Automotive Radiator Global Market Report 2024

The automotive radiator market size has grown strongly in recent years. It will grow from $7.69 billion in 2023 to $8.15 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The expansion observed during the historical period can be attributed to factors such as the growth in automotive production, adherence to stringent emission standards, an increase in consumer awareness, rising demand for electric vehicles, and a notable emphasis on the use of lightweight materials.

The automotive radiator market size is expected to see steady growth in the next few years. It will grow to $9.73 billion in 2028 at a compound annual growth rate (CAGR) of 4.5%. The forecasted growth in the upcoming period can be ascribed to worldwide urbanization and traffic congestion, the incorporation of smart cooling systems, a rise in vehicle production, the global transition towards sustainable mobility, and government initiatives and incentives. Key trends expected in the forecast period encompass strategic collaborations and partnerships, advancements in heat exchange materials, and sustained technological progress, as well as the influence of global economic factors.

The automotive radiator market is anticipated to experience growth, propelled by the increasing demand for hybrid vehicles. Hybrid vehicles, which utilize multiple power sources to enhance fuel efficiency and reduce emissions, rely on efficient radiator systems to maintain their performance. Notably, the United States Department of Energy reported a 76% surge in sales of hybrid-electric vehicles (HEVs) between 2020 and 2021. This growth in the hybrid vehicle market is a key driver for the automotive radiator market.

The automotive radiator market is also expected to see a boost due to the rising demand for fuel economy. As vehicles strive to achieve better fuel efficiency, radiators play a critical role in improving cooling capacity and minimizing aerodynamic drag. In 2021, the United States Department of Energy observed an increase in the average fuel economy of sedan/wagon class to 31.7 miles per gallon (mpg) and an overall average of 13.5 mpg for all new light-duty vehicles. This increasing emphasis on fuel economy, especially in commercial vehicles, contributes to the growth of the automotive radiator market.

The automotive radiator market faces challenges stemming from the high replacement cost of radiators. The expense associated with replacing automotive radiators, particularly in high-performance or luxury vehicles, acts as a deterrent to overall market growth. According to Lantern by SoFi, the average cost of replacing a car radiator can range from $750 to $1,850 in 2023. The substantial replacement cost poses a constraint on the expansion of the automotive radiator market.

Major companies in the automotive radiator market are focusing on innovation. One notable development is the introduction of the Thermal Management Module (iTMM) by companies such as Marelli Corporation. The iTMM is an integrated module designed to efficiently manage various thermal circuits in vehicles. Marelli Corporation's iTMM, launched in July 2023, is tailored for electric vehicles (EVs) and optimizes thermal systems for the e-powertrain, battery, and cabin. This innovation enhances overall efficiency, reduces complexity, and improves driving range, particularly in severe weather conditions. The iTMM represents a significant advancement in EV thermal management and positions Marelli Corporation for potential growth in the electric car sector.

In June 2023, Westinghouse Air Brake Technologies Corporation acquired L&M Radiator Inc., a company specializing in heat exchange solutions. This acquisition has expanded Wabtec's presence in premium heat transfer solutions, extended its mining product portfolio, and strengthened its capacity to develop clean energy solutions for mining operations. The acquisition of L&M Radiator aligns with Wabtec's commitment to long-term growth and efficiency benefits for customers and shareholders in the transportation solutions sector.

Major companies operating in the automotive radiator market report are BAIC Group, Denso Corporation, Valeo S.A., Dongfeng Motor Group, Aptive Environmental LLC, Visteon Corporation, Modine Manufacturing Company, Mahle Behr Manufacturing Management Inc., Calsonic Kansei Corporation, TYC Brother Industrial Co. Ltd., Shandong Houfeng Group, Delphi Automotive PLC, T. RAD Co. Ltd., Nissens A/S, Banco Products India Ltd., Sanden Holdings Corporation, PWR Performance Products, Keihin Co. Ltd., Sciton Inc., Ron Davis Racing Products Inc., Mishimoto Automotive, CSF Radiators, Zhejiang Yinlun Machinery Co., DeWitts Radiator, Nippon Light Metal Holdings Co. Ltd., Griffin Thermal Products.

North America was the largest region in the automotive radiator market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive radiator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive radiator market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An automotive radiator is a critical component of a vehicle's cooling system, tasked with regulating and dissipating the excess heat produced by the internal combustion engine during its operation. This system typically consists of a network of tubes and fins through which a mixture of water and antifreeze coolant circulates.

The main types of automotive radiators are down-flow and cross-flow. A down-flow radiator is a specific type designed to efficiently cool the internal combustion engine in a vehicle. These radiators are constructed using various materials, including aluminum, copper, brass, and composites. They find application in a wide range of vehicles, including passenger cars, commercial vehicles, and two-wheeler vehicles, serving both original equipment manufacturers (OEMs) and aftermarket end-users.

The automotive radiator market research report is one of a series of new reports that provides automotive radiator market statistics, including automotive radiator industry global market size, regional shares, competitors with an automotive radiator market share, detailed automotive radiator market segments, market trends and opportunities, and any further data you may need to thrive in the automotive radiator industry. This automotive radiator 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 automotive radiator market consists of sales of thermostats, water pumps, radiator fans, pressure caps, and temperature sensors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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