The global automotive radiator market was valued at $8.6 billion in 2023, and is projected to reach $13.5 billion by 2032, growing at a CAGR of 5.2% from 2024 to 2032.
An automotive radiator is a heat exchanger device installed in vehicles. A radiator is designed to regulate and expel the excess heat generated by the engine during its operation. It is a critical component of automobiles and integral to the engine cooling system, resulting in ensuring optimal engine performance and preventing it from overheating. A vehicle engine generates a substantial amount of heat, which damages engine parts and leads to mechanical failures. A radiator ensures proper heat dispersion, thus ensuring the longevity of the engine and maintaining overall vehicle performance.
The growth of the global automotive radiator market is driven by rise in vehicle production and increase in demand for electric and hybrid vehicles. The growing sales of electric and hybrid vehicles have made it increasingly prevalent, in reducing vehicle weight to extending electric vehicle range and optimizing energy efficiency. Moreover, stringent regulations in the automobile industry drive the growth of the market. The government regulation in reducing emissions from vehicles and making them safer and reducing overall vehicle weight has gained popularity. Lighter vehicles consume less fuel, emit fewer greenhouse gases, and have better handling and acceleration.
However, fluctuation in prices of raw materials is hindering the growth of the market. In recent years, the prices for raw materials, particularly aluminum, have grown immensely, majorly due to supply chain disruption. Contrarily, growth in the automobile industry offers lucrative opportunity for the automotive radiators manufacturer in some regions. For instance, according to 2021 data from ICEX Spain Exportation and Investment, Spain is the 2nd largest automobile manufacturer in Europe and the 9th largest in the world; Spain has presence of 9 multinational companies and over 17 manufacturing facilities in the country. Moreover, the country manufactured around 2.1 million vehicles in 2021 which accounted for 10% of Spain GDP and 18% of its total export. The automobile industry in the region invested heavily in R&D and in modernizing its manufacturing facilities; 86% of the vehicles and 60% of the auto parts manufactured in the country were exported globally in 2021. The Spanish automobile production facilities are some of the most efficient and automated in Europe, with 1, 000 industrial robots for every 10, 000 employees.
Segmentation Overview
The automotive radiator market is segmented into the product, material, vehicle type, distribution channel, and region. Depending on the product, the market is bifurcated into crossflow and down-flow. By material, it is divided into aluminum, copper, brass, and plastic. According to vehicle type, the market is classified into passenger vehicles and commercial vehicles. As per distribution channel, it is fragmented into OEM and aftermarket. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By product, the crossflow segment held the largest market share in 2023.
Depending on material, the aluminum segment acquired the highest market share in 2023.
According to vehicle type, the passenger vehicles segment gained the maximum share in the market in 2023.
As per distribution channel, the aftermarket segment acquired most of the market share in 2023.
Region wise, Asia-Pacific dominated the automotive radiator market in 2023.
Competitive Analysis
The major players operating in the automotive radiator market include Denso Corporation, Visteon Corporation, MODINE MANUFACTURING COMPANY, Valeo SA, Marelli Corporation, Faret International Holdings Limited, Mahle GmbH, KOYORAD Co., Ltd., CSF Cooling, and Griffin Thermal Products. Other players in the automotive radiator market include Mishimoto Automotive, Spectra Premium Industries, TYC Genera, Champion Cooling Systems, and AKG Group. These players have adopted several strategies, including product development and innovation, mergers & acquisitions, partnerships, and collaborations.
An automotive radiator is a heat exchanger device installed in vehicles. A radiator is designed to regulate and expel the excess heat generated by the engine during its operation. It is a critical component of automobiles and integral to the engine cooling system, resulting in ensuring optimal engine performance and preventing it from overheating. A vehicle engine generates a substantial amount of heat, which damages engine parts and leads to mechanical failures. A radiator ensures proper heat dispersion, thus ensuring the longevity of the engine and maintaining overall vehicle performance.
