle (SULEV) are implied to ensure least carbon emissions. Increasing inclination of consumers towards hybrid vehicles, owing to its enhanced power and fuel-efficiency is propelling demand for automotive radiators. Furthermore, hybrid vehicles require additional low-temperature heat exchangers for regulated battery cooling along with normal heat exchangers. Therefore, increasing demand for additional low-temperature heat exchangers is projected to drive growth of the automotive radiators market.
In the automotive sector, plastic radiators are popularly used as they are less costly and lightweight. Although, if these plastic radiators are not maintained properly i.e. if there is a crack in the tank, the entire unit needs to be replaced. The replacement of the unit is a tedious and costly task. This can restrain the growth of the global automotive radiator market.
Global Automotive Radiator Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has affected the global automotive radiator market significantly. Lockdown was imposed across the globe as a precautionary measure by government globally. This led to temporary suspension of all businesss in the automotive sector. Trades across countries were disrupted causing a shortage of raw material and components required for automotive manufacturing. This had a negative impact on the global automotive radiator market during the pandemic.
North America held a dominant position in the Global Automotive Radiator Market in 2021
North America held dominant position in the global automotive radiator market in 2021, accounting for 33.0% share in terms of volume, followed by Europe and Asia Pacific region.
|Base Year:||2021||Market Size in 2021:||US$ 6,768.7 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||5.9%||2030 Value Projection:||US$ 11,580.2 Mn|
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
|Restraints & Challenges:||
Figure 1: Global Automotive Radiator Market Share (%), By Region, 2021
North America is expected to account for the largest market share for the global automotive radiator market during the forecast period. Major players in North America such as Denso Corporation, TYC Brother Industrial Co. Ltd., Griffin Thermal Products, and others are using advanced technologies in their products to meet the changing customer requirements. In addition, there is rising demand to downsize the engine in the automotive sector which will increase the fuel efficiency and performance of the engine. Hence, companies are investing in research and development activities for to meet the market requirement. All these factors are driving the automotive radiator market in North America.
Europe region is expected to gain traction during the forecast period owing to rise in sales of heavy and medium commercial vehicles. This rise in sales is due to the growth in logistics and e-commerce sector. For instance, as per the European Automobile Manufacturers' Association, or ACEA data released on January 26, 2022, in 2021, commercial vehicle registration increased by 9.6 % compared to the year 2020. This rise in demand for commercial vehicles in Europe is expected to drive the automotive radiator market in the forecast period.
Passenger Car segment is expected to drive the Global Automotive Radiator Market during the forecast period
Among vehicle type, passenger cars segment holds the dominant position, owing to its higher sales volume as compared to light commercial vehicles (LCV) and heavy commercial vehicles (HCV). The passenger cars segment has a dominant market share owing to a large set of sub-segments it holds viz. Compact cars, sub-compact vehicles, mid-size vehicles, sedan cars, luxury cars, and vans.
Figure 2: Global Automotive Radiator Market (US$ Bn) Analysis and Forecast, 2017 - 2030
The global automotive radiator market was valued at US$ 6,768.7 Mn in 2021 and is expected to reach US$ 11,580.2 Mn by 2030, growing at a CAGR of 5.9% between 2022 and 2030.
Major players operating in the global automotive radiator market include 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.
The study includes in-depth overview of the global automotive radiator market. The automotive radiator market was valued at US$ 6,768.7million in 2021 and is projected to reach US$ 11,580.2 million by 2030, exhibiting a CAGR of 5.9 % over the forecast period. Growth of the automotive radiators market is driven by increasing adoption of hybrid powertrains on account of its lower emissions and hybrid technology, which allows minimal fuel consumption as compared to internal combustion engines with the help of fully electric mechanism, growing agricultural sector, which is increasing the demand for heavy commercial vehicles..
Radiators play an important role in maintaining the stable temperature of an engine. Increasing number of research and development initiatives by manufacturers are leading to the development of light-weight and efficient radiators, in turn, boosting growth of the market. Also, stringent government regulations regarding reduced emissions is boosting demand for automotive radiators. Advanced radiators such as those which consume ground level ozone and convert it into oxygen are being adopted, owing to increasing demand for light weight engine components, in turn, propelling the demand for aluminum radiators.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.