New York, US, May 10, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Engine Cooling System Market Research Report Information By Vehicle Type, By Engine Type, And By Region –Market Forecast Till 2032, the market is projected to grow from USD 34.1 Billion in 2023 to USD 49.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period (2023 - 2032).
Automotive Engine Cooling System Market Overview
When an automobile engine is operating, it generates a lot of heat and has to be continually cooled to prevent engine damage. This is typically accomplished by pumping coolant liquid—often water combined with antifreeze solution—through unique cooling tubes. Air passing across cylinder casings with fins helps cool certain engines. Three crucial purposes are served by the cooling system. First, it eliminates extra heat from the engine; second, it keeps the engine working at the temperature where it operates most effectively; and third, it swiftly raises the engine's operational temperature.
Competitive Dynamics:
Major players of the market are:
- Visteon Corporation
- Mahle GmbH
- BorgWarner
- Calsonic Kansei Corporation
- Continental AG
- Valeo SA
- Delphi Automotive LLP
- Denso Corporation
- Sogefi
- Schaeffler Group
- Perkins Engines Company Ltd.
- Among others.
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Automotive Engine Cooling System Market COVID-19 Analysis
Although the COVID-19 crisis's first impact caused a blip in the road, auto sales and manufacturing have since taken off. Long-awaited trends indicate that there will be big changes soon. Automakers all around the world have seen rapid (and in some cases, record) levels of production from the third quarter of 2020 to the first quarter of 2021. The pandemic has greatly accelerated tendencies across the mobility value chain that were already developing before it struck, similar to how other sectors across other geographies have seen similar effects.
Automotive Engine Cooling System Market USP:
Market Drivers
Governments all over the globe are enforcing strict vehicle emission requirements, forcing cooling system manufacturers to improve the performance of their products to lower the emission of dangerous gases like NOx and CO. This will cause the market's CAGR to increase quickly. Additionally, sophisticated engine cooling system modules are being developed as a result of engine downsizing, a unique technique that enables smaller engines to deliver the same level of power and torque as bigger engines installed in compact cars. Additionally, smart engine cooling systems are becoming more and more popular because of their many advantages, including improved fuel economy, reduced tailpipe emissions, and reduced parasitic engine load. These are the main factors promoting market expansion.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 49.7 billion 2032: Significant Value |
| CAGR during 2023-2032 | 4.8% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Vehicle Type, Engine Type, and Region |
| Key Market Opportunities | Increasing Stringent Regulations by Various Government Agencies |
| Key Market Dynamics | Rising Automotive Sales |
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In addition, it is projected that the development of multi-fuel engine technology would present profitable prospects to market players. Due to rising consumer demand for passenger cars and cooling system technology developments, the market for automotive engine cooling systems is gaining traction. There will be a considerable need for small, noise-canceling engine cooling equipment due to increased vehicle demand and interest in powerful sports vehicles. Additionally, the demand for fuel-efficient engines will increase due to strict fuel and pollution restrictions, necessitating small cooling systems. Due to sales on the secondary market and increased aftermarket demand, motor cooling fans will also become more and more popular. Over the projected period, these factors are expected to propel the automotive engine cooling system market.
Market Limitations
To improve their engine cooling modules, automotive engine cooling system manufacturers must now overcome the persistent demand by car manufacturers to reduce gasoline and diesel engines. Newer car engine cooling system modules are being offered that can manage greater heat rejection in a smaller space.
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Automotive Engine Cooling System Market Segmentation
By Vehicle Type
The market will be dominated by passenger cars, which will generate 16.8 billion (16.4) in sales. These trucks are suitable for moving frozen and perishable goods within cities, especially for quick-service restaurants and supermarkets. They make driving in congested cities easier thanks to their compact size. The need for light vehicle types is anticipated to rise as the e-commerce retail, FMCG, and pharmaceutical industries expand. The demand may also be affected by a number of rules regulating the admission of larger commercial trucks into crowded cities during rush hours.
By Engine Type
Because of its benefits, including its smaller size and better cooling performance, the liquid-cooled engine category is expected to develop significantly during the projection period and dominated the industry in terms of revenue share in 2022. Liquid coolants are used in internal combustion engines in cars to control heat. The fluid stops the cooling system from degrading by eliminating the engine's surplus heat and minimizing long-term harm to the motor. In the upcoming years, it is also projected that technical developments made by important players in the liquid-cooled engine would lead to abundant growth prospects.
Automotive Engine Cooling System Market Regional Analysis:
Regarding revenue, Asia-Pacific now controls the majority of the worldwide market, and this dominance is expected to remain during the projection period. It is projected that rising vehicle production and stricter norms and regulations in developing countries like China and India would open up new development potential for the target market. The development of the automobile sector is also predicted to be aided by urbanization, industrialization, a rise in disposable income, and an improvement in living standards in emerging nations.
Europe holds the second-largest market share for automotive engine cooling systems. The European area is also expanding significantly as a result of the presence of key automakers and the government's implementation of strict emission laws. Additionally, the UK automotive engine cooling system market grew the quickest in the European area, while the German automotive engine cooling system market had the greatest market share.
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From 2023 to 2032, the automotive engine cooling system market in North America is anticipated to expand at the quickest rate. The growing demand for luxury cars and the high levels of consumer discretionary money are what are driving the market expansion in North America. The use of complex engine cooling systems has been prompted by growing worries about carbon emissions, which has helped the region's industry expand. In addition, the Indian Automotive Engine Cooling System market had the quickest rate of growth in the Asia-Pacific region, while China's Automotive Engine Cooling System market had the biggest market share.
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