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Automotive Engine Cooling System Market Trends

ID: MRFR//10009-HCR | 128 Pages | Author: Sejal Akre| July 2024

Automotive Engine Cooling System Market Overview

Automotive Engine Cooling System Market Size was valued at USD 32.6 billion in 2022. The Global Automotive Engine Cooling System market is projected to grow from USD 34.1 Billion in 2023 to USD 49.7 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period (2023 - 2032). In addition, smart engine cooling systems are gaining popularity due to their numerous benefits, such as increased fuel efficiency, decreased tailpipe emissions, and less parasitic engine load. These are the key market drivers enhancing market growth.Automotive Engine Cooling System Market

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Automotive Engine Cooling System Market Trends

  • Stringent regulatory framework by government agencies is driving the market growth

Market CAGR will grow rapidly owing to governments worldwide implementing stringent vehicle emission standards, compelling manufacturers of cooling systems to enhance the performance of their products to reduce the emission of hazardous gases such as NOx and CO. Moreover, engine downsizing is emerging as a novel technology in which smaller engines can produce the same amount of power and torque as larger engines embedded in compact vehicles, driving the development of advanced engine cooling system modules.

In terms of cooling medium, the liquid cooling system is the most common engine cooling system due to its small size and superior cooling performance, as it generates a greater quantity of power than an air-cooling engine. Moreover, the emergence of multi-fuel engine technology is anticipated to offer lucrative opportunities to market participants. The market for automotive engine cooling systems is gathering momentum due to the increasing demand for passenger vehicles and technological advancements in cooling systems. Due to rising vehicle demand and interest in high-powered sports cars, there will be a high demand for engine cooling devices that are both compact and noise-canceling. In addition, stringent fuel and pollution regulations will drive the demand for fuel-efficient engines, necessitating compact cooling systems. The demand for motor cooling fans will also increase due to secondary market sales and aftermarket demand. The Automotive Engine Cooling System Market is anticipated to be driven by these factors over the forecast period.

Utilizing ever-more-advanced components, the market for automobile engine cooling systems has the potential to expand during the forecast period as hybrid and electric vehicle demand increases worldwide. Increasing research and development activities in motor cooling systems for cars and other automobiles have created growth opportunities for the global market for these systems due to government initiatives. The efficacy of the engine may be enhanced by electrification, which also reduces CO2 emissions and fossil fuel consumption. Similarly, some county governments have implemented initiatives to boost manufacturing and encourage the purchase of electric vehicles, which is anticipated to contribute to market expansion in the coming years.

The rising number of improvements and the need for enhanced engine cooling systems are driven by the need to preserve motor and vehicle efficiency and the rising demand for greater fuel economy and vehicle performance. The expanding demand for automobiles in the Asia-Pacific region, particularly in India, China, Japan, and South Korea, is anticipated to drive demand for more advanced engine cooling systems with integrated technology solutions in the coming years. Modernizing automobile motor cooling subsystems to facilitate greater heat rejections in a smaller footprint is another factor driving the market growth. This is driving the Automotive Engine Cooling System market revenue.

Automotive Engine Cooling System Market Segment Insights

Automotive Engine Cooling System Vehicle Type Insights

The Automotive Engine Cooling System Market segmentation, based on vehicle type, includes two wheeler, passenger vehicles, and commercial vehicles. The passenger vehicles will dominate the market, accounting for 45% of market revenue (16.8 billion). These vehicles are appropriate for intra-city transport of frozen and perishable foods, particularly for quick-service restaurants and supermarkets. Due to their small dimensions, they facilitate driving in cities with heavy traffic. With the development of the e-commerce retail, FMCG, and pharmaceutical sectors, the demand for light Vehicle Types is expected to increase. In addition, several regulations governing the entry of heavier commercial vehicles into congested cities during rush hours are anticipated to influence the demand.

Figure 1: Automotive Engine Cooling System Market by Vehicle Type, 2022 & 2032 (USD billion)

Automotive Engine Cooling System Market by Vehicle Type, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Automotive Engine Cooling System Engine Type Insights

The Automotive Engine Cooling System Market segmentation, based on engine type, includes air-cooled engine and liquid-cooled engine. The liquid-cooled engine segment dominated the industry in revenue share in 2022 and is anticipated to grow substantially over the forecast period due to its advantages, such as its smaller size and superior cooling performance. Automobiles' internal combustion engines use liquid coolants to manage heat. By removing the engine's excess heat and reducing the motor's long-term damage, the fluid prevents the cooling mechanism's deterioration. In addition, technological advancements made by key participants in the liquid-cooled engine are anticipated to generate lucrative growth opportunities in the coming years.

