Market Research Future (MRFR) has published a “Global Automotive Engine Cooling System Market”
MRFR recognizes the following companies as the key players in the global automotive engine cooling system market— Visteon Corporation, Mahle GmbH, BorgWarner, Calsonic Kansei Corporation, Continental AG, Valeo SA, Delphi Automotive LLP, Denso Corporation, Sogefi, Schaeffler Group, and Perkins Engines Company Ltd.
The global automotive engine cooling system market is accounted to register a CAGR of 4.8% during the forecast period and is estimated to reach USD 49.7 billion by 2032.
Due to its small size and enhanced cooling performance, the liquid cooling system is the most common engine cooling system, as it generates more power than an air-cooling engine. Moreover, the emergence of multi-fuel engine technology will present market participants with lucrative opportunities. Due to the rising demand for passenger vehicles and technological advancements in cooling systems, the market for automotive engine cooling systems is gaining momentum.
As global demand for hybrid and electric vehicles rises, the market for automobile engine cooling systems, which utilize ever-more-advanced components, has the potential to expand over the forecast period. Due to government initiatives, expanding research and development activities in motor cooling systems for vehicles and other automobiles have created growth opportunities for the global market. Electrifying the engine can improve its performance while CO2 emissions and fossil fuel consumption are reduced.
The global automotive engine cooling system market has been segmented into vehicle type and engine type.
On the basis of vehicle type, the market is segmented into two wheeler, passenger vehicles, and commercial vehicles. The passenger truck segment was attributed to holding the largest market share in 2022.
Based on engine type, the global automotive engine cooling system market has been segmented into air-cooled engine and liquid-cooled engine. The air-cooled engines segment was expected to hold the largest market share in 2022.
The global automotive engine cooling system market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe automotive engine cooling system market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The automotive engine cooling system market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World automotive engine cooling system market comprises the Middle East, Africa, and Latin America.
The North American regional sector maintained the largest market share for automotive engine cooling system. The rising demand for luxury automobiles and the significant amount of discretionary cash held by customers are the primary forces propelling the market expansion in North America. The rising awareness of the harmful effects of carbon emissions has resulted in the widespread implementation of cutting-edge engine cooling systems, further fueling the region's market expansion.
Due to the high demand for vehicles and the presence of key automobile manufacturers, the Asia-Pacific region holds the largest market share for engine cooling systems for automobiles. The increasing use of electric vehicles and the automotive industry's adoption of advanced technologies have also contributed to the expansion of the regional market. The growing awareness of environmental sustainability has created more efficient and eco-friendly refrigeration systems, contributing to the market's expansion.
Additionally, the European region is experiencing tremendous growth due to the existence of large vehicle manufacturers and stringent pollution rules that the government is implementing.
In the coming years, Latin America, the Middle East, and Africa are anticipated to experience substantial development due to the rising demand for automobiles and the rising disposable income of consumers. The increasing popularity of electric vehicles and the need for advanced engine cooling systems to satisfy emission standards are also anticipated to contribute to the market growth in these regions.
Key Findings of the Study