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Increase in Production and Use of Vehicles Drives the Automotive Engine Cooling System Market

HYDERABAD, TELANGANA, INDIA, December 21, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Automotive Engine Cooling System Market is poised to grow at a CAGR of 4.5% during the forecast period 2022-2027, and reach $45.2 billion by 2027. Increasing vehicle production globally owing to the growing demand is set to boost the Automotive Engine Cooling System Market. An Automobile Engine Cooling System is the collection of coolants that work together to maintain the engine’s temperature at optimal levels. It comprises components such as radiator, cooling fan module, thermostat, water pump and other components. The system helps in enabling efficient and smooth functioning of the engine at the same time protecting it from damage. It performs several functions such as removing excess from the engine and helps in maintaining a constant engine temperature through a coolant temperature sensor. Rising number of vehicles under production increases the demand of automotive engine cooling system market. For instance in 2021, there were 289.5 million vehicles on the road in the U.S, a 4% increase from 2018. Automotive Engines produce great degree of temperatures during the combustion process. The IC engines burn fuels hotter than the melting temperatures of most of the engine materials and this also brings in the possibility of setting the lubricants on fire. Therefore it is essential for the automobiles to employ cooling systems to make sure that there is time to time cooling of the engine and avoid the engine damage. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Report/15657/automotive-engine-cooling-system-market.html

Key takeaways:

1. HCVs are mainly used for the transportation of heavy goods such as construction materials, raw ores and others. Globally, increasing construction projects coupled with growing investments in construction industry is anticipated to enhance the demand for the HCVs, which in turn affects the automotive engine cooling system market growth.

2. The development of the high voltage positive temperature coefficient (PTC) heating technology which helps in reducing the energy waste and noise-less operation of HVAC systems in vehicles. The innovative development which reduces the energy usage and provides noise less operations in the vehicles is expected to boost the market.

3. The implementation of the stringent rules and regulation along with the rigid emission norms and the development of the aluminum radiators which are more durable and compact. The shift towards the use of the aluminum radiators which helps in reducing the maintenance cost is expected to drive the radiators market.

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Segmental Analysis:

1. Reserve tank in the components segment of the Automotive Engine Cooling System Market held a major share of 19% in the year 2021. It is poised to grow at a CAGR of 3.8% during the forecast period through to 2027.

2. Passenger vehicles in the Automotive Engine Cooling System Market held a major share of 47.5% in the vehicle type segment in the year 2021. It is poised to grow at a CAGR of 5.6% during the forecast period 2022-2027 mainly driven by the growing demand for passenger vehicles all around the globe.

3. APAC is the largest region in the Automotive Engine Cooling System Market in the year 2021 with a major share of 39%. It is poised to grow at a CAGR of 6.1% throughout the forecast period to through to 2027 increasing its share in the global market to 42%.

4. In 2021, China recorded sales of 20.1 Million units and accounted for 36% of the passenger vehicle sales worldwide. With a large consumer base, world class infrastructure and an open investment policy the US automotive market continues to be a premier market for the automotive industry and this is set to propel the market for the U.S. Automotive Engine Cooling System Market with a CAGR of 4.2% during the forecast period.

Competitive Landscape:

The top 5 players in the Automotive Engine Cooling System industry are -

1. Mahle Stiftung GmbH

2. Schaeffler Group

3. Denso

4. BorgWarner

5. Hanon Systems

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IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

Related Reports:

A. Automotive Coolant Market
https://www.industryarc.com/Report/18771/automotive-coolant-market

B. Antifreeze Coolant Market
https://www.industryarc.com/Report/15598/antifreeze-coolant-market.html

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IndustryARC
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