The global automotive radiator market to grow at a CAGR of 4.29% during the period 2017-2021.
The report, Global Automotive Radiator Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in market is increasing demand for lightweight and compact radiators. A radiator is a heat exchanger that removes the excess heat from the engine to prevent the easy wear and tear. An automotive cooling system consists of a radiator, water pump, electric cooling fan, radiator pressure cap, and thermostat. Out of these components, the radiator is the most prominent part of the cooling system.
According to the report, one driver in market is increasing sales of passenger cars. The sales of passenger cars are highly correlated with the growth in the automotive radiator market (as all the passenger cars are equipped with radiators). Radiators in the passenger cars segment accounted for 83.82% of the global automotive radiator market in 2016. In 2016, the majority of the sales growth was contributed by SUVs and crossovers segment. In 2015, the sales of SUVs and crossovers increased by 10% in the passenger cars market in the US.
Even though SUVs and crossovers look similar, they are distinct in fuel efficiency and usability. Compared with SUVs, crossovers are more fuel efficient as these are built from car frames and are considerably lightweight. The decreasing interest rates for car loans in the US motivates consumers to buy larger and expensive vehicles.