WILMINGTON, DE / ACCESSWIRE / November 24, 2022 / Transparency Market Research Inc. – Automobile manufacturers worked relentlessly to avoid disruptions in customer demand, material supply, and the availability of logistics services during and post pandemic period. Due to a surge in demand for high-performance automobiles and racing cars, there is an increase in the need for automotive cooling fans. Furthermore, the strict pollution regulations that mandate fuel-efficient engines and the expanding need for automobile radiator fans have proved to be growth booster for the automotive cooling fans market. The development of various fan types, including radiator fans, heating/ventilation fans, and condenser fans, is the major area of focus of businesses in the automotive cooling fan segment.
According to the automotive cooling fan industry statistics by TMR, the said market was worth US$49.94 Bn in the year 2021.From 2022 to 2031, it is anticipated to expand at a CAGR of 3.50%. By the end of 2031, the market for automotive cooling fans is projected to be valued at US$70.44 Bn.
A cooling fan is a crucial part of a car since it continuously cools numerous parts and offers ventilation. To keep the engine operating at a normal working temperature, a cooling mechanism is offered through the use of a cooling fan. Cooling fans are crucial for electrical systems. Most automobiles include air conditioning systems that use condenser fans to increase comfort inside the car. These advantages offered by automotive cooling fans are prognosticated to bring significant growth for the global market.
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Automotive Cooling Fan Market: Growth Drivers
Escalating demand for hybrid electric car is anticipated to fuel the market for automotive cooling fans. Due to high levels of pollution, the demand for electric vehicles has expanded rapidly. In comparison to vehicles powered by internal combustion engines, hybrid electric vehicles need more cooling fans. Thus, the automotive cooling fan market is projected to witness unprecedented growth opportunities.
The market for automotive cooling fans is expected to grow as a result of technological developments in the automobile industry, which are likely to increase demand for cooling fans. The growing demand for high range and top end four-wheelers is the latest trend in the market. Another important reason driving up demand for cooling fans is the modernization of engine cooling system components to handle heat rejection in a smaller space.
Key Findings of Global Automotive Cooling Fan Market Study
In 2021, the radiator fan product type segment had a sizable share of 42.55%. The market segment is anticipated to hold its position and grow at a CAGR of more than 3.70% over the course of the projected forecast period.
Radiators are made up of a number of tiny chambers where antifreeze is circulated to cool the air around them. Both electrically controlled and manually operated radiator fans are used in automobiles. Electric radiator fans are widely used in passenger cars due to their benefits, including maximum power and fuel efficiency, greater efficiency over mechanically powered fans. During the forecast period, all of these factors are likely to drive the automotive cooling fan market.
Manufacturers are developing next-generation car auxiliary cooling fans in addition to advancements in vehicle electric cooling fans. To ensure the best possible performance automobiles, businesses are boosting the production of automotive electric radiator cooling fans.
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Automotive Cooling Fan Market: Regional Analysis
The Asia Pacific region dominated the global market for automotive cooling fans in 2021, accounting for a sizeable portion of the market’s revenue. Due to a constant rise in demand for passenger automobiles, Asia Pacific emerges as the target market for automotive cooling fan. The market growth in the region is also being supported by the presence of major automakers in countries such as China, India, and Japan.
In terms of automotive cooling fan market share and volume, North America may follow APAC region, as the US automotive cooling fan industry growth has been significant.
Automotive Cooling Fan Market: Key Players
The key players operating in the automotive cooling fan market across the globe are:
Sunonwealth Electric Machine Industry Co. Ltd
Multi-Wing America, Inc.
Horton Holding, Inc.
OSHIBA ELECTRONIC DEVICES & STORAGE
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Automotive Cooling Fan Market: Segmentation
Electric Radiator Fan
Mechanical Radiator Fan
Heating / Ventilation Fan
Light Commercial Vehicles
Buses & Coaches
Agriculture Tractors & Equipment
Construction & Mining Equipment
Electric Vehicle Type
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Middle East & Africa
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