Automotive cooling fan market size is expected to reach US$70.44 billion by the end of 2031 – Transparency Market Research, Inc.

WILMINGTON, DE /ACCESSWIRE/November 24, 2022 / Transparency Market Research Inc. – Automakers have worked tirelessly to avoid disruptions in customer demand, material supply and availability of logistics services during and after the pandemic period. Due to an increase in demand for high performance automobiles and racing cars, the need for automotive cooling fans is increasing. Also, stringent pollution regulations that mandate fuel efficient engines and growing need for automotive radiator fans have proven to be a growth driver for the automotive cooling fan market. The development of various types of fans, including radiator fans, heater/ventilation fans, and condenser fans, is the major area of ​​focus of companies in the automotive cooling fan segment.

Transparency Market Research inc., Thursday, November 24, 2022, Image from press release

According to Automotive Cooling Fan industry statistics by TMR, the said market was worth US$49.94 billion in 2021. From 2022 to 2031, it is expected to grow at a CAGR of 3.50%. By the end of 2031, the automotive cooling fan market is expected to be valued at USD 70.44 billion.

A cooling fan is a crucial part of a car as it constantly cools many parts and provides ventilation. To maintain engine operation at normal operating temperature, a cooling mechanism is provided through the use of a cooling fan. Cooling fans are crucial for electrical systems. Most automobiles include air conditioning systems that use condenser fans to increase comfort inside the car. These benefits offered by automotive cooling fans are expected to bring significant growth to the global market.

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Automotive Cooling Fan Market: Growth Drivers

  • Growing demand for hybrid electric cars is expected to fuel the automotive cooling fan market. Due to high levels of pollution, the demand for electric vehicles has increased rapidly. Compared to vehicles with internal combustion engines, hybrid electric vehicles need more cooling fans. Thus, the automotive cooling fan market is expected to experience unprecedented growth opportunities.

  • The automotive cooling fan market is expected to grow owing to technological developments in the automotive industry, which are likely to increase the demand for cooling fans. The growing demand for premium and high-end four-wheeled vehicles is the latest trend in the market. Another important reason that is increasing the demand for cooling fans is the retrofitting of engine cooling system components to handle heat rejection in a smaller space.

Key Findings of Global Automotive Cooling Fan Market Research

  • In 2021, the radiator fan product type segment had a large share of 42.55%. The market segment is expected to maintain its position and grow at a CAGR of over 3.70% during the projected forecast period.

  • Radiators are made up of a number of tiny chambers where antifreeze circulates to cool the air around them. Both electrically driven and manually operated radiator fans are used in automobiles. Electric radiator fans are widely used in passenger cars due to their advantages including maximum power and energy efficiency, higher efficiency compared to mechanically driven fans. During the forecast period, all these factors are likely to drive the automotive cooling fan market.

  • Manufacturers are developing new generation car auxiliary cooling fans in addition to advancements in vehicle electric cooling fans. To ensure the best possible automotive performance, companies are increasing the production of automotive electric radiator cooling fans.

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Automotive Cooling Fans Market: Regional Analysis

  • The Asia-Pacific region dominated the global automotive cooling fan market in 2021, accounting for a major share of market revenue. Due to a steady increase in the demand for passenger automobiles, Asia-Pacific emerges as the target market for automotive cooling fans. Market growth in the region is also supported by the presence of major automakers in countries like China, India, and Japan.

  • In terms of automotive cooling fan market share and volume, North America may follow APAC region as the growth of US automotive cooling fan industry has been significant.

Automotive Cooling Fan Market: Key Players

Leading players operating in the Automotive Cooling Fan market across the globe are:

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Automotive Cooling Fan Market: Segmentation

Type

Type of coverage

Vehicle type

  • Tourism vehicle

  • Tailgate

  • Sedan

  • Commercial vehicles

  • Light commercial vehicles

  • Trucks

  • Buses and coaches

  • All-terrain vehicle

  • Tractors and agricultural equipment

  • Construction and mining equipment

Type of electric vehicle

  • Battery Electric Vehicle (BEV)

  • Hybrid Electric Vehicle (HEV)

  • Plug-in hybrid electric vehicle (PHEV)

  • Sales channel

  • OEM

  • Secondary market

By regions

  • North America

  • Europe

  • Asia Pacific

  • Middle East and Africa

  • South America

About Transparency Market Research

Transparency Market Research registered in Wilmington, Delaware, USA, is a global market information firm that provides syndicated research reports and business advisory services. Our proprietary blend of quantitative forecasting and trend analysis delivers forward-looking insights to thousands of decision makers. Our experienced team of analysts, researchers and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques to develop distinctive datasets and research material for trade reports.

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