Global Large Cooling Fan Market was valued at US$ 6,140 Million in 2021 and is expected to surpass US$ 14,120 Million by 2030, registering a CAGR of 7.4% during the forecast period (2022-2030), according to Global Large Cooling Fan Market, By Type (Axial, Centrifugal, and Others), By Application (Agriculture, Mining, Marine, Consumer Electronics, Automotive, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The Global Large Cooling Fan Market is estimated to account for US$ 14,120 Mn in terms of value by the end of 2030.
The growing demand for large cooling fans in automotive vehicles is expected to drive the market growth during the forecast period. The main function of the automotive cooling fans include cooling of various components of the automotive vehicles such as engines and other electronic components. The cooling fan is an essential part of the vehicle and is used to remove excess heat from the engine, thereby driving demand for the automotive cooling fans in the market. In addition, technological advancements in the automotive industry and increasing penetration of air conditioning in the vehicle increases demand for cooling fans. Furthermore, growing demand for high performance and racing cars will drive the demand for automotive engine cooling fan that are lightweight and noiseless. Thus, in turn, increases market growth in the near future. However, high power consumption by large cooling fan is expected to hinder the global large cooling fan market growth over the forecast period. Although advanced automotive technologies provide enhanced features and solutions, they also consume high power. Furthermore, repair and maintenance of automotive technologies are significantly expensive, as compared to other repair and maintenance activities. These factors are expected to hinder the global large cooling fan market growth in the near future.
Global Large Cooling Fan Market - Impact of Coronavirus (Covid-19) Pandemic:
Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. There is significant impact on large cooling fan market, as China-based automotive industries are rapidly closing their business to contain the spread of COVID-19 pandemic. Cooling fans are used in automotive industry to remove the excess heat from the engines. Furthermore, this trend continued in Europe and North America region, where factories are temporary closed due to COVID-19 spread. In pre-crisis time, automotive industry witnessed significant drop in the sales of automotive vehicles. For instance, according to the Coherent Market Insights’ analysis, in 2019, China registered 4.2% drop in automotive sales, which negatively impacted the large cooling fan market.
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