Market Research Future Insights
According to MRFR analysis, the global Automotive Cooling Fan Market is expected to register a CAGR of ~ 4% from 2022 to 2030 and hold a value of over USD 68 Billion by 2030.
Automotive cooling fans in a vehicle offer constant cooling and ventilation for many components such as the engine & electronics. An internal combustion engine (ICE) generates gases at a very huge temperature, due to the burning of fuel inside the combustion chamber due to which a cooling mechanism is mandatory to permit the functioning of the engine at normal temperature. Cooling fans permit the air to pass through the radiator for cooling the engine. Similarly, electrical systems such as infotainment & air conditioning systems are installed with condenser fans to maintain the desired temperature. Therefore, the demand for automotive cooling fans is expected to boost the growth of the automotive cooling fan market in the future. The global Automotive Cooling Fan Market has witnessed huge impacts, given the arrival of the COVID-19 epidemic. On the other side, with all the financial and industrial activities returning to standard, the market is likely to produce significantly over the imminent years.
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Regional Analysis
The Asia-Pacific region is expected to hold the top spot across the global Automotive Cooling Fan Market over the valuation period. The continuous increase in vehicle production is considered the main parameter subsidiary of the regional market’s growth.
The automotive radiator fans market for the North American region is likely to show substantial growth over the forthcoming years. the region has the U.S. as the leading growth contributor. The huge PARC fleet in the nation and the manufacturing size of the U.S. is considered to be the central aspect backup of the growth of the regional market.
The European regional market for automotive radiator fans is expected to grow substantially over the review period. Germany has been at the vanguard of automobile manufacturing developments, which is measured in the central aspect subsidiary of the market’s growth.
Market Segmentation
The Global Automotive Cooling Fan Market has been segmented into fan type, Fit type, Material Type, Vehicle type, and Sales Channel type
By fan type, The Global Automotive Cooling Fan Market has been segmented into mechanical and electric. The electric segment is expected to grow with a higher CAGR during the forecast period.
By fit type, The Global Automotive Cooling Fan Market has been segmented into direct fit and universal fit. The direct-fit segment held the larger market share and is expected to register a notable CAGR during the forecast period.
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Based on material type, The Global Automotive Cooling Fan Market has been segmented into steel, aluminum, and composite. The steel segment held the largest market share and is estimated to witness a significant CAGR during the forecast period.
By vehicle type, The Global Automotive Cooling Fan Market has been segmented into passenger cars, commercial vehicles, and electric vehicles. The passenger vehicle segment is anticipated to register the highest CAGR in the imminent years.
By sales channel type, The Global Automotive Cooling Fan Market has been segmented into OEM and aftermarket. The OEM segment is projected to register a significant CAGR during the forecast period.
Key Players
Some of the key market players are Johnson Electric Holdings Limited (Hong Kong), and 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), and Keihin Corporation (Japan)
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