This report describes and explains the automotive cooling fans market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global automotive cooling fans market reached a value of nearly $53.5 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.16% since 2018. The market is expected to grow from $53.5 billion in 2023 to $67 billion in 2028 at a rate of 4.62%. The market is then expected to grow at a CAGR of 5.07% from 2028 and reach $85.8 billion in 2033.
Growth in the historic period resulted from steady expansion of the automotive industry, growth in production of passenger and commercial vehicles, strong economic growth in emerging markets and increased traffic congestion in metro cities. Factors that negatively affected growth in the historic period were impact of economic instability on the demand for vehicles and cooling fans.
Going forward, growing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs), hotter climates and increasing temperatures globally, initiatives and partnerships for the use of sustainable materials in automotive manufacturing and rise in the automotive aftermarket industry and auto parts manufacturing will drive the growth. Factor that could hinder the growth of the automotive cooling fans market in the future include restrictions on free trade.
The automotive cooling fans market is segmented by type into radiator fans, condenser fans and ventilation fans. The radiator fan market was the largest segment of the automotive cooling fans market segmented by type, accounting for 52.4% or $28 billion of the total in 2023. Going forward, the ventilation fans segment is expected to be the fastest growing segment in the automotive cooling fans market segmented by type, at a CAGR of 5.05% during 2023-2028.
The automotive cooling fans market is segmented by sales channel into OEMs (original equipment manufacturers) and aftermarket. The OEMs (original equipment manufacturers) market was the largest segment of the automotive cooling fans market segmented by sales channel, accounting for 74.9% or $40 billion of the total in 2023. Going forward, the OEMs (original equipment manufacturers) segment is expected to be the fastest growing segment in the automotive cooling fans market segmented by sales channel, at a CAGR of 4.71% during 2023-2028.
The automotive cooling fans market is segmented by vehicle type into passenger vehicle and commercial vehicle. The passenger vehicle market was the largest segment of the automotive cooling fans market segmented by vehicle type, accounting for 60% or $36.9 billion of the total in 2023. Going forward, the commercial vehicle segment is expected to be the fastest growing segment in automotive cooling fans market segmented by vehicle type, at a CAGR of 4.97% during 2023-2028.
Asia-Pacific was the largest region in the automotive cooling fans market, accounting for 38% or $20.3 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the automotive cooling fans market will be Asia-Pacific and North America where growth will be at CAGRs of 5.3% and 4.7% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 4.4% and 3.8% respectively.
The global automotive cooling fans market is highly fragmented, with a few large players operating in the market. The top ten competitors in the market made up 3.42% of the total market in 2022. Valeo SA the largest competitor with a 0.58% share of the market, followed by Sunonwealth Electric Machine Industry Co. Ltd. with 0.55%, Toshiba Electronic Devices & Storage Corporation with 0.47%, Nidec Corporation with 0.38%, MAHLE GmbH with 0.32%, Jonhson electric with 0.30%, Continental AG with 0.25%, BorgWarner Inc with 0.253%, Horton Holding Inc. with 0.153% and Standard Motor Products Inc. with 0.150%.
The top opportunities in the automotive cooling fans market segmented by type will arise in the radiator fan segment, which will gain $6.7 billion of global annual sales by 2028. The top opportunities in the automotive cooling fans market segmented by sales channel will arise in the OEMs (original equipment manufacturers) segment, which will gain $10.4 billion of global annual sales by 2028. The top opportunities in the automotive cooling fans market segmented by vehicle type will arise in the passenger vehicle segment, which will gain $8.9 billion of global annual sales by 2028. The automotive cooling fans market size will gain the most in China at $4.2 billion.
Market-trend-based strategies for the automotive cooling fans market include high voltage fan systems for commercial electric vehicle, innovative product developments with focus on improving flow rates and efficiency, focus on advancements in commercial vehicle cooling systems, strategic partnerships and acquisitions among market players and introduction of brushless motor cooling-fan assemblies for aftermarket applications.
Player-adopted strategies in the automotive cooling fans market include focus on product launches to better serve the industry and to strengthen their position and expanding its business through new product developments.
To take advantage of the opportunities, the analyst recommends the automotive cooling fans companies to focus on innovation in high voltage fan systems, focus on product innovations for high air flow fans, focus on advanced commercial vehicle cooling systems, focus on brushless motor cooling fans for aftermarket applications, focus on radiator and ventilation fans segments, expand in emerging markets, focus on diversifying distribution channels for market expansion, provide competitively priced offerings, focus on strategic pricing strategies for market leadership, participate in trade shows and events, continue to use B2B promotions, focus on digital engagement for enhanced market visibility, prioritize technical webinars for thought leadership, target electric vehicle manufacturers and focus on commercial vehicle segment.
