Automotive Radiator Market Overview
Automotive radiator is cooling devices installed in order to keep the internal combustion engine at proper operating temperature. Automotive radiator is a heat exchanger and consists of series of tubes or channels mounted in parallel arrangement. The coolant circulates through these channels and observes the heat produced by the running engine. Further, a fan is used to observe the heat of coolant and brigs its temperature down. These automotive radiators are generally used in piston-engine aircrafts, motorcycles, cars, railway locomotive and other automobiles.
Market Size & Forecast
Global automotive radiator market is predicted to grow at a remarkable compound annual growth rate (CAGR) of 4.5% over the forecast period. Global automotive radiator market is mainly expanding on the back of growing automotive market. The market of automotive radiator is projected to reach at a valuation of USD 14.2 Billion by the end of forecast period
Growing demand for automotive heat exchanger coupled with increasing number of automobiles is expected to fuel the growth of global automotive radiator market in during the forecast period.
On the basis of regional platform, global automotive radiator 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 radiator. Further, Asia Pacific is leading producer of automobiles and is also the major market for original equipment manufactured automotive radiator. Additionally, India and China are expected to contribute significantly to the growth of automotive radiator 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 dominating the aftermarket of automotive radiators 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 radiator market in these regions.
However, Middle East & Africa automotive radiator market is anticipated to grow at remarkable compound annual growth rate of 6.5% during the forecast period. This growth in Middle East & Africa region can be attributed to rising number of automobiles in this region.
On the basis of material used, aluminum radiators are anticipated to dominate the segment. Growing use of aluminum radiators in modern cars is a major factor which is likely to fuel the demand for aluminum radiators during the forecast period.
Furthermore, by flow structure, automotive radiators are further segmented into down flow and cross flow radiators. The down flow radiator segmented is envisioned to be the leading segment during the forecast period. Down flow radiators are anticipated to capture more than 50% share of the global radiator market during the forecast period owing to growing replacement of radiators in old vehicles across the globe.
Our-in depth analysis of the global automotive radiator market includes the following segments:
By End User
By Vehicle Type
Global automotive radiator market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Global automotive radiator market is driven by various factors including increasing number of vehicles, growing disposable income of the consumers and rising implementation for effective heat exchanger in vehicles across the globe.
Moreover, replacement of radiators in old vehicles is also escalating the demand for automotive radiators. Further, technological advancements with automobiles increasing average life of automobiles. This 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 radiators market.
Furthermore, rising implementation of aluminum radiators in modern vehicles is a major factor propelling the growth of global market. Rising disposable income of consumers and their increased affordability are some of the major factors propelling the demand for automobiles. Further, this increasing number of vehicles is leaving a positive impact on global market of automotive radiators. Apart from this, market of automotive radiators is also expanding in emerging economies due to changing life style of the consumers and their inclination towards luxuries life style.
Besides this, growing competition between leading automobile companies in order to produce better and high end & performance cars is also likely to foster the growth of global automotive radiator market in near future.
However, recent decline in global economic has reduced overall sales of automobile globally. This negative impact of global economic downturn on automotive market is expected to hamper the growth of global automotive radiator market in near future.
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