Transparency Market Research has published a new report titled, “Automotive Cooling Fan Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” According to the report, the global automotive cooling fan market is projected to exceed US$ 64 Bn by 2026, expanding at a CAGR of more than 4% during the forecast period.
According to the report, the global automotive cooling fan market is likely to be driven by a range of macroeconomic and industry-specific factors. Europe is expected to be at the forefront of global demand, with the OEM market in the region expanding at a CAGR of about 7% between 2018 and 2026.
Several systems of vehicles such as engine cooling, transmission, and HVAC require a cooling system. The thermal efficiency of these components has a direct impact on the fuel economy, performance, and comfort of a vehicle. The cooling system plays a crucial role in modern vehicles owing to all the parameters mentioned above. The modern trend in the automotive industry toward manufacturing of powerful engines, which generate high heat and require cooling fans, has been rising consistently in recent years. Increase in passenger vehicle sales across the globe is a major factor driving the global automotive cooling fan market. Most OEMs are integrating the latest technologies along with advance electrical systems that require cooling for better performance. Increasing demand for latest technology and the rise in demand for enhanced fuel-efficiency in vehicles are key factors that are likely to boost the automotive cooling fan market during the forecast period.
The global automotive cooling fan market has been segmented based on type, vehicle type, and region. In an internal combustion engine, the radiator plays an important role in cooling the engine. For better comfort, the air conditioning system is provided by auto manufacturers. The air condenser fan converts the refrigerant into a liquid form. The condenser fan absorbs all the heat from the air conditioning system by providing air to the condenser. Demand for air conditioning system is increasing owing to the increase in vehicle production. Consequently, the adoption of condenser fans is expected to rise during the forecast period.
Based on vehicle type, the global automotive cooling fan market has been bifurcated into passenger vehicle, commercial vehicle, and electric vehicle. In terms of revenue, the passenger vehicle segment accounted for a major share of the market in 2017. Rising production of passenger vehicles across the globe is propelling the global automotive cooling fan market. Internal combustion engine-powered passenger vehicles contain radiator fans, ventilation fans, and condenser fans in order to maintain the appropriate temperature of vehicle parts. Adoption of advanced electronics components along with latest technologies in passenger vehicles is likely to boost the automotive cooling fan market during the forecast period. Increase in production and sales of electric vehicles across the globe is a major factor that is likely to boost the global automotive cooling fan market during the forecast period. Battery electric vehicles contain electronic systems, infotainment systems and batteries, which require fans for cooling purposes. Government initiatives toward green transportation and stringent emission norms are anticipated to boost the battery electric vehicle segment, which in turn is projected to drive the automotive cooling fan market, during the forecast period. Electric vehicles require more fans than normal vehicles owing to the incorporation of batteries and more number of electrical systems in electric vehicles.