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Industry Overview, Growth Drivers, And Key Players Of The Global Automotive Cooling Fans Market By 2032 - AMETEK Inc., DENSO Corporation, Flexxaire Inc., Horton Holding, Multi-Wing America Inc
Automotive Cooling Fans Market
Automotive Cooling Fans Market Size, Growth Rate, And Forecast
The global automotive cooling fan market size is expected to grow from $50.86 billion in 2022 to $53.73 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global automotive cooling fan market size is expected to grow to $65.86 billion in 2027 at a CAGR of 5.2%.
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Automotive Cooling Fans Market Drivers
The increasing traction of electric vehicles is expected to propel the growth of the automotive cooling fan market going forward. Electric vehicles refer to vehicles propelled by an electric motor powered by a battery pack that converts electrical energy into mechanical energy to power the vehicle while reducing aerodynamic drag, rolling resistance drag, and kinetic resistance. Automotive cooling fans are used in electric vehicles to cool lithium-ion battery packs, increase the battery cooling system's performance, and reduce the risk of a fire due to overheating. For instance, in February 2023, according to the Bureau of Labor Statistics, a US-based government agency for labor economics and statistics, the market for electric vehicles (EVs) had grown at a fast pace in the last decade. The share of electric cars in the US vehicle market grew to 4.6% in 2021 from 0.2% in past ten years, and could reach 40% of total passenger car sales by 2030. Therefore, the increasing traction of electric vehicles is driving the growth of the automotive cooling fan market.
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Automotive Cooling Fans Market Segments
• By Type: Radiator Fan, Electric Fan, Mechanical Fan, Condenser Fan
• By Sales Channel: OEMs (Original Equipment Manufacturers), Aftermarket
• By Vehicle Type: Passenger Vehicle, Commercial Vehicle
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the automotive cooling fans market.
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Automotive Cooling Fans Market Key Players
Major competitors in the automotive cooling fan market are AMETEK Inc., DENSO Corporation, Flexxaire Inc., Horton Holding, Multi-Wing America Inc., Spal Automotive, Toshiba Electronic Devices & Storage Corporation, Sunonwealth Electric Machine Industry Co. Ltd., Valeo, Continental AG, USUI Co. Ltd., SCFM Corporation.
The Business Research Company's "Global Automotive Cooling Fans Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Automotive Cooling Fans Market Include:
1. Executive Summary
2. Automotive Cooling Fans Market Characteristics
3. Automotive Cooling Fans Market Trends And Strategies
4. Automotive Cooling Fans Market - Macro Economic Scenario
5. Automotive Cooling Fans Market Size And Growth
………………
27. Automotive Cooling Fans Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Automotive Cooling Fans Market
29. Automotive Cooling Fans Market Future Outlook and Potential Analysis
30. Appendix
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