The Global Automotive Radiator Market was valued at US$ 6,768.7 Million in 2021 and is expected to surpass US$ 11,580.2 Million by 2030, registering a CAGR of 5.9% during the forecast period (2022-2030), according to the Global Automotive Radiator Market Report, by Material Type (Aluminum, Copper/Brass, and Aluminum/Plastic), by Radiator Type (Down Flow and Cross Flow), by Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV)), by Sales Channel (Original Equipment Manufacturer (OEM), Aftermarket), by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Growing demand for automobiles in emerging economies of Asia Pacific and Central & South America, is expected to favor growth of the automotive radiator market over the forecast period. North America and Europe are expected to witness moderate demand for automotive radiators, owing to sluggish economic growth and market saturation. Stringent regulatory norms pertaining to environmental considerations, particularly in the developed economies, are expected to positively impact growth of the market.
Radiators helps protect the engines from overheating, which otherwise can damage the overall engine. They are heat exchangers that are used for cooling internal combustion engines. Major application areas of radiators include automobiles, piston-engines aircraft, motorcycles, railway locomotive, and stationary generating plants among others. The internal combustion engines in an automobile or piston-engine aircraft are cooled by the liquid coolant circulation through the engine block. The heat generated by the engine is thus dissipated by radiators. The coolant used is commonly water-based, however, can be in the form of oil as well. Usually, water pump is employed to circulate the engine coolant and dissipate engine heat.
On June 21, 2022, Valeo, a French-based global automotive supplier, and Honda Powerpack Energy Private Limited, a private subsidiary located in India, partnered with Atul Greethtech Pvt Ltd., a company that manufactures electric three-wheelers, to accelerate the electrification of three-wheelers in India.
Global Automotive Radiator Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic has severely impacted several companies across the globe. Lockdowns were imposed to stop the spread of the virus which resulted in shortage of manpower and raw material. Automotive projects were on hold due to a shortage of raw material and disruption in supply chain operations. This also had a negative impact on the automotive radiator manufacturing as radiators are widely used in the automotive sector, resulted in slow growth of the global automotive radiator market in the pandemic.
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Key Trends and Analysis of the Global Automotive Radiator Market:
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