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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