by Market Overview:
An automotive radiator is a component of a car’s cooling system that is used to transfer heat from the engine’s coolant to the outside air. It is generally made of aluminium for better heat transfer capabilities. The radiator allows the hot coolant to efficiently pass through its cooling fins and tubes dissipating the heat outside the car engine through convection. Radiators come in different shapes and sizes depending on the size and power of the vehicle engine. Some key uses of automotive radiators include cooling of IC engines in vehicles, trucks, construction equipment and heavy machinery.
Market Dynamics:
The growth of the global automotive radiator market is driven by increasing vehicle production and rising adoption of advanced cooling techniques in automobiles. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), the global passenger car production grew by over 4% in 2021 as compared to 2020. Increasing production of vehicles boosts the demand for automotive components like radiators. Additionally, with advancement in automotive technologies like turbocharging and downsizing of engines, efficient cooling becomes more critical. This is propelling manufacturers to develop radiators with advanced designs and materials for better heat transfer abilities. However, the market growth is restrained by rising electric vehicle sales globally. EVs have relatively simpler thermal management systems as compared to traditional IC engine vehicles which do not require a radiator.
The global Automotive Radiator Market Growth is estimated to be valued at US$ 7.59 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The global automotive radiator market is dominated by the aluminum radiator segment. Aluminum radiators are lightweight and have high thermal conductivity which allows efficient heat transfer. They also have good corrosion resistance properties. These advantages have made aluminum radiators the preferred choice for Automakers. They account for over 70% of the total radiator market.
PEST Analysis
Political: Stringent emission norms in several countries require efficient cooling of automotive engines to reduce carbon emissions. This drives demand for improved radiator technologies.
Economic: Growing vehicle production and sales globally, especially in emerging economies is a key growth driver. As disposable incomes rise, demand for vehicles and their components increases.
Social: Increasing ownership of personal vehicles and preference for passenger comfort during travel leads to demand for better HVAC and cooling systems in automobiles.
Technological: Advancements in radiator design, materials and manufacturing help improve efficiency, durability and reduce weight. Technologies like variable geometry tank and electric cooling fans are gaining popularity.
Key Takeaways
The global automotive radiator market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing vehicle production worldwide especially in Asia Pacific.
The Asia Pacific region is expected to dominate the global market during the forecast period. China, India and Japan account for the majority of vehicle production globally. As industrial and economic growth continues in the region supported by rising incomes, vehicle sales are projected to rise substantially.
Key players operating in the automotive radiator market are Denso Corporation, Valeo SA, Calsonic Kansei Corporation, Mahle GmbH, Sanden Holdings Corporation, TYC Brother Industrial Co. Ltd., Modine Manufacturing Company, Sciton Inc., Keihin Corporation, PWR Advanced Cooling Technology, Griffin Thermal Products, and Saldana Racing Products. Denso holds the largest market share due to its strong product portfolio and worldwide distribution network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
