Automotive Cooling Fan Market Size Worth Around US$ 68 Bn by 2027
LOS ANGELES, May 7, 2020 /PRNewswire/ -- The global automotive cooling fan market is expected to reach the market value of around US$ 68 Bn by 2027 and is anticipated to grow at a CAGR of around 4.3% in terms of revenue during the forecast period 2020 to 2027.
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The demand of auto cooling fans will increase due to technological advances in the automotive sector and will thus promote the anticipated growth of the auto cooling fans market. In fact, more consumers are likely to be able to incorporate temperature tolerant, lightweight and dimensionally safe automotive cooling suppliers. The new trend in the market for auto-cooling enthusiasts is the rising demand for four-wheel drive fans. The updating of components of the vehicle engine cooling system to handle the rejection of heat in less space is another cause of the demand development.
But high electric supply prices will hamper the need for electric car fan markets relative to mechanical suppliers. The price of components used in the manufacture of engine fans often fluctuates continuously. Those are the key obstacles the automotive cooling fan industry faces. In addition, the high cost of maintenance of mechanically powered fans of cooling is a limitation to the anticipated growth in the demand of automotive cooling fans over the assessment years.
On the other hand, owing to their lightweight design and their noiseless service, automobile cooling suppliers are gaining prominence for racing and high performance vehicle applications, thereby rising the demand for auto cooling fans. In the years to come, cooling fans with new, vibration- blade designs are expected to increase the market for car cooling fans. Strict fuel controls and the growing need for highly powerful motors will also help boost the manufacture of small and compact car cooling suppliers. Thanks to the scope of restoration and reconstruction, the aftermarket segment is anticipated to deliver development opportunities in the vehicle cooler markets.
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Regional Outlook
In Europe and Asia-Pacific, the market for the automotive cooling system is strong. Rising production of vehicles is the key contributor to the demand growth of the regions. The need for advanced engine cooling systems, combined with technology, will be increased in developing countries such as China, India, and Japan. Quick industrialization, low labor costs and supportive policies in the government are other factors that fuel business growth in the Asia-Pacific region. Moreover, there will be good reasons for investments in automotive cooling fans 'industry in this region with the anticipated development of the automotive sector in the Middle East and Africa. Therefore, an increase in the growth of the automobile industry is predicted in Europe, which will further help to expand the demand for car cooling fans in that area.
About the Market
The cooling of an automobile engine is the essential aspect of the car. Vehicle cooling fans are very critical devices that offer constant refreshing for various parts, such as engine and electronics. Due to combustion of air-fuel mixture, an internal combustion engine operates at a very high temperature. A cooling system is provided with a cooling fan for the usual working temperature of the engine. In general, in motors automobiles for liquid cooling and air cooling two types of cooling systems are used. Refrigeration fans play a significant role in both schemes. Many electric cars have all the state-of - the-art equipment and electronic instrument clusters that need a fan to hold the electrical systems temperature and work properly. In view of the above reasons, the automotive cooling fan demand is expected to improve in the projected time period.
Key Players & Strategies
Participants include major global players such as DENSO CORPORATION, AMETEK Inc., Horton Holding, Inc., Flexxaire Inc., Multi-Wing America, Inc., Sunonwealth Electric Machine Industry Co. Ltd, SPAL Automotive, Others.
The establishment of strategic partnerships with global players in the fan cooling network is anticipated to support key players on the global car cooling fan market. The industry has experienced the emergence and complexity of the product offerings of major companies with strong global reach and businesses.
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