NEW YORK, March 21, 2017 /PRNewswire/ --
Persistence Market Research's newly published market report, "Global Market Study on Automotive Radiator: Down-Flow Type Radiators Expected to Gain Significant Market Share Owing to High Adoption in the Asian Automotive Market," examines the market for Automotive Radiator and offers crucial market insights for the next eight years. According to the report, down-flow segment is expected to dominate the market during the forecast period, registering a CAGR of 4.7% from 2016 to 2024. The market value of the global automotive radiator market in 2016 was estimated to be US$ 5,179.2 Mn and is expected to expand at a CAGR of 4.4% from 2016 to 2024, to reach a value of US$ 7,297.7 Mn by the end of 2024.
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Global Automotive Radiator Market: Dynamics
The global automotive radiator market is expected to be driven by steady growth in automotive production and vehicle parc especially in the Asia-Pacific region. Major players involved in the global automotive radiator market focus on weight reduction, technological development in terms of design, and material. Moreover, increasing focus on weight reduction of vehicles by automotive manufacturers owing to stringent emission norms in Europe and North America is expected to fuel growth of the global automotive radiator market during the forecast period. Additionally, growing production plants in emerging automotive markets in developing regions such as Asia-Pacific, MEA and Latin America is anticipated to fuel growth of the global automotive radiator market. Increasing adoption in hybrid powertrains pertaining to increase in automobile manufacturing is expected to drive the global automotive radiator market.
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Global Automotive Radiator Market: Forecast
On the basis of product type, the down-flow segment is anticipated to play a pivotal role in building the market revenue. The down-flow segment is estimated to dominate the global automotive radiator market due to the significant adoption in all application segments majorly in heavy trucks and buses, accounting for an estimated share of almost 52% in the global automotive radiator market value in 2016. The segment is expected to register a CAGR of 4.7% within the forecast period.
On the basis of material, in terms of value, the aluminum/plastic automotive radiator segment is projected to register rapid growth during the forecast period. The desire for reduction in weight of the vehicle with efficient cooling system compels manufacturers to opt for aluminum radiators with plastic tanks. This segment is slated to account for significant share in the overall market value by the end of the forecast period.
On the basis of sales channel, in terms of value, the OEM segment is projected to register stable growth during the forecast period owing to significant growth in global automotive production.
On the basis of vehicle type, in terms of value, the passenger car segment is projected to register stable growth during the forecast period owing to significant growth in global automotive production.
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On the basis of region, APAC is expected to be dominant in terms of both sales to OEM and aftermarket, owing to the massive automotive production capacity and vehicle parc present in the region and high replacement rates due to malfunctioning and accidents. The APAC automotive radiator market is slated to account for approximately 46% share in the overall market value by the end of the forecast period. North America, followed by Europe, is expected to be among the key regions for market players owing to stringent regulations mandating efficient fuel economy and less emissions.
Global Automotive Radiator Market: Competitive Landscape
Some of the market players who have been profiled in the global automotive radiator market report are Valeo S.A., Calsonic Kansei Corporation, Denso Corporation, MAHLE GmbH, Zhejiang Yinlun Machinery Co., Ltd, Sanden Holdings Corporation, T.RAD Co., Ltd., TYC Brother Industrial Co., Ltd., Nissens A/S, Modine Manufacturing Company, Banco Products (I) Ltd. The global automotive radiator market is expected to be characterized by growing emphasis on shifting production plants or establishing new ones in emerging automotive markets to capitalize on growing demand for automobiles and benefit from lower capital and labor costs in these regions.
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