Automotive Cooling Fans Global Market Report 2024

The automotive cooling fan market size has grown strongly in recent years. It will grow from $53.49 billion in 2023 to $56.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. During the historical period, growth in this sector can be attributed to several factors, including the rise in vehicle production, adherence to regulatory standards, varying climate conditions affecting cooling needs, evolving consumer preferences, and the dynamics between original equipment manufacturers (OEMs) and aftermarket components.

The automotive cooling fan market size is expected to see strong growth in the next few years. It will grow to $70.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. Anticipated growth in the forecast period is expected to be fueled by several factors, including the increasing adoption of electric vehicles, compliance with stringent emission standards, ongoing innovations in materials, the global economic outlook, and the dynamics within supply chains. Major trends projected in this period encompass the rising demand for electric vehicles, the continued emphasis on meeting strict emission standards, a focus on lightweight and compact designs, the integration of IoT and connectivity features, as well as the challenges faced within the global supply chain.

The increasing adoption of electric vehicles is set to drive the growth of the automotive cooling fan market. Electric vehicles, propelled by an electric motor and powered by a battery pack, utilize automotive cooling fans to cool lithium-ion battery packs. These cooling fans enhance the performance of the battery cooling system, mitigating the risk of overheating and reducing the likelihood of fires. As of February 2023, data from the Bureau of Labor Statistics, a US government agency for labor statistics, indicates a rapid growth in the market for electric vehicles over the past decade. The share of electric cars in the US vehicle market rose from 0.2% to 4.6% in 2021, and it is projected to reach 40% of total passenger car sales by 2030. This surge in the adoption of electric vehicles is a key driver propelling the automotive cooling fan market forward.

Stringent emission standards imposed by regulatory authorities are expected to contribute to the growth of the automotive cooling fan market. These standards define limits on pollutants and greenhouse gases emitted by vehicles and industrial processes. Automotive cooling fans play a crucial role in helping internal combustion engines, pollution control systems, and electric vehicle components operate efficiently and within the parameters required to meet strict emission regulations. As of April 2023, the Environmental Protection Agency (EPA), a US government agency, proposed additional and more stringent regulations effective from model year 2027 to further limit emissions from light- and medium-duty vehicles. Compliance with these stringent emission standards is driving the demand for advanced cooling fan systems in the automotive industry.

Innovation in product development is a noteworthy trend gaining traction in the automotive cooling fan market. Leading companies in this market are actively introducing innovative products to maintain their competitive edge. For example, in September 2021, Mando Corporation, a South Korea-based automobile company, launched a new line of brushless motor cooling fan assemblies as part of the Mando Aftermarket Program. These cooling fan assemblies, similar to original equipment (OE) parts used in new cars, feature more advanced electronics than traditional brush-motor cooling fan assemblies, reflecting the industry's commitment to technological advancements and product innovation.

Leading companies in the automotive cooling fan market are actively engaged in developing innovative products to reinforce their market position. One such innovation is the introduction of electric fan systems, which employ electrically powered fans to regulate the temperature of various components in vehicles. In February 2022, BorgWarner Inc., a prominent automotive company, unveiled the First High Voltage eFan System tailored for the next generation of fully electric heavy-duty trucks. This system features a robust e-motor with a 40 kW output and compact dimensions, ensuring reliable and long-term operation. With a broad operating range spanning from less than 650 volts to 850 volts, this liquid-cooled system is compatible with a variety of high-voltage commercial vehicle electrical systems. The introduction of such advanced electric fan systems highlights the commitment of major players to cutting-edge technologies in the automotive cooling fan market.

In June 2021, Altor Equity Partners, a Sweden-based private equity company, took a majority stake in Multi-Wing Group through a long-term partnership, the financial details of which remain undisclosed. This acquisition aligns with Altor's strategic goal to expand into the market for customized axial fans used in HVAC/R (Heating, Ventilation, Air Conditioning, and Refrigeration) and engine cooling applications. Multi-Wing Group, based in Denmark, specializes in the manufacturing of axial fans for automotive engine cooling and industrial heat exchangers. This partnership is anticipated to support Multi-Wing in accelerating its growth trajectory, leveraging Altor Equity Partners' resources and expertise. The collaboration underscores the importance of strategic partnerships in fostering innovation and market expansion in the automotive cooling fan industry.

Major companies operating in the automotive cooling fans market report are 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, Howden Group Ltd., ABB Ltd., Siemens AG, Mitsubishi Electric Corporation, Schneider Electric SE, Emerson Electric Co., Honeywell International Inc.

Asia-Pacific was the largest region in the automotive cooling fan market in 2023. 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. The countries covered in the automotive cooling fans market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Primary types of automotive cooling fans include the radiator fan, electric fan, mechanical fan, and condenser fan. The radiator fan is specifically positioned either between the radiator and engine or between the grille and radiator, essential for cooling the radiator by directing cool air through it to regulate the engine temperature. These fans are distributed through diverse channels, including original equipment manufacturers (OEMs) and aftermarket vendors, catering to both passenger and commercial vehicles.

The automotive cooling fan market research report is one of a series of new reports that provides automotive cooling fan market statistics, including automotive cooling fan industry global market size, regional shares, competitors with an automotive cooling fan market share, detailed automotive cooling fan market segments, market trends and opportunities, and any further data you may need to thrive in the automotive cooling fan industry. This automotive cooling fan market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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