Market Overview

Global Automotive Radiator Aftermarket - Increasing Motorization Rates to Boost Growth | Technavio

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The latest market research report by Technavio
on the global
automotive radiator aftermarket
predicts a CAGR of around 3%
during the period 2018-2022.

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Technavio has published a new market research report on the global automotive radiator aftermarket f ...

Technavio has published a new market research report on the global automotive radiator aftermarket from 2018-2022. (Graphic: Business Wire)

The report segments the global automotive radiator aftermarket by
vehicle type (passenger cars and commercial vehicles) and by geography
(the Americas, EMEA, and APAC). It provides a detailed illustration of
the major factors influencing the market, including drivers,
opportunities, trends, and industry-specific challenges.

Here are some key findings of the global automotive radiator
aftermarket, according to Technavio
automotive
researchers:

  • Increasing motorization rates globally: a major market driver
  • Growing trend of compact and lightweight radiators: emerging market
    trend
  • APAC dominated the global automotive radiator aftermarket with a share
    of more than 25% in 2017

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Increasing motorization rates globally: a major market driver

The increasing motorization rates globally is one of the major factors
driving global automotive
radiator aftermarket
. The global automotive radiator aftermarket
is mostly driven by vehicles in use across the globe. The new passenger
car sales are observing extensive growth in the automotive market
because of the increasing demand from the middle-class income groups.
Furthermore, there is an increase in the demand for passenger cars owing
to emerging countries such as India and China, where the penetration of
passenger cars is low. On the other hand, the demand for commercial
vehicles is driven by the growth of e-commerce and construction
industries.

According to a senior analyst at Technavio for research on automotive
components
, "A vital factor contributing to the growth of the
e-commerce industry is timely delivery of goods that is made possible by
well-connected networks and commercial vehicles. Furthermore, the demand
for HCVs is increasing because of the application in the construction of
skyscrapers and emerging countries moving toward the concept of smart
cities. The sales of new vehicles drive the growth of aftermarket
components."

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Growing trend of compact and lightweight radiators: emerging market
trend

A radiator is a heat exchanger, which removes the excess heat from the
engine to prevent easy wear and tear. An automotive cooling system
consists of a radiator, water pump, electric cooling fan, radiator
pressure cap, and thermostat. Out of these components, the radiator is
the most important part of the cooling system. The coolant keeps
rotating around the cylinder of the engine. As coolant rotates around
the chambers of the engine, it assists in accumulating heat. Once the
temperature of the coolant rises above the threshold value, the
thermostat triggers a valve attached to it that allows the coolant to
flow through the radiator. When the coolant flows through the radiator
tube, the excess heat is dissipated and cools down the coolant.

Global market opportunities

APAC dominated the global automotive
radiator aftermarket
with a share of more than 25% in 2017. It
was followed by the Americas and EMEA. The rising investments in
infrastructural development and the requirement for additional
commercial vehicles by construction companies for transportation
facilities in countries such as China and India are driving the medium
and heavy commercial vehicles (MHCVs) market in APAC. This region also
has the highest growth in the sales of passenger cars because of the
increasing household incomes and the low penetration of car ownership.
As the radiator aftermarket is directly correlated to the number of
vehicles on the road, the increase in vehicle sales is expected to drive
the market during the forecast period.

 
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