This research report offers a comprehensive analysis of the “Global Market Study on Automotive Radiator: LCV Vehicle Type Segment Expected to Significantly Contribute to the Growth of the Global Market in the Coming Years “The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.
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The automotive radiator is a heat exchanger assembly containing aluminum fins, metal pipe network for convection heat loss from flowing coolant and a fan. The radiator is typically installed for cooling the engine or other components or the motor and batteries in the case of hybrid or electric vehicles.
Opportunity – production plants in emerging automotive markets
Automotive manufacturers are shifting production plants or establishing new ones in emerging automotive markets to capitalize on growing demand for automobiles and benefit from lower capital and labor costs in these regions. Automotive component markets in countries such as China, India, Indonesia, Brazil, and Mexico are expected to benefit significantly from the increasing demand for aftermarket and OEM products. Domestic suppliers, especially of external components such as radiators, pumps, fans, pulley-belt, and others are expected to benefit considerably. Observations reveal that the automobile manufacturers have high preference for locally sourced components owing to economical pricing and sustainable supply, thus benefitting domestic manufacturers. Furthermore, international players could leverage their capabilities to expand into such markets either through collaboration with local players or by establishing production sites in these regions. Several advantages associated with low labor costs and material costs are attracting automobile manufacturers into the regions.
According to the research study, the global automotive radiator market is anticipated to grow at a noteworthy rate to reach a significant value by the end of the assessment year. The automotive radiator market experienced a slow growth initially during 2012-2016 period. However, it gained enormous steam after 2016 and is projected to grow at a robust CAGR of 5.4% throughout the period of assessment, 2017-2025. By the end of the assessment year, the global market for automotive radiators is estimated to touch a value higher than US$ 10 Bn by the end of the year of assessment from a valuation of about US$ 6.6 Bn in 2017.
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Passenger cars to show high prominence in the global automotive radiator market in the coming years
Passenger car segment in the vehicle type category is expected to reflect high growth potential. This segment is expected to be a lucrative segment with high market attractiveness. The segment reflected a large market share of around 75% in 2017. Persistent developments in technology supported by increasing production are the key factors responsible for the segment gaining high attraction for radiator applications. Increasing production and focused innovation in passenger cars are estimated to fuel the growth of the segment. In 2017, this segment reflected a value a little under US$ 5 Bn and is estimated to touch a valuation more than US$ 7 Bn by the end of the year of assessment.
Mid-size passenger car segment to largely contribute to the growth of the parent segment
The mid-size sub segment in the passenger cars category is anticipated to highly contribute to the growth of the parent segment. This segment is projected to grow at a significant value CAGR of 6.9% throughout the period of forecast to reach a value of more than US$ 2300 Mn by the end of the assessment year. Additionally, the compact sub segment is the second largest in the passenger cars segment which is poised to reach a noteworthy valuation and reflect a value CAGR of 6.1% during the period of forecast.
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