by Market Overview:
An automotive radiator is a component of a motor vehicle’s cooling system that transfers heat from the vehicle’s engine and assists in the reduction of the engine’s operating temperature. As vehicles operate continuously, heat is constantly generated from the engine. To maintain optimum temperature for efficient operation, radiators are essential.
Market key trends:
One of the key trends witnessed in the automotive radiator market is the growing adoption of electric vehicles. As EVs do not require complex cooling systems like combustion engine vehicles, the demand for radiators is reducing in EVs. Manufacturers are developing optimized and compact radiators with advanced materials for effective heat transfer in EVs. For instance, Denso has developed a new compact aluminum radiator with enhanced cooling capabilities specifically designed for EVs.
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 has strong presence of established players with global footprint and extensive product portfolio. These players continuously invest in research and development to develop innovative and more efficient radiator systems.
Weakness: High cost involved in development of advanced cooling systems acts as a constraint for market players, especially smaller ones. Additionally, availability of alternative cooling solutions like electric vehicles poses threat to conventional automotive cooling systems.
Opportunity: Growing demand for passenger and commercial vehicles in emerging economies of Asia Pacific and Latin America due to rising disposable incomes presents an opportunity for growth in automotive radiator sales. Also, replacement of old radiator systems supplements additional demand.
Threats: Stringent vehicle emission regulations across major countries pushing electric and hybrid vehicles adoption poses threat to demand for conventional engine cooling systems. Economic slowdowns can negatively impact global vehicle production and sales, affecting radiator market.
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 vehicle parc across emerging economies. Asia Pacific dominates the global market with largest share due to high vehicle production hubs in China, India, and Japan. Regional analysis Regional analysis Asia Pacific accounts for more than 35% of the global automotive radiator market share and is expected to witness fastest growth during the forecast period. Growing vehicle fleet, rising disposable incomes, and establishing of manufacturing facilities of leading OEMs and automotive component manufacturers in China and India are contributing to market growth. North America and Europe are other major markets for automotive radiators owing to presence of key automakers.
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. The market is dominated by tier-1 players like Denso, Valeo, Calsonic Kansei, and Mahle, who continuously invest in technology development.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
