In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Automotive coolant reservoir tank is an essential part of any car’s cooling system. Automotive coolant reservoir tank contains the excess coolant. The coolant reservoir is attached to the radiator and the engine's hose of the vehicle.
Global automotive coolant reservoir tank market is predicted to grow at a satisfactory compound annual growth rate (CAGR) over the forecast period. Global automotive coolant reservoir tank market is mainly expanding on the back of expanding automotive market. The market of automotive coolant reservoir tank is projected to reach at a remarkable valuation by the end of forecast period.
The world is witnessing continuous growth in automotive industry. Population across the globe is purchasing new vehicles owing to their comfort and standard needs. Within increase in sales of vehicles the market of automotive parts is also growing at considerable rate. In addition to this, cooling system is one of the essential parts of a vehicle and it includes number of components such as radiators, coolant reservoirs and others.
On the basis of regional platform, global automotive coolant reservoir tank market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is accounted for the largest market of automotive coolant reservoir tank. Further, Asia Pacific is leading producer of automobiles and is also the major market of original equipment manufactured automotive parts such as coolant reservoir tank. Additionally, India and China are expected to contribute significantly to the growth of automotive coolant reservoir tank market in Asia Pacific region.
North America and Europe regions are also anticipated to grow at significant pace during the forecast period. Moreover, these regions are witnessing significant growth in the aftermarket sales of automotive coolant reservoir tanks due to high demand for spare parts, accessories and other components of automobiles in these regions. Factors such as large number of vehicles and growing average age of automobiles in these regions are anticipated to fuel the growth of automotive coolant reservoir tank market in these regions.
On the basis of material used, plastic coolant reservoir tanks segment is anticipated to dominate this segment. Low cost and easy availability are key reasons which is why the segment is likely to grow at considerable pace during the forecast period.
Furthermore, by vehicle type, automotive coolant reservoir tanks are further segmented into passenger cars, light commercial vehicles, heavy commercial vehicles. The passenger cars segment is envisioned to be the leading segment during the forecast period. Passenger cars are anticipated to capture more than 35% share of the global automotive coolant reservoir tanks market during the forecast period owing to growing number of passenger cars across the globe.
Our-in depth analysis of the global automotive coolant reservoir tank market includes the following segments:
Global automotive coolant reservoir tank market is further classified on the basis of region as follows:
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Global automotive coolant reservoir tank market is driven by various factors including increasing number of vehicles with cooling system, and growing disposable income of the consumers across the globe.
Today, vehicles with better cooling system has become very basic need of consumers. Auto manufacturers are installing cooling system in their vehicles to meet the consumer’s comfort and vehicle performance requirement. Further increasing sales of vehicles with cooling system is a major factor that is expected to drive the expansion of automotive coolant reservoir tank market in upcoming years.
Auto manufacturers are installing coolant reservoir tanks in vehicles to avoid wastage or loss of coolant in vehicles. These coolant reservoir tanks offer extra space for coolants to expand or contracts when the engine gets start.
Moreover, need for replacement of coolant reservoir tanks in old vehicles is also escalating the demand for automotive coolant reservoir tanks. Further, technological advancements with automobiles are increasing the average lifespan of automobiles, and due to this the demand for spare parts, accessories and other components of vehicles is increasing. Further growing aftermarket of spare parts of vehicles such as coolant reservoir tanks is anticipated to drive the growth of global automotive coolant reservoir tanks market in upcoming years.
However, high cost associated with replacement of automotive coolant reservoir tanks is a restraining factor for the growth of automotive coolant reservoir tank market in near future.