ew advancement and Developments are Propelling the Growth of Automotive Radiator Market
The automotive radiator market was valued at US$ 5,284.76 million in 2016 and is projected to reach US$ 8,702.71 million by 2025, exhibiting a CAGR of 5.15% over the forecast period, according to Global Automotive Radiator Market Report, by Material Type (Aluminum, Copper/Brass, and Aluminum/Plastic), by Radiator Type (Down Flow and Cross Flow), by Vehicle Type (Passenger Car, LCV, and HCV), by Sales Channel (OEM, Aftermarket) published by Coherent Market Insights.
Automotive radiators are used to keep the vehicle engines at lower temperature. It acts as a heat exchanger and keeps the engine functioning by keeping it cool. Owing to technologically advancement in vehicle engines the need to keep it cool is rising proportionately and is fuelling the growth for automotive radiator market.
Key Trends and Analysis of the Global Automotive Radiator Market:
Among material types, aluminum/plastic segment held the dominant position in 2016. Owing to its light weigh, aluminum/plastic radiators are widely being deployed. However, aluminum/plastic radiators have lower longevity than that of its metal counterparts, which in turn, increases the demand for timely replacements. Thus, boosting market growth.
Among radiator types, down flow segment is expected to hold the largest market share over the forecast period. In a down flow radiator design, the tanks are located at the top and bottom of the core, allowing the fluid to enter through the top tank and drip down through the tubes due to gravity. Whereas, in cross flow radiators the tanks are located on both the sides of the core and the coolant is allowed to pass from one tank to another. Also, the down flow type of radiators is expected to dominate the market throughout the forecast period owing to its mechanism which functions on gravitational force and the pump is required only to fill up the upper tank of the radiator.
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Among vehicle types, passenger cars segment holds the dominant position, owing to its higher sales volume as compared to light commercial vehicles (LCV) and heavy commercial vehicles (HCV). The passenger cars segment has a dominant market share owing to a large set of sub segments it holds viz. Compact cars, sub-compact vehicles, mid-size vehicles, sedan cars, luxury cars, and vans.
Key Takeaways of the Market:
According to Coherent Market Insights’ analysis, the market in North America accounted for the largest share in the global market and is expected to witness highest growth over the forecast period. This is due to large number of vehicles present in the region as compared to that in other regions. For instance, countries such as U.S. and Canada record 899 and 6622 vehicles per 1000 people, respectively.
Advancements in technology in automotive engines to increase its stability, performance, speed and emissions are leading to the development of more efficient radiators, Stringent environmental and regulatory norms and standards imposed on automobiles such as The environment Protection Agency (EPA), Air Resources Board of California (ARB), The Corporate Average Fuel Economy (CAFE), Zero- Emission Vehicle (ZEV), and Super-Ultra-Low-Emission Vehicle (SULEV) are being imposed, which in turn is expected to drive growth of the automotive radiator market in the near future.Weight of the radiators directly affect the performance of the vehicle, hence lightweight radiators are being adopted. Metal radiators have a long lifespan and have higher heat absorption capacity, are being substituted by light weight and cost effective radiators such as aluminum/plastic ones.
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