Automotive Cooler Market Market Synopsis
The global automotive
cooler market is estimated to reach around USD 10 billion by 2030,
registering a CAGR of 5.5% during the forecast period.
Growth Inducers and Restraints
The growing demand for high-speed vehicles,
stringent vehicle emission standards, increased need for passenger comfort, and
the deployment of HVAC system in vehicles are driving global market growth.
The intensifying call for efficient HVAC
systems that do not compromise the vehicle's overall performance is gaining
global priority on the production line of automobile manufacturers. The market
is also set to accumulate considerable market share due to increasing vehicle
demand for longer periods of time. The escalation in passenger vehicle demand
is expected to further the market's growth potential over the forecast period.
Globally, increasing sales of electric
vehicles hampers business growth. Nevertheless, the rapid expansion of the
automotive industry in emerging economies such as China, India , Mexico, and
Vietnam, growing demand for electric vehicles, and the advent of new automotive
products provide growth opportunities for vendors operating on the global
cooler automotive market.
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Market Segmentation
·
The global automotive cooler
market is segmented based on type, vehicle type, application, and region. On
the basis of type, the global market has been segmented into plate and fin and
tube and fin.
·
On the basis of vehicle type,
the global market has been segmented into passenger car and commercial vehicle.
·
On the basis of application,
the global market has been segmented into engine cooler, HVAC cooler, brake
lubricant, and other.
Regional Overview
The global automotive cooler market is
segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Among all regions, the Asia-Pacific market
is expected to register the highest growth, followed during the forecast period
by Europe and North America due to growing car and SUV sales, and rising
disposable income in China and India. Many small manufacturers of cooler automobiles
are emerging in this region , creating a whole different market structure. The
emerging-country market is driven mainly by economic development and ongoing
industrialization, which helps in vehicle production. In addition , increased
vehicle production, low manufacturing costs and accessibility to cheap labor
are some of the factors which boost the market in the Asia Pacific
region.
However, the market in North America is
expected to grow at a substantial rate during the forecast period due to
growing deployment of HVAC coolers in off-road vehicles especially for
construction and agriculture sector from the US and Canada. Increasing demand
of vehicles and life span of vehicles are the driving factor in this region.
Europe is expected to witness a steady
growth over the forecast period. The presence of major OEM brands such as BMW,
Aston Martin, Jaguar, and Mercedes Benz are contributing for the growth of this
market in Europe.
Key Players
The major players operating in the global
automotive cooler market are Chevron Corporation (US), BP P.L.C.(UK), Cummins
Filtration (US), Gallay Ltd (England), Shandong Yuean Chemical Industry Co. Ltd
(China), Hayden Automotive (US), Calsonic Kansei Corporation (Japan), NENGUN
CO. LTD (Japan), AKG Thermotechnik International GmbH & Co. KG (Germany),
and Modine Manufacturing (US).
Together with customer preferences, the
progress patterns are revised to achieve maximum growth and long-term
profitability. Development in goods and services is the primary factor in
rising the competitiveness of the industry and regulating the developments
which are gaining market place. The improvement of the products and services is
the main factor that escalates the productivity of the market and controls the
trends that are gaining market distinction.
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