LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive radiator market is expected to grow at a CAGR of more than 4% by volume during the forecast period.
This research report titled ‘Global Automotive Radiator Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
“The demand for automotive radiators directly depends on the sales of the vehicles across all regions. APAC is expected to contribute to the highest market volume in the global automotive radiator market followed by the Americas and EMEA. Based on application, the passenger cars segment is expected to account for the largest market share in the automotive radiator market,” says Praveen Kumar, a lead analyst at Technavio for automotive components research.
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The market research analysis categorizes the global automotive radiator market into three major application segments. They are:
- Passenger cars
- M & HCVs
Global automotive radiator market in passenger cars segment
The passenger cars are equipped with automotive radiators. Hence, the global sales of automotive radiators are positively correlated with the sales of passenger vehicles. A radiator is a heat exchanger that dissipates the heat of the hot coolant with the help of a fan. The radiators ensure the smooth functioning of the engines by drawing out the extra heat.
An increasing number of OEMs focus on improving engine efficiency and output. In addition, there is a growing emphasis on reducing the emissions from diesel engines, which has led to an increase in the demand for more compact, thinner, and efficient radiators. As a result, the radiator manufacturers are developing compact radiators without compromising on the strength of these devices.
Global automotive radiator market in LCVs segment
The global increase in the sales of LCVs drives the global automotive radiator market. There is an increase in the popularity of LCVs due to their numerous applications. LCVs, such as minivans, are widely used for business purposes, such as mobile canteen and intercity transportation, which has led to an increase in the sales of these vehicles.
“In addition, LCVs are primarily used for facilitating last-mile connectivity over a limited region or area like a city for distribution and transportation of goods, especially in stop-and-go traffic, light construction, and municipal applications,” says Praveen.
Global automotive radiator market in M&HCVs segment
The growing preference for transporting freight through roadways will drive the sales of MHCVs. This increase in sales will lead to an increase in the sales of automotive radiators. Freight companies in countries, such as China and India, prefer roadways for transporting freight due to the irregular freight services offered by rail, despite rails comprising the cheapest mode of freight transport. For instance, in 2015, the Chinese government increased its investment in road construction by about 7% to accommodate more traffic and relieve congestion. In India, roads are the widely chosen means for container transport due to high railway freight, poor last-mile connectivity, and lack of freight trains. Cross-subsidization between freight trains and passenger trains has made rail haulage expensive.
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