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Automotive Radiator Market Report 2024: Global Size, Share, Growth, Trends, Forecast, Competitive Landscape to 2033
Automotive Radiator Market Report
According to The Business Research Company's, 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 Drivers and Trends:
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.
Major companies operating in the automotive radiator market are developing innovative products such as Thermal Management Module (iTMM) to gain a competitive edge in the market. Thermal Management Module (iTMM) is an integrated module that combines water-cooled heat exchangers with a clever valve setup to efficiently combine the various thermal circuits of the vehicle. For instance, in July 2023, Marelli Corporation, a Japan-based automotive parts company, launched its Integrated Thermal Management Module (iTMM) for electric vehicles (EVs), which optimizes the vehicle's thermal circuits to enhance overall efficiency. The iTMM efficiently manages the e-powertrain, battery, and cabin thermal systems, reducing complexity and improving cooling, fast battery charging, and cabin comfort. It also increases driving range by up to 20% in severe weather conditions when used with a heat pump. The iTMM is compact, cost-effective, and compliant with industry standards, making it a significant advancement in EV thermal management. For Marelli Corporation's expansion in the electric car sector, the iTMM is a potential product.
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Major Key Players of the Market:
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
automotive radiator Market 2024 Key Insights:
• The automotive radiator market is expected to grow to$9.73 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%.
• Hybrid Vehicle Demand Fuels Growth in the Automotive Radiator Market
• Innovative Thermal Management Modules (iTMM) Transforming the Automotive Radiator Market
• North America was the largest region in the automotive radiator market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
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