| Source: Persistence Market Research
New York, New York, UNITED STATES
New York, April 26, 2023 (GLOBE NEWSWIRE) — At the end of 2022, sales of automotive radiators were valued at about $8.56 Billion USD. By 2033, the Automotive Radiator Market is anticipated to grow at a 5.3% CAGR and reach a value of US$ 15.14 Billion. The automotive radiator market is a crucial segment of the automotive industry, as radiators play a vital role in managing the engine temperature and ensuring optimal performance.
Radiators are used in vehicles to dissipate heat generated during combustion, preventing the engine from overheating. They are an essential component of the cooling system, which helps regulate the temperature of the engine and maintain its efficiency.
The global automotive radiator market has witnessed significant growth in recent years, driven by factors such as increasing vehicle production, growing demand for electric vehicles, and technological advancements in radiator design and materials.
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Market Trends
The global automotive industry has been witnessing steady growth in vehicle production, particularly in emerging economies such as China, India, and Southeast Asian countries. The rising demand for passenger cars, commercial vehicles, and electric vehicles has resulted in higher demand for radiators. Moreover, the increasing adoption of advanced engine technologies and stringent emission regulations have led to the development of more efficient and sophisticated radiators to meet the requirements of modern engines.
The growing demand for electric vehicles (EVs) is another significant driver of the automotive radiator market. EVs use radiators for cooling the battery, power electronics, and other components, as they generate heat during operation. The increasing adoption of EVs, supported by government initiatives and regulations promoting clean and green transportation, is expected to boost the demand for radiators specifically designed for electric powertrains. These radiators are designed to handle the unique cooling requirements of EVs, such as cooling the battery pack and managing the heat generated by power electronics.
Technological advancements have been a major driver of innovation in the automotive radiator market. Manufacturers are constantly investing in research and development to develop more efficient and lightweight radiators that can provide better performance while reducing weight and size. For instance, the use of aluminum, which offers superior heat dissipation properties and is lightweight compared to traditional copper and brass radiators, has gained significant traction in recent years. Additionally, advancements in radiator design, such as microchannel radiators, which have smaller channels for improved heat transfer, are gaining popularity due to their higher efficiency and compact size.
Key Companies –
Important Key Players for Automotive Radiator Market are General Electric, Calsonic Kansei Corporation, Denso Corporation, Mahle GmbH, Zhejiang Yinlun Machinery Co., Ltd., Sanden Holdings Corporation, T.RAD Co., Ltd., TYC Brother Industrial Co. Ltd., Nissen A/S, Modine Manufacturing Company, Banco Products (I) Ltd., Keihin Corporation, PWR Advanced Cooling Technology, Nissim India Private Limited., Kor tech Auto Industries Pvt. Ltd., Spectra Premium, Griffin Thermal Products, Saldana Racing Products, MEZZO TECHNOLOGIES, INC. and more
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Recent Developments
Market Segmentation
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