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.
Key Development
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:
- According to analysis, the market in North America accounted for the largest share of the global market and is expected to witness the highest growth over the forecast period. This is due to large number of vehicles present in the region as compared to that in other regions. For instance, the use of commercial vehicles in the U.S. has increased, as per International Organization of Motor Vehicle Manufacturers the U.S. manufactured 6,895,604 commercial vehicles in year 2020.
- The Asia Pacific is expected to show significant growth over the forecast period. The demand for hybrid vehicles is rising tremendously in the Asia Pacific region. In addition to the normal heat exchangers, for regulating the battery cooling hybrid vehicles also require additional low-temperature heat exchangers. Hence, the demand for these heat exchangers is driving the automotive radiator market in Asia Pacific region
- Among radiator types, down flow segment is expected to hold the largest market share over the forecast period. In a down flow radiator design, the tanks are located at the top and bottom of the core, allowing the fluid to enter through the top tank and drip down through the tubes due to gravity. Whereas, in cross flow radiators the tanks are located on both the sides of the core and the coolant is allowed to pass from one tank to another. Also, the down flow type of radiators is expected to dominate the market throughout the forecast period owing to its mechanism which functions on gravitational force and the pump is required only to fill up the upper tank of the radiator.
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