Automotive Cooler Market Synopsis
The global automotive cooler market is estimated to reach around USD 10 billion by 2025,
registering a CAGR of 5.5% during the forecast period 2022 - 2030.
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
Automotive Cooler 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.
Automotive Cooler Market Key Players
- BP
P.L.C.(UK)
- Chevron
Corporation (US)
- Cummins
Filtration (US)
- Shandong
Yuean Chemical Industry Co. Ltd (China)
- Gallay
Ltd (England)
- Hayden
Automotive (US)
- NENGUN
CO. LTD (Japan)
- Calsonic
Kansei Corporation (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.
Automotive Cooler Market Segmentation:
By Type
- Plate
and Fin
- Tube
and Fin
By Vehicle Type
- Passenger
Car
- Commercial
Vehicle
By Application
- Engine
Cooler
- HVAC
Cooler
- Brake
Lubricant
- Others
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