In 2023, the United States dominates the North American car radiator market, with its shipments accounting for approximately 90% of the total market share.
Rockville, Oct. 19, 2023 (GLOBE NEWSWIRE) — Climbing at a CAGR of 5.9% from 2023 to 2033, the global Car Radiator Market is forecasted to reach a valuation of US$ 8.9 billion by the end of 2033. This study by Fact.MR, a market research and competitive intelligence provider, suggests that car radiator companies should focus on product innovation to accommodate the growing popularity of hybrid and electric vehicles.
Asian economies such as Japan, China, India, and South Korea are expected to offer highly attractive business opportunities for car radiator suppliers over the coming years owing to the presence of key automotive companies and expanding automotive manufacturing activity. Rising disposable income of people in developing economies is boosting the sales of vehicles and this is set to favor demand for car radiators in the long run.
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Key Segments of Car Radiator Industry Research Report
By Product Type | By Material | By Car Type | By Sales Channel |
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Surging popularity and sales of electric vehicles are projected to slow down the demand for car radiators to a certain extent but the launch of innovative radiators for these vehicles will allow the market players a chance to bounce back and generate a good amount of sales revenue in the future.
Key Takeaways from Market Study
- The global car radiator market stands at a valuation of US$ 4.98 billion in 2023.
- Demand for car radiators is projected to rise at a CAGR of 5.9% from 2023 to 2033.
- The market is forecasted to reach US$ 8.9 billion by 2033-end.
- Increasing automotive production, rising disposable income of people, growing urbanization, and advancements in radiator technology are projected to be key market drivers.
- High service life of radiators and disruptions to the automotive supply chain are forecasted to be major constraints for market growth in the future.
- Car radiator sales via OEMs are projected to increase at 6.3% CAGR over the next ten years.
- Europe and East Asia are projected to be leading regional markets through 2033.
- Car radiators made from aluminum account for around 70% revenue of the global market share in 2023.
“Developing car radiators for electric vehicles will be crucial for companies who want to stay relevant in the era of electric mobility of the future,” says a Fact.MR analyst
Winning Strategy
Top car radiator brands are projected to focus on product innovation to create new products that accommodate all cooling requirements of modern cars and meet the changing emission standards to reduce vehicle emissions. Car radiator vendors are also focusing on expanding their production capacity to accommodate the surging demand for vehicle cooling components from different parts of the world.
Competitive Scenario
Car radiator firms are actively pursuing strategies like mergers, acquisitions, and partnerships to broaden their market presence. Simultaneously, car radiator manufacturers are prioritizing the expansion of their production capacity to meet the escalating global demand for automotive components.
- In January 2023, The Guyana Manufacturing and Services Association (GMSA) entered into an agreement with NBR Cooling Systems Pvt. Ltd., a well-established radiator manufacturer based in India. This Indian company proposed a substantial investment of US$ 1 million into the Guyanese business, aimed at fostering vehicle component manufacturing in Guyana.
Key Companies Profiled
- Valeo SA
- Marelli
- Denso Corporation
- Mahle GmbH
- Zhejiang Yinlun Machinery Co. Ltd.
- Kor Tech Auto Industries Pvt. Ltd.
- Spectra Premium
- PWR Advanced Cooling Technology
- Griffin Thermal Products
- Saldana Racing Products
- TYC Brother Industrial Co. Ltd.
- Nissen A/S
- Modine Manufacturing Company
- Sanden Holdings Corporation
- T.RAD Co. Ltd.
- Banco Products (I) Ltd.
- Keihin Corporation
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Report Attribute | Details | |
Value Projection (2033) | USD 8.9 Billion | |
Growth Rate (2023-2033) | 5.9% CAGR | |
No. of pages | 170 Pages | |
No. of Tables | 78 Tables | |
No. of Figures | 132 Figures |
Radiators play a crucial role in cooling vehicles, a necessity for managing emissions and preserving fuel efficiency. The United States has been enforcing stringent regulations to curtail vehicle emissions, compelling automakers to incorporate efficient radiators. This, in turn, has opened up new avenues for car radiator brands in the country.
The presence of prominent car radiator manufacturers, combined with a robust distribution network, positions the United States as an exceptionally lucrative market, not only in North America but also on a global scale. Furthermore, the anticipated adoption of advanced cooling technologies in domestically manufactured radiators is expected to further propel market growth through 2033.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global car radiator market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on product type (down-flow, cross-flow), material (aluminum, copper/brass, aluminum/plastics), car type (compact, sub-compact, mid-size, sedans, luxury, vans), and sales channel (OEMs, aftermarket), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and the Middle East & Africa).
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