Press release
Automotive Radiator Market Outlook 2024-2033: Forecasting Global Demand and Trends
Automotive Radiator
The Business Research Company offers in-depth market insights through Automotive Radiator Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The automotive radiator market size has grown strongly in recent years. It will grow from $7.69 billion in 2023 to $8.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to growing automotive production, stringent emission standards, rise in consumer awareness, increasing demand for electric vehicles, focus on lightweight materials.
The automotive radiator market size is expected to see steady growth in the next few years. It will grow to $9.73 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The growth in the forecast period can be attributed to global urbanization and traffic congestion, integration of smart cooling systems, increasing vehicle production, global shift towards sustainable mobility, government initiatives and incentives. Major trends in the forecast period include strategic collaborations and partnerships, innovations in heat exchange materials, continued technological advancements, technological advancements, global economic factors.
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Market Segmentation:
The automotive radiator market covered in this report is segmented -
1) By Product Type: Down-Flow, Cross-Flow
2) By Material Type: Aluminium, Copper Or Brass, Composites
3) By Vehicle Type: Passenger Cars, Commercial Vehicles, Two Wheelers
4) By End Users: Original Equipment Manufacturers (OEMs), Aftermarket
Major Driver - Hybrid Vehicle Demand Fuels Growth in the Automotive Radiator Market
The growing demand for hybrid vehicles is expected to propel the growth of the automotive radiator market going forward. A hybrid vehicle is a type of automobile that combines two or more distinct power sources to propel the vehicle and increase its overall fuel efficiency and reduce emissions. Radiators play a crucial role in maintaining the efficiency of hybrid systems, which are known for improved fuel economy and reduced emissions. For instance, in September 2022, according to the United States Department of Energy, a US-based government organization, the sales of hybrid-electric vehicles (HEVs) surged by 76% between 2020 and 2021. Therefore, the growing demand for hybrid vehicles is driving the growth of the automotive radiator market.
Competitive Landscape:
Major companies operating in the automotive radiator market report are BAIC Group, Denso Corporation, Valeo S.A., Dongfeng Motor Group, Aptive Environmental LLC, Visteon Corporation, Modine Manufacturing Company, Mahle Behr Manufacturing Management Inc., Calsonic Kansei Corporation, TYC Brother Industrial Co. Ltd., Shandong Houfeng Group, Delphi Automotive plc, T. RAD Co. Ltd., Nissens A/S, Banco Products India Ltd., Sanden Holdings Corporation, PWR Performance Products, Keihin Co. Ltd., Sciton Inc., Ron Davis Racing Products Inc., Mishimoto Automotive, CSF Radiators, Zhejiang Yinlun Machinery Co., DeWitts Radiator, Nippon Light Metal Holdings Co. Ltd., Griffin Thermal Products
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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