Research Nester has released a report titled “Engine Cooling System Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the engine cooling system market in terms of market segmentation by component, cooling system type, by vehicle type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global engine cooling system market is anticipated to record a CAGR of 4.5% during the forecast period, i.e. 2018-2027. The engine cooling system market is segmented by cooling system type into liquid-cooling and air-cooling systems, out of which, liquid-cooling system is anticipated to hold largest market share of around 5% owing to rise in application of liquid-cooling systems in both passenger and commercial vehicles. Additionally, the segment is anticipated to grow with a CAGR of 4.6% over the forecast period, and is expected to cross USD 210.0 billion by the end of 2027.
The market is further segmented by vehicle type into passenger, light commercial vehicle or LCV and heavy commercial vehicle or HCV, out of which, passenger vehicle segment is anticipated to hold largest market share on the back of higher sales of passenger vehicles around the globe. Furthermore, greater on-road population of the vehicle segment is also responsible for manifesting growth of the aftermarket sales of engine cooling systems. In the statistics by Organisation Internationale des Constructeurs d’Automobiles (OICA), total number of passenger vehicles manufactured globally during the year 2018 was almost three times that of commercial vehicles, and constituted almost 74% share of the total automotive production. The segment captured total market share of around 64% in 2018, and is further expected to reach a market valuation of USD 142.9 billion by 2027. The passenger vehicle segment is anticipated to grow on the back of rising per capita income of the middle income groups thereby postulating the growth in complimentary industries, such as the engine cooling system.
Regionally, the global engine cooling system is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific is expected to hold largest market share on the back of increasing FDI for low cost of production in nations of the region, for instance, China and India among others. The market is anticipated to hold its dominance in the region by expanding at a CAGR of 5.0% over the forecast period. Further, Latin America is anticipated to record significant growth in market, especially in nations such as Mexico and Brazil, with a CAGR of 3.6% over the forecast period.
Rise In Automotive Production Around The Globe
Rise in the sales of vehicles, growing automotive production, increasing on-road vehicle population and the need for repair and maintenance of engine parts, all of these factors are believed to aid the global engine system market. In the statistics by OICA, automobile production in the year 2018 was around 95.6 million units. The aftermarket sales of engine cooling system parts is added by the need for repair and maintenance of on-road vehicles. Additionally, rise in demand for high power and efficient engines, engine downsizing, and technical advancements in engine cooling system, all of these factors are also anticipated to promote growth of the global engine cooling system market during the forecast period.
However, concern for increasing electric car fleet, and the initiative of the governments of various nations to shift their focus towards the production of electric vehicles, is expected to operate as key restraints to the growth of the engine cooling system market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global engine cooling system market, which includes company profiling of Schaeffler AG (FRA: SHA), Valeo (EPA: FR), MAHLE GmbH, DENSO CORPORATION (TYO: 6902), and Delphi Auto Parts (NYSE; DLPH). Moreover, numerous automobile manufacturing companies are in the process of expanding their business units for the production of engine cooling systems as a part of their vehicle production processes. The market is also anticipated to observe growth with various players in the micro, small and medium enterprises so as to meet the demand for customization of vehicles. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the engine cooling system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.