Car Radiator Market
Car Radiator Market Analysis by Down-Flow Radiators and Cross-Flow Radiators from 2023 to 2033
Analysis of Car Radiator Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Car Radiator Market Outlook (2023 to 2033)
The global car radiator market is valued at US$ 4.98 billion in 2023 and is forecasted to climb to US$ 8.9 billion by the end of the study period (2023 to 2033). Worldwide sales of car radiators are projected to increase at 5.9% CAGR over the next ten years.
A radiator is an essential part of any internal combustion engine-powered vehicle as it plays a vital role in cooling. The component disperses a mixture of coolant and water to release heat and promote cooling action through its fins as well. Car radiators usually have a long service life of around 10 years and only components such as cooling fans need to be frequently replaced.
- Car radiators account for more than 50% share of the global automotive radiator market in 2023 and are set to maintain a similar stance throughout the study period and beyond.
Surging production of vehicles across the world, frequent launch of new radiator models, and advancements in automotive cooling technologies are key prospects that are forecasted to bolster demand for car radiators across the study period and beyond.
Growing popularity and sales of electric/hybrid vehicles around the world are also projected to create new opportunities for car radiator suppliers in the future. Radiators in electric vehicles are used to cool batteries and motors to avoid overheating which could lead to fire.
- In 2021, researchers at Peter the Great St. Petersburg Polytechnic University (SPbPU) developed and revealed a new type of lightweight radiator for cooling electric vehicle batteries. The radiator was developed using friction stir welding technology.
Effective cooling of components in hybrid cars often requires multilayer radiator systems with advanced coolant and sometimes multiple radiators for cooling the internal combustion engine and battery and motors separately, which could benefit market growth in the long run.
On the flip side, the maintenance-free nature and high service life of modern radiators are predicted to impede sales potential to a certain extent over the coming years. Evolution of vehicle design trends and disruptions in the automotive supply chain are also projected to create challenges for car radiator vendors across the forecast period and beyond.
Report Attributes | Details |
---|---|
Car Radiator Market Size (2023) | US$ 4.98 Billion |
Projected Market Value (2033F) | US$ 8.9 Billion |
Global Market Growth Rate (2023 to 2033) | 5.9% CAGR |
Aluminum Car Radiators Segment Share (2023) | 70% |
Sales Growth Via OEMs (2023 to 2033) | 6.3% CAGR |
United States Market Share in North America (2023) | 90% |
Key Companies Profiled |
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What’s Triggering Global Automotive Radiator Sales?
“Rising Sales of Vehicles around the World”
Disposable income of people around the world has been increasing steadily and this has led to a surge in sales of vehicles, which in turn, is projected to uplift car radiator demand. Automotive manufacturing activity has also been ramped up in several parts of the world to meet this growing demand for vehicles thereby benefiting car radiator sales along the way. The United States, China, Brazil, Mexico, and India are forecasted to be key countries spearheading global shipments of car radiators over the next ten years.
Why are Car Radiator Suppliers Targeting Europe?
“Presence of Key Automotive Manufacturers and Robust Automotive Manufacturing Activity”
Europe is known across the world for its robust automotive manufacturing activity in the world. The region is home to some of the most prominent car manufacturers in the world. Germany is projected to lead the demand for car radiators in this region and other prominent countries will be France and Italy going forward.
Rising sales and production of cars in Germany are forecasted to allow it to maintain a dominant stance in the European region over the next ten years. Increasing demand for luxury vehicles, advancements in radiator technology, and the growing popularity of vehicle customization trends in European countries are other factors that could bolster sales of car radiators in this region through 2033.
Learn more about all major and minor regions with details of aspects such as local supply, pricing trends, product standards, safety regulations, and new developments in this car radiator market research analysis by skilled analysts at Fact.MR, a market research and competitive intelligence provider.
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Country-wise Insights
Apart from the obvious choice of investing in European countries, car radiator brands can take their business to the next level by investing in countries such as China, India, Japan, and the United States to benefit from growing automotive manufacturing activity.
What’s Attracting Car Radiator Manufacturers to China?
“Supportive Government Initiatives for Manufacturers and Cheap Labor”
The government of China has been offering supportive government initiatives to promote manufacturing activity in the country, which is why many car radiator manufacturers are setting up their plants in the country. Moreover, the abundant availability of raw materials and cheap labor are other benefits that are pushing car radiator producers to set up their businesses in China.
