Rev Your Engines with AutoBlogs: Your Hub for Everything Automotive: Unveiling the Automotive Radiator Fan Market's 2032 Vision Through Trends and Forecasts

Friday, March 22, 2024

Unveiling the Automotive Radiator Fan Market's 2032 Vision Through Trends and Forecasts

Automotive Radiator Fan Market Overview:

The global automotive radiator fan market will reach USD 12.3 Billion at a 5.5% CAGR by 2032, as per the new Market Research Future report.

Drivers

Increasing Need for EVs to Boost Market Growth

Increased demand for electric vehicles due to the need for large air flow to reduce heat generated by the engine and electric power consumption in electric vehicles will boost market growth over the forecast period.

Opportunities

Increasing Awareness regarding Vehicle Safety to offer Robust Opportunities

The increasing awareness regarding vehicle safety will provide lucrative opportunities for this market in the assessment period.

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Restraints and Challenges

High Fan Price to act as Market Restraint

The high price of such fans and also high maintenance cost to remain as market restraints in the forecast period.

Market Segmentation

The global automotive radiator fan market is bifurcated based on sales channel, vehicle type, material type, fit type, and fan type.

By fan type, electric will lead this market in the forecast period.

By fit type, direct fit will spearhead the market over the forecast period.

By material type, steel will domineer this market in the assessment period.

By vehicle type, passenger car will grab the lions share in this market in the forecast period.

By sales channel, OEM will sway the market in the forecast period.

COVID-19 Analysis

The emergence of the novel COVID-19 pandemic has clipped the wings of the global automotive sector, resulting in sluggish growth in the automotive radiator fan market in 2020. Automotive radiator fan exports are expected to fall in the second & third quarters of 2020 due to supply chain disruptions caused by the COVID-19 pandemic. While China's exports suffered significantly in the first quarter of 2020 as a result of lockdown and containment measures, industries have gradually opened up, allowing the production of automotive radiator fans to resume. Furthermore, the slowdown in automotive demand has resulted in a significant drop in commodity prices. However, large-scale plant closures by OEMs in Europe and North America are likely to have an impact on the prospects of the global automotive radiator fan market in the midst of the COVID-19 crisis. In the post-COVID-19 era, several automotive companies are looking to diversify their supply chains. For example, several Indian companies, including Tata Motors & Maruti, are likely to lead the way in sourcing automotive components from domestic suppliers.

Regional Analysis

APAC to Head Automotive Radiator Fan Market

Over the assessment period, the Asia-Pacific region will hold the top spot in the global automotive radiator fan market. The consistent increase in vehicle production is regarded as the primary factor supporting the regional market's growth. Regional undercurrents in the automotive engine cooling fan market are likely to differ significantly across regions. Furthermore, the region's consistent increase in demand for passenger vehicles is expected to influence regional market growth over the review period. Furthermore, factors such as lower interest rates, stable economic conditions, and rapid urbanization are expected to catalyze regional market growth in the coming years.

Key Players

• Johnson Electric Holdings Limited (Hong Kong)• Robert Bosch GmbH. (Germany)• Hella KGaA Hueck & Co. (Germany)• Standard Motor Products (US)• Valeo (France)• Mahle GmbH (Germany)• Denso Corporation (Japan)• BorgWarner Inc (US)• Brose Fahrzeugteile SE & Co. KG (Germany)• USUI Co. Ltd. (Japan)• Keihin Corporation (Japan)• Delta Radiator Fan LTD. (Taiwan)• ASMO CO• LTD (Japan)• Nidec Corporation (Japan)• Toshiba Electronics Devices & Storage Corporation (Japan)