Vehicle Radiator Market to Witness Rising Demand by 2021-2027 | Denso Corporation, Behr GmbH &Co.KG., Dongfeng Radiator Co. Ltd., Delphi Automotive plc
Vehicle radiator is a major component in the engine, which is used for cooling the internal combustion of the engine in automobiles, locomotives, aircraft, and motorcycles. The internal combustion engine is cooled by introducing a liquid know as engine coolant through the engine block where it gets heated and then through a radiator where it loses heat to the outside atmosphere. The engine coolant is returned to the engine after losing heat out of the vehicle. Engine coolant is generally water-based, but can also be in oil form. The increase in demand for automated technologies is expected to boost the vehicle radiator market over the forecast period.
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COVID-19 scenario analysis:
As the COVID-19 crisis started, public life in many countries is affected, with almost every sector suffering due to the pandemic.
The most immediate and visible effect of COVID-19 in the traditional automotive sector is the standstill of production by many OEMs, which has affected the market.
Public-transit ridership has fallen to a much larger extent across the world, and the operators are burdened with uncertainty along with the potential need to implement strict protocols.
Ride hailers have also experienced a decline in the business, and many micro-mobility and carpooling players have suspended their services.
Some governments have launched initiatives to support mobility start-ups that were hit hard by the crisis, but low cash reserves and lack of capital in the market are expected to affect the market.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Rapid adoption of lightweight materials and growth in demand for passenger cars are expected to spur the demand over the forecast period. Moreover, increase in product complexity due to continuous change in customer requirement and technological advancement is estimated to negatively impact the market growth. Furthermore, automotive manufacturers are shifting production plants or establishing new ones in emerging automotive markets to capitalize on the growing demand for automobiles, which can offer lucrative opportunities for the market over the forecast period.
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The vehicle radiator market trends are as follows:
Rapid adoption of lightweight materials
Increase in demand for lightweight vehicles in the market has forced manufacturers to shift toward high-end components that provide good durability with lesser weight, such as aluminum and composites, to reduce the weight of an overall component in the vehicle. Increase in adoption of these components by the manufacturers is expected to fuel the growth of the market over the forecast period.
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Increase in demand for passenger cars
Customers are shifting to economical and luxurious measures of traveling over personal driving. The cost-effective measure of renting a personal driver for their vehicle along with the concern of population has shifted most of the costumers to travel through shared transportation. Therefore, rise in adoption of shared mobility is expected to boost the vehicle radiator market growth over the forecast period.
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