Automotive Engine Cooling System Market Overview
Automotive engine cooling system eliminates the heat produced by the vehicle engine by the use of liquid coolant or air. Continues heat generation due to engine run may damage the vehicles engine. Further, automotive engine cooling system keeps the engine temperature low in order to protect the engine from getting damage.
Market Size and Forecast
Global automotive engine cooling system market is expected to thrive at a notable CAGR over the forecast period. The market is likely to grow on the back of rising automotive industry across the globe. Factors such as, rapid urbanization and growing per capita income of consumers are powering the growth of global automotive market, which in turn augmenting the growth of global automotive engine cooling system market.
On the basis of regional platform, global automotive engine cooling system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific region is representing the largest market of automotive engine cooling systems.
Factors such as rising per capita income of the consumers, changing life style of middle class families and blooming population are some of the major factors which are anticipated to bolster the growth of automotive engine cooling system market during the forecast period. India and China are the major contributors to the growth of automotive engine cooling system market in Asia Pacific region owing to factors such as growing economy and presence of large base of automotive manufacturing plants in these countries. Moreover, China is the leading producer of the automobiles and is likely to contribute significantly in the growth of Asia Pacific automotive engine cooling system market over the forecast period.
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 of automotive parts. Factors such as large number of vehicles and growing average age of automobiles in these regions are anticipated to fuel the growth of automotive engine cooling system market in these regions.
Liquid cooling system segment by type is expected to witness robust growth over the forecast period. Liquid cooling systems can be easily founds in nearly every newly manufactured cars. Further, increasing sales and production of new cars is anticipated to intensify the growth of this segment over the forecast period.
Our in-depth analysis has segmented global automotive engine cooling system market into the following segments:
By Sales Channel
By Vehicle Type
Global automotive engine cooling system market is further classified on the basis of region as follows:
Growth Drivers & Challenges
The market of automotive engine cooling system is primarily driven by a number of factors such as increasing sales and production of vehicles all across the globe.
Moreover, replacement of cooling system and their parts in old vehicles is also escalating the demand for automotive engine cooling system. Further, growing average life automobile on road is fueling the demand for spare parts, accessories and other components of vehicle in aftermarket. Further growing aftermarket of spare parts of vehicles is anticipated to drive the growth of global automotive engine cooling system market. According to OICA, the global sales of vehicle reached 938, 563, 88 by the end of 2016.
Further, establishment of new automotive manufacturing plants in both developing and developed countries are likely to drive the growth of automotive engine cooling system market in near future. Automakers are continuously expanding their vehicle production capacity to meet the rising demand for vehicles. Limited life span of some of the components of automotive engine cooling system is also expected to drive the growth of market in upcoming years.
Manufacturers of automotive engine cooling system are continuously enhancing the designing and performance of their existing products. Further, technological advancements in automotive engine cooling system are also expected to drive the growth of market over the forecast period.
However, factors such as rising fuel cost and increasing adoption of electric vehicles which are limiting the sales of new vehicles are expected to hamper the growth of automotive engine cooling system market during the forecast period.
Scope and Context
Overview of the Parent Market
The global automotive engine cooling system market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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