SEATTLE, April 14, 2021 (GLOBE NEWSWIRE) -- Automotive radiator is a device that controls the flow of air into an engine compartment. It works by changing the temperature of the fuel in an engine by dissipating heat from the surface of the engine, thus controlling the amount of air flowing through the compartment. Automotive radiator generally includes two copper cylinders separated by a thin flexible skin or metal membrane. Automotive radiator is a form of the heat exchanger, used for regulating the temperature of the air surrounding a particular engine, namely an IC engine. The basic function of an automotive radiator is to cool the air flowing through an engine, thereby reducing vibrations caused by the engine, and also cooling the components of the engine. Automotive radiator contains one or more copper heat exchanger tubes. These tubes carry the heated air from the engine's intake manifold to the combustion chamber, where it is burned to generate heat energy for driving the vehicle.
The global automotive radiator market is estimated to account for 9.6 Bn in terms of value by the end of 2027
Market Drivers:
High demand for automobiles is one of the key factors shaping the automotive radiator market. The growing demand for automobile heat exchangers is again projected to foster the growth of the market. Hybrid vehicles are gaining significant demand and this vehicle require additional low-temperature heat exchangers which is also propelling the growth of the market. The radiator helps in protecting the engine from overheating, which can damage the overall engine.
Piston-engine for aircraft is expected to witness huge demand in the near future due to the increasing production of aircraft. These engines cool more efficiently without the use of large cooling fans as aircraft have higher speed as compared to a car. This is again projected to foster the growth of the market. Increasing implementation of strict carbon emissions rules ®ulations is again projected to augment the growth of the automotive radiator market. Furthermore, the growing demand for automobiles across developing countries such as China and India will further favor the growth of the market.
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Market Opportunities:
Increasing production of automobiles and advancement in automobiles is projected to provide significant potential opportunities in the near future. According to the India Brand Equity Foundation, in India Domestic automobile production increased at 2.36% CAGR between FY16-20 with 26.36 million vehicles being manufactured in the country in FY20. Overall, domestic automobile sales increased at 1.29% CAGR between FY16-FY20 with 21.55 million vehicles being sold in FY20. North America and Europe are witnessing moderate demand for automotive radiators.
Continuous product innovation by key players in the field of automobiles radiator is expected to bring profitable opportunities. For instance, in November 2019, Toyoda Gosei Co., Ltd. has developed an automobile radiator grille that gives vehicles a sportier feel, using paint with a brilliant black luster that imparts a striking feeling of depth. These grilles are used on the special edition LEXUS IS F-Sport model launched by Toyota Motor Corporation
Market Trends:
Increasing investment in electric car production by the key manufacturer to offer quality smart electric vehicle is a growing trend in the region. For instance, in March 2021, Xiaomi has announced plans to launch an electric vehicle business and invest $10 billion. The company will set up a wholly-owned subsidiary and the initial phase of investment will total 10 billion yuan ($1.52 billion)
Increasing the sale of electric vehicles due to growing preferences for low-emission and the lightweight vehicle will support the growth of the market in the near future. According to the Society of Manufacturers of Electric Vehicles (SMEV), in the year 2020, out of 156,000 electric vehicles sold, 152,000 were two-wheelers, 3400 cars, and 600 buses. The corresponding sale for the FY19 was 126,000 two-wheelers, 3600 cars, and around 400 buses making a total of 130,000 units.
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Competitive Landscape:
Some of the key players operating in the global automotive radiator market include Denso Corporation, Valeo SA, Calsonic Kansei Corporation, Mahle GmbH, Sanden Holdings Corporation, TYC Brother Industrial Co. Ltd., Modine Manufacturing Company, Sciton Inc., Keihin Corporation, PWR Advanced Cooling Technology, Griffin Thermal Products, and Saldana Racing Products.
Market segmentation:
By Material Type:
- Aluminum
- Copper/Brass
- Aluminum/Plastic
By Radiator Type:
- Down Flow
- Cross Flow
By Vehicle Type:
- Passenger Car
-
- Compact
- Sub-compact
- Mid-size
- Sedan
- Luxury
- Van
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
By Sales Channel:
- Original Equipment Manufacturer (OEM)
- Aftermarket
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