According to the report, the global automotive radiator fan market is projected to surpass ~US$ 1 Bn by 2030, expanding at a CAGR of ~2% during the forecast period. Increase in global warming across the globe is prompting most vehicle manufacturers to develop an efficient cooling system for their vehicles, which is anticipated to boost the automotive radiator fan market across the globe.
Technological progression and development of several advanced combustion modes, such as homogeneous charge compression ignition (HCCI), is anticipated to boost the automotive sector, owing to a rise in demand for high efficiency and low carbon emission. The automotive internal combustion engine market is expected to witness significant expansion due to the high demand for vehicles during the forecast period.
The rise in demand for refrigerated transportation across developing countries is likely to boost the automotive radiator fan market, as a radiator fan is required to provide air flow in order to prevent engine from overheating and improve air condition performance required to transport frozen food. This is expected to boost the automotive radiator fan market across the globe.
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Expansion of Automotive Radiator Fan Market
The surge in trade volume, owing to rising bilateral trade among countries is projected to boost the automotive radiator fan market during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% year-on-year.
Based on vehicle type, the global automotive radiator fan market has been segmented into passenger vehicle, commercial vehicle, and electric vehicle. Passenger vehicle and electric vehicle are likely to be highly lucrative segments during the forecast period. This is primarily due to the rise in production of passenger and electric vehicle across the globe. The growing adoption of electric vehicles in major developing countries, including the U.S., China, Germany, and Japan is expected to propel the automotive radiator fan market across the globe.
In terms of radiator fan type, the electric radiator fan segment dominated the market, as an increase in demand for electric vehicles due to enactment of emission regulation is fueling the demand for automotive radiator fan. Moreover, the demand for noiseless fan is increasing, which is also likely to drive the demand for electric radiator fan and subsequently, propel the automotive radiator fan market.
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Regional Analysis of Automotive Radiator Fan Market
In terms of region, the global automotive radiator fan market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global automotive radiator fan market in 2019. It is anticipated to hold a leading share during the forecast period, due to the rise in production and sale of vehicles in China and ASEAN. The increased demand for electric vehicle across Asia Pacific is anticipated to boost the automotive radiator fan market in the region.
Prominent players operating in the global automotive radiator fan market include AMETEK Inc., Denso Corporation, Valeo SA, FLEXXAIRE, BorgWarner Inc., CalsonicKansei North America Inc.., Delta Radiator Fan Ltd., ebm-papst, Guangzhou Tech Master Auto Parts Co., Ltd, Horton Holdings Inc., Multi-Wing International a/s., SPAL Automotive, Sunonwealth Electric Machine Industry Co. Ltd, Toshiba Electronic Devices & Storage Corporation USUI Co. Ltd., YILI Technologies, Bergstrom Climate Control Systems, and AVID Technology Limited.
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