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Automotive Cooling Fans Industry Expected to Reach $67.75 Billion by 2029 at 4.7% CAGR
Automotive Cooling Fans
Automotive Cooling Fans Market Value Projection: How Much Will the Market Size by 2025?
There has been a consistent rise in the automotive cooling fans market size over the past few years. It is projected to expand from $55.01 billion USD in 2024 to $56.35 billion USD in 2025, at a compound annual growth rate (CAGR) of 2.4%. Factors such as increasing vehicle manufacturing, regulation norms, weather conditions, customer preferences and OEM and aftermarket dynamics have contributed to the growth during the historic period.
What Will Be the Market Growth Forecat for Automotive Cooling Fans in 2029?
The market size of automotive cooling fans is forecasted to witness consistent expansion in the upcoming years, reaching $67.75 billion USD by 2029 with a Compound Annual Growth Rate (CAGR) of 4.7%. Reasons for this anticipated growth in the forecast period include the uptake of electric vehicles, stricter exhaust standards, advancements in materials, the worldwide economic climate, and supply chain dynamics. Significant trends during this anticipated period will involve a growing preference for electric vehicles, tight exhaust requirements, lighter and more compact designs, the incorporation of IoT and connectivity, along with international supply chain difficulties.
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What Are the Core Competitive Drivers in the Automotive Cooling Fans Industry?
The growth of the automotive cooling fan market is anticipated to surge in direct correlation with the burgeoning popularity of electric vehicles. These type of vehicles are driven by an electric motor that utilises a battery pack to transform electrical power into mechanical energy. This process mitigates aerodynamic drag, impediment from rolling resistance and kinetic resistance. Cooling fans in the automotive sector are crucial for electric vehicles as they aid the cooling of lithium-ion battery packs, enhance the performance of the battery's cooling system, and curtail the risk of fire from excessive heat. For example, data in February 2023 from the US government's labor economics and statistics agency, Bureau of Labor Statistics, noted a rapid expansion in the electric vehicles (EVs) market over the prior decade. In 2021, electric cars claimed a 4.6% share of the US vehicle market, a figure predicted to soar to 40% of all passenger car sales by 2030. Consequently, the rising popularity of electric vehicles fuels the expansion of the automotive cooling fan market.
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Which Automotive Cooling Fans Market Segment Is Projected to See the Fastest Growth?
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), After market
3) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
Subsegments:
1) By Radiator Fan: Puller Fans, Pusher Fans
2) By Electric Fan: Axial Fans, Blower Fans
3) By Mechanical Fan: Clutch-Operated Fans, Fixed Fans
4) By Condenser Fan: Single-Speed Fans, Variable-Speed Fans
Which Trends Are Opening New Opportunities in the Automotive Cooling Fans Market?
Leading players in the automotive cooling fan market are concentrating their efforts on innovations, including better cooling efficiency, to keep battery packs and power electronics at the right temperatures. Improved cooling efficiency implies a performance enhancement in cooling systems, leading to more effective heat reduction from a system or environment with lower energy consumption. For example, Johnson Electric, an automotive company from China, unveiled the VOLTA High Voltage Cooling Fan Module in August 2024. This top-tier high-voltage cooling fan provides better efficiency and durability, which are essential for electric and hybrid vehicles to maintain optimal temperature conditions. Not only is its design sturdy enough to withstand tough conditions, but it also cuts down energy use and emissions. By meeting the increasing need for efficient cooling solutions, this breakthrough is poised to make an influential impact on the market for automotive engine cooling systems, in line with electrification trends. In the end, it is expected to transform the future of automotive design.
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Who Are the Leaders in the Automotive Cooling Fans Market?
Major companies operating in the automotive cooling fans market include 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, Mitsubishi Electric Corporation, Honeywell International Inc.
Which Regional Automotive Cooling Fans Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the automotive cooling fan market in 2024. Asia-Pacific is expected to be the fastest-growing region in the automotive cooling fan market report forecast period. The regions covered in the automotive cooling fans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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