The global automotive cooling fans market reached a value of nearly $53.5 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.16% since 2018. The market is expected to grow from $53.5 billion in 2023 to $67 billion in 2028 at a rate of 4.62%. The market is then expected to grow at a CAGR of 5.07% from 2028 and reach $85.8 billion in 2033.
Growth in the historic period resulted from steady expansion of the automotive industry, growth in production of passenger and commercial vehicles, strong economic growth in emerging markets and increased traffic congestion in metro cities. Factors that negatively affected growth in the historic period were impact of economic instability on the demand for vehicles and cooling fans.
Going forward, growing demand for electric vehicles (EVs) and hybrid electric vehicles (HEVs), hotter climates and increasing temperatures globally, initiatives and partnerships for the use of sustainable materials in automotive manufacturing and rise in the automotive aftermarket industry and auto parts manufacturing will drive the growth. Factor that could hinder the growth of the automotive cooling fans market in the future include restrictions on free trade.
The automotive cooling fans market is segmented by type into radiator fans, condenser fans and ventilation fans. The radiator fan market was the largest segment of the automotive cooling fans market segmented by type, accounting for 52.4% or $28 billion of the total in 2023. Going forward, the ventilation fans segment is expected to be the fastest growing segment in the automotive cooling fans market segmented by type, at a CAGR of 5.05% during 2023-2028.
The automotive cooling fans market is segmented by sales channel into OEMs (original equipment manufacturers) and aftermarket. The OEMs (original equipment manufacturers) market was the largest segment of the automotive cooling fans market segmented by sales channel, accounting for 74.9% or $40 billion of the total in 2023. Going forward, the OEMs (original equipment manufacturers) segment is expected to be the fastest growing segment in the automotive cooling fans market segmented by sales channel, at a CAGR of 4.71% during 2023-2028.
The automotive cooling fans market is segmented by vehicle type into passenger vehicle and commercial vehicle. The passenger vehicle market was the largest segment of the automotive cooling fans market segmented by vehicle type, accounting for 60% or $36.9 billion of the total in 2023. Going forward, the commercial vehicle segment is expected to be the fastest growing segment in automotive cooling fans market segmented by vehicle type, at a CAGR of 4.97% during 2023-2028.
Asia-Pacific was the largest region in the automotive cooling fans market, accounting for 38% or $20.3 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the automotive cooling fans market will be Asia-Pacific and North America where growth will be at CAGRs of 5.3% and 4.7% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 4.4% and 3.8% respectively.
The global automotive cooling fans market is highly fragmented, with a few large players operating in the market. The top ten competitors in the market made up 3.42% of the total market in 2022. Valeo SA the largest competitor with a 0.58% share of the market, followed by Sunonwealth Electric Machine Industry Co. Ltd. with 0.55%, Toshiba Electronic Devices & Storage Corporation with 0.47%, Nidec Corporation with 0.38%, MAHLE GmbH with 0.32%, Jonhson electric with 0.30%, Continental AG with 0.25%, BorgWarner Inc with 0.253%, Horton Holding Inc. with 0.153% and Standard Motor Products Inc. with 0.150%.
The top opportunities in the automotive cooling fans market segmented by type will arise in the radiator fan segment, which will gain $6.7 billion of global annual sales by 2028. The top opportunities in the automotive cooling fans market segmented by sales channel will arise in the OEMs (original equipment manufacturers) segment, which will gain $10.4 billion of global annual sales by 2028. The top opportunities in the automotive cooling fans market segmented by vehicle type will arise in the passenger vehicle segment, which will gain $8.9 billion of global annual sales by 2028. The automotive cooling fans market size will gain the most in China at $4.2 billion.
Market-trend-based strategies for the automotive cooling fans market include high voltage fan systems for commercial electric vehicle, innovative product developments with focus on improving flow rates and efficiency, focus on advancements in commercial vehicle cooling systems, strategic partnerships and acquisitions among market players and introduction of brushless motor cooling-fan assemblies for aftermarket applications.
Player-adopted strategies in the automotive cooling fans market include focus on product launches to better serve the industry and to strengthen their position and expanding its business through new product developments.
To take advantage of the opportunities, the analyst recommends the automotive cooling fans companies to focus on innovation in high voltage fan systems, focus on product innovations for high air flow fans, focus on advanced commercial vehicle cooling systems, focus on brushless motor cooling fans for aftermarket applications, focus on radiator and ventilation fans segments, expand in emerging markets, focus on diversifying distribution channels for market expansion, provide competitively priced offerings, focus on strategic pricing strategies for market leadership, participate in trade shows and events, continue to use B2B promotions, focus on digital engagement for enhanced market visibility, prioritize technical webinars for thