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)
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