Demand for Automotive Radiator Market Driven by Shifting Consumer Perceptions and Growing Awareness
Increasing demand for hybrid and electric vehicles across the world is shoring up the need for automotive radiators, as these are widely used in these vehicles for cooling purposes. There is high demand for aluminium automotive radiators to facilitate weight reduction in automotive. As per analysis by Persistence Market Research, the automotive radiator market is slated to expand at a steady CAGR of 5% over the forecast period of 2020 to 2030, to be valued over US$ 10 Bn by 2030-end.
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The upcoming automotives would be abreast with HWW (Health, Wellness, and Wellbeing) features in the wake of healthcare being the top priority. So, it could be inferred that apart from going “green”, they would be going “pink” as well. The car’s parts would be revisited with the objective of keeping the occupants of vehicle healthy and safe.
There are environmentally-friendly regulations being laid down, which ask for circular economy, i.e. ideas of recycling and reusing would be put into practice in the near future. These trends in the automotive vertical along with insights have been constructively captured by the analysts and consultants in Persistence Market Research.
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Key Takeaways from Automotive Radiator Market Study
- By product, the cross-flow segment is expected to lead the global market with a high market valuation and growth rate. This segment is projected to hold a market share of 53% in 2020.
- By material, the aluminium/plastics segment is the largest in the automotive radiator market, owing to high adoption rate.
- By vehicle, the passenger cars segment is expected to show high lucrativeness and high growth potential. This is attributed to increasing developments in the technology of passenger cars. The LCVs segment is the second-largest segment from a market share perspective.
- By sales channel, the aftermarket segment is poised to expand at a relatively high value CAGR throughout the period of forecast. The OEMs segment is anticipated to dominate the global market with a high market value throughout the forecast period.
- By region, the markets in the U.S., Germany, China, Japan, and South Korea will provide lucrative opportunities to stakeholders in the global automotive radiator market space.
Global Automotive Radiator Market: Competitive Analysis
The research report on global automotive radiator market includes the profiles of key companies such as Valeo SA, Calsonic Kansei Corporation, Denso Corporation, Mahle GmbH, Zhejiang Yinlun Machinery Co., Ltd., Sanden Holdings Corporation, T.RAD Co., Ltd., TYC Brother Industrial Co. Ltd., Nissen A/S, Modine Manufacturing Company, Banco Products (I) Ltd., Keihin Corporation, PWR Advanced Cooling Technology, Nissim India Private Limited, Kor tech Auto Industries Pvt. Ltd., Spectra Premium, Griffin Thermal Products, Saldana Racing Products, and MEZZO TECHNOLOGIES, INC.
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