Increasing disposable income of the middle-class population of China is also projected to supplement sales of vehicles in the country going forward thereby favoring car radiator shipments as well.
- China is projected to account for nearly 3/4 of overall car radiator demand in the East Asian region by the end of 2033.
How are Car Radiator Sales Being Influenced in the United States?
“Implementation of Stringent Emission and Fuel Efficiency Standards”
Radiators help in cooling a car which is essential to control emissions and maintain fuel efficiency as well. The United States has been implementing strict norms to reduce emissions from vehicles and this is pushing vehicle manufacturers to install efficient radiators and creating new business opportunities for car radiator brands in the country.
- Shipments of car radiators in the United States account for around 90% share of the overall North American market share in 2023.
Presence of key car radiator manufacturers coupled with a strong distribution network also makes the United States a highly remunerative space in not just North America but across the world. Moreover, the adoption of advanced cooling technologies in radiators manufactured in the country is also extrapolated to boost market development through 2033.
Category-wise Insights
Car radiator vendors are focusing on selling products made from aluminum via OEMs and aftermarket channels to improve their profitability and bolster revenue generation in the future.
Car Radiators Made from Which Material are More Popular?
“Aluminum Car Radiators Extensively Used around the World”
In the case of conventional copper and non-coated metal radiators, they can corrode easily, resulting in the reduction of cooling efficiency and increased failure rate due to the reduced rate of flow. Hence, such kinds of old radiators need to be replaced by new radiators.
Radiators made from aluminum are largely being adopted by car manufacturers to avoid performance issues. An increasing number of people opting for car radiator replacements to opt for aluminum-based radiators to increase the efficiency and reliance of their vehicle is also predicted to bolster growth in this segment over the coming years.
- In 2023, sales of aluminum radiators account for around 70% share of the global marketplace in terms of value and are forecasted to increase at a CAGR of 4.5% across the study period.
Where Will Most Car Radiator Sales Come From?
“OEMs Projected to Bring in Most Sales Revenue”
Radiators developed by original equipment manufacturers (OEMs) have proven to have a long service life as they are much more durable and reliable in comparison to their aftermarket counterparts.
- Sales of car radiators via OEMs are extrapolated to increase at 6.3% CAGR over the next ten years.
Radiators are automobile components that, depending on their function, must be replaced after a certain significant period of time. Unlike several other stationary automotive components, radiators offer a wide range of aftermarket choices.
Because of the replacement cycle, aftermarket prospects will continue to be critical for industry participants. Moreover, rising global vehicle production is expected to bring up more opportunities in the car radiator aftermarket in the near future. The growing popularity of vehicle customization and increasing willingness to spend on performance parts are also estimated to uplift car radiator demand via aftermarket channels going forward.
Know thy Competitors
Competitive landscape highlights only certain players
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Competitive Landscape
Car radiator companies are focusing on expanding their business scope through strategies such as mergers, acquisitions, and partnerships. Car radiator manufacturers are also focusing on increasing their production capacity to satisfy the surging demand for automotive components around the world.
- In January 2023, The Guyana Manufacturing and Services Association (GMSA) signed an agreement with NBR Cooling Systems Pvt. Ltd., a renowned manufacturer of radiators based in India. The Indian company had plans to inject US$ 1 million into Guyanese business to promote vehicle component manufacturing in Guyana.
Key Segments Covered in Car Radiator Market Research
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By Product Type :
- Cross-Flow
- Down-Flow
-
By Material :
- Aluminum
- Copper/Brass
- Aluminum/Plastic
-
By Car Type :
- Compact
- Sub-Compact
- Mid-Size
- Sedan
- Luxury
- Van
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By Sales Channel :
- OEMs
- Aftermarket
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
How big is the car radiator market in 2023?
The global car radiator market stands at a value of US$ 4.98 billion in 2023.
What is the projected market value for 2033?
Demand for car radiators is forecasted to reach a market value of US$ 8.9 billion by 2033-end.
At what CAGR is the market for car radiators projected to expand?
Sales of car radiators are forecasted to increase at 5.9% CAGR over the next ten years.
What statistics are listed for the market in China in this report?
China is forecasted to account for around 75% of car radiator sales in the East Asian region by the end of 2033.
Who are the leading companies making car radiators?
Valeo SA, Marelli, Denso Corporation, Mahle GmbH, Zhejiang Yinlun Machinery Co. Ltd., and Kor Tech Auto Industries Pvt. Ltd. are key market players.