Research Nester has released a report titled “Engine Cooling System Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The statistics portray the rising automobile fleet around the globe, which is anticipated to impact the OEM sales of the components. Increasing automotive production, rise in global vehicle population on the road, and the need for repair and maintenance of existing vehicle population, all of these factors are contributing towards the OEM and aftermarket sales of engine cooling systemcomponents around the globe.
The engine cooling system market is anticipated to record a CAGR of 4.5% over the forecast period, i.e. 2018-2027. The market is segmented by cooling system type into liquid-cooling and air-cooling systems, out of which, liquid-cooling system is anticipated to hold largest market share of around 5% of the total cooling system segment. Owing to factors such as rise in application of liquid cooling systems in both passenger and commercial vehicles, the segment is anticipated to garner a CAGR of 4.6% over the forecast period, and is further expected to cross USD 210.0 billion by the end of 2027.
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The market is also segmented by vehicle type into passenger, light commercial vehicle or LCV and heavy commercial vehicle or HCV. Among these segments, passenger vehicle segment is anticipated to hold largest market share of around 64% of the total vehicle type segment. On the back of factors such as higher sales of passenger vehicles around the globe, and greater on-road population of the vehicle segment, the passenger vehicle segment is expected to reach a market valuation of USD 142.9 billion by 2027. The OICA stated in one of their statistical report that passenger vehicle production constituted to almost three times the production of commercial vehicles.
Geographically, the engine cooling system market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region. Among all the regions, Asia-Pacific is anticipated to hold largest market share on account of presence of nations, such as China and India, where the nations are receiving greater FDI owing to lower production costs and the market in the region is anticipated to expand at a CAGR of 5.0% over the forecast period. Additionally, Latin America is anticipated to gain significant growth in market, with a CAGR of 3.6% over the forecast period, especially in the nations Mexico and Brazil.
However, increasing concerns held due to the initiatives of the government of nations around the globe to promote production of electric vehicles and the increasing electric car fleet, all of these factors are estimated to act as a barrier to the growth of the global engine cooling system market during the forecast period.
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This report also studies existing competitive scenario of some of the key players of the global engine cooling system market, which includes profiling of Schaeffler AG (FRA: SHA), Valeo (EPA: FR), MAHLE GmbH, DENSO CORPORATION (TYO: 6902), and Delphi Auto Parts(NYSE; DLPH). The market is also anticipated to observe vibrant growth with increasing interests of automobile manufacturers who are expanding their business units for the production of engine cooling systems. Moreover, various players in the micro, small and medium enterprises are also adding up interests so as to meet the demand for customization of vehicles.