Press release
Automotive Cooling Fans Market Outlook 2024: Exclusive Report By The Business Research Company | AMETEK Inc., DENSO Corporation, Flexxaire Inc., Horton Holding Inc., Multi-Wing America Inc., SPAL Automotive Srl
Automotive Cooling Fans Market Trends
The Business Research Company offers in-depth market insights through Automotive Cooling Fans 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 cooling fan market size has grown strongly in recent years. It will grow from $53.49 billion in 2023 to $56.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to growing vehicle production, regulatory standards, climate conditions, consumer preferences, oem and aftermarket dynamics.
The automotive cooling fan market size is expected to see strong growth in the next few years. It will grow to $70.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to electric vehicle adoption, stringent emission standards, materials innovation, global economic outlook, supply chain dynamics. Major trends in the forecast period include increasing demand for electric vehicles, stringent emission standards, lightweight and compact designs, integration of iot and connectivity, global supply chain challenges.
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Market Segmentation:
The automotive cooling fans market covered in this report is segmented -
1) By Type: Radiator Fan, Electric Fan, Mechanical Fan, Condenser Fan
2) By Sales Channel: OEMs (Original Equipment Manufacturers), Aftermarket
3) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
Major Driver - Rapid Rise Of Electric Vehicles Sparks Surge In Automotive Cooling Fan Market
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 the 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.
Competitive Landscape:
Major companies operating in the automotive cooling fans market report are AMETEK Inc., DENSO Corporation, Flexxaire Inc., Horton Holding Inc., Multi-Wing America Inc., SPAL Automotive Srl, Toshiba Electronic Devices & Storage Corporation, Sunonwealth Electric Machine Industry Co. Ltd., Valeo SA, Continental AG, USUI Co. Ltd., SCFM Corporation, Guangzhou Tech Master Auto Parts Co. Ltd., Standard Motor Products Inc., The ebm-papst Group, Delta Electronics Ltd., BorgWarner Inc., Flowserve Corporation, General Electric Company, Nidec Corporation, American Cooling Technology Inc., Pelonis Technologies Inc., Kenlowe Group Ltd., Truflo International Ltd., Ziehl-Abegg SE, Rosenberg Ventilatoren GmbH, Howden Group Ltd., ABB Ltd., Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Emerson Electric Co., Honeywell International Inc. .
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Top Trend - Cutting-Edge Brushless-Motor Cooling Fan Assemblies For Enhanced Performance
Product innovation is a key trend gaining popularity in the automotive cooling fan market. Major companies operating in the automotive cooling fan market are developing innovative products to sustain their position in the market. For instance, in September 2021, Mando Corporation, a South Korea-based automobile company, introduced a new line of brushless motor cooling fan assemblies to the Mando Aftermarket Program. Mando cooling fan assemblies are similar to the original equipment (OE) parts used in new cars but have more advanced electronics than traditional brush-motor cooling fan assemblies.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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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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