The growth of the global automotive radiator market is driven by rise in vehicle production and increase in demand for electric and hybrid vehicles. The growing sales of electric and hybrid vehicles have made it increasingly prevalent, in reducing vehicle weight to extending electric vehicle range and optimizing energy efficiency. Moreover, stringent regulations in the automobile industry drive the growth of the market. The government regulation in reducing emissions from vehicles and making them safer and reducing overall vehicle weight has gained popularity. Lighter vehicles consume less fuel, emit fewer greenhouse gases, and have better handling and acceleration.
However, fluctuation in prices of raw materials is hindering the growth of the market. In recent years, the prices for raw materials, particularly aluminum, have grown immensely, majorly due to supply chain disruption. Contrarily, growth in the automobile industry offers lucrative opportunity for the automotive radiators manufacturer in some regions. For instance, according to 2021 data from ICEX Spain Exportation and Investment, Spain is the 2nd largest automobile manufacturer in Europe and the 9th largest in the world; Spain has presence of 9 multinational companies and over 17 manufacturing facilities in the country. Moreover, the country manufactured around 2.1 million vehicles in 2021 which accounted for 10% of Spain GDP and 18% of its total export. The automobile industry in the region invested heavily in R&D and in modernizing its manufacturing facilities; 86% of the vehicles and 60% of the auto parts manufactured in the country were exported globally in 2021. The Spanish automobile production facilities are some of the most efficient and automated in Europe, with 1, 000 industrial robots for every 10, 000 employees.
Segmentation Overview
The automotive radiator market is segmented into the product, material, vehicle type, distribution channel, and region. Depending on the product, the market is bifurcated into crossflow and down-flow. By material, it is divided into aluminum, copper, brass, and plastic. According to vehicle type, the market is classified into passenger vehicles and commercial vehicles. As per distribution channel, it is fragmented into OEM and aftermarket. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
By product, the crossflow segment held the largest market share in 2023.
Depending on material, the aluminum segment acquired the highest market share in 2023.
According to vehicle type, the passenger vehicles segment gained the maximum share in the market in 2023.
As per distribution channel, the aftermarket segment acquired most of the market share in 2023.
Region wise, Asia-Pacific dominated the automotive radiator market in 2023.
Competitive Analysis
The major players operating in the automotive radiator market include Denso Corporation, Visteon Corporation, MODINE MANUFACTURING COMPANY, Valeo SA, Marelli Corporation, Faret International Holdings Limited, Mahle GmbH, KOYORAD Co., Ltd., CSF Cooling, and Griffin Thermal Products. Other players in the automotive radiator market include Mishimoto Automotive, Spectra Premium Industries, TYC Genera, Champion Cooling Systems, and AKG Group. These players have adopted several strategies, including product development and innovation, mergers & acquisitions, partnerships, and collaborations.
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Key Market Segments
By Product
- Cross-Flow
- Down-Flow
By Material
- Aluminum
- Copper
- Brass
- Plastic
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicles
By Distribution Channel
- OEM
- Aftermarket
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Malaysia
- Indonesia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Argentina
- Rest of LAMEA
- Denso Corporation
- Visteon Corporation
- MODINE MANUFACTURING COMPANY
- Valeo SA
- Marelli Corporation
- Faret International Holdings Limited
- MAHLE GmbH
- KOYORAD Co., Ltd.
- CSF Cooling
- Griffin Thermal Products
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: AUTOMOTIVE RADIATOR MARKET, BY PRODUCT
CHAPTER 5: AUTOMOTIVE RADIATOR MARKET, BY MATERIAL
CHAPTER 6: AUTOMOTIVE RADIATOR MARKET, BY VEHICLE TYPE
CHAPTER 7: AUTOMOTIVE RADIATOR MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 8: AUTOMOTIVE RADIATOR MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
Key Market Players in the Automotive Radiator Market include:- Denso Corporation
- Visteon Corporation
- MODINE MANUFACTURING COMPANY
- Valeo SA
- Marelli Corporation
- Faret International Holdings Limited
- MAHLE GmbH
- KOYORAD Co., Ltd.
- CSF Cooling
- Griffin Thermal Products
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 8.6 billion |
| Forecasted Market Value ( USD | $ 13.5 billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