Automotive Engine Cooling System Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific dominates the global market regarding revenue, and its dominance is anticipated to continue over the forecast period. Increasing automobile production, stringent standards, and regulations in developing nations such as China and India are anticipated to create new growth opportunities for the target market. In addition, urbanization, industrialization, an increase in disposable income, and an improvement in the standard of living in emergent economies are anticipated to contribute to the expansion of the automotive industry.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Automotive Engine Cooling System Market Share By Region 2022 (%)

Automotive Engine Cooling System Market Share By Region 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Automotive Engine Cooling System market accounts for the second-largest market share. As a result of the presence of major automakers and the government's enforcement of stringent emission regulations, the European region is also experiencing significant growth. Further, the German Automotive Engine Cooling System market held the largest market share, and the UK Automotive Engine Cooling System market was the fastest growing market in the European region

The North America Automotive Engine Cooling System Market is expected to grow at the fastest CAGR from 2023 to 2032. The market expansion in North America is driven by the rising demand for luxury vehicles and the high discretionary income of consumers. Growing concerns about carbon emissions have resulted in the adoption of sophisticated engine cooling systems, contributing to the region's market expansion. Moreover, China’s Automotive Engine Cooling System market held the largest market share, and the Indian Automotive Engine Cooling System market was the fastest growing market in the Asia-Pacific region.

In conclusion, the Automotive Engine Cooling System Market is growing rapidly in all regions due to the rising demand for vehicles, the adoption of advanced technologies, and the need for eco-friendly solutions to reduce carbon emissions. In the coming years, the market is anticipated to expand as the automobile industry adjusts to shifting consumer demands and environmental regulations.

Automotive Engine Cooling System Key Market Players & Competitive Insights

The leading market players are focused on expanding their geographical reach by increasing investments during the forecast period. They often employ various market developments such as new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations to widen their market scope further. Furthermore, market leaders in the Automotive Engine Cooling System industry will expand their scope to attract more consumers.

The market leaders in the global Automotive Engine Cooling System industry are expected to increase their presence by investing in local and regional manufacturing units. Also, market leaders in the global Automotive Engine Cooling System industry offer various products within their portfolio to accommodate various applications. Major players in the Automotive Engine Cooling System market include Visteon Corporation, Mahle GmbH, BorgWarner, Calsonic Kansei Corporation, and Continental AG, among others.

Valeo is a French global automotive supplier listed on the Paris Stock Exchange (CAC-40 Index) and headquartered in France. It offers an extensive selection of products to automakers and the aftermarket. The Group employs 113,600 individuals in 33 countries globally. It has 186 production facilities, 59 research and development centers, and 15 distribution platforms. Its strategy focuses on innovation and development in regions and countries with high growth potential. In 2018, Valeo's sales rose 4% to €19.1 billion. In addition, it was France's top patent applicant from 2016 to 2018. Since 2009, CEO Jacques Aschenbroich's strategy has been predicated on innovation tied to reducing CO2 emissions and intuitive driving and geographical expansion in countries with high development potential, particularly in Asia and emerging markets. The number of employees increased from 45,000 in 2009 to 113,600 in 2018. The Group's sales increased from €7.5 billion to €19.1 billion due to China's rapid growth.

MAHLE GmbH is a German vehicle parts manufacturer headquartered in Stuttgart. It is one of the world's major automotive suppliers. As a manufacturer of components and systems for the combustion engine and its peripherals, the company is one of the three major engine systems, filtration, electrics, mechatronics, and thermal management systems suppliers worldwide. In 2018, Mahle GmbH's revenue exceeded €12.5 billion. Approximately 72,000 employees operate in 152 production plants and 12 major research and development centers in Germany, the United Kingdom, the United States, Brazil, Japan, China, India, Poland, Spain, and Slovenia as of 2022. Over 6000 development engineers and technicians collaborate with MAHLE's customers to create novel products and systems.

Key Companies in the Automotive Engine Cooling System market include

  • Visteon Corporation

  • Mahle GmbH

  • BorgWarner

  • Calsonic Kansei Corporation

  • Continental AG

  • Valeo SA

  • Delphi Automotive LLP

  • Denso Corporation

  • Sogefi

  • Schaeffler Group

  • Perkins Engines Company Ltd.

Automotive Engine Cooling System Industry Developments

December 2020 Denso Corporation and Hitachi Power Semiconductor Device Ltd., a semiconductor supplier, announced the development of a high-efficiency diode for alternators in petroleum and diesel engine vehicles.

December 2021 The eAxle by BorgWarner has renamed its drive modules to "iDM" (Integrated Drive Module), which were developed specifically for power engine systems.

Automotive Engine Cooling System Market Segmentation

Automotive Engine Cooling System Vehicle Type Outlook (USD Billion, 2018-2032)

  • Two Wheeler

  • Passenger Vehicles

  • Commercial Vehicles

Automotive Engine Cooling System Engine Type Outlook (USD Billion, 2018-2032)

  • Air-Cooled Engine

  • Liquid-Cooled Engine

Automotive Engine Cooling System Regional Outlook (USD Billion, 2018-2032)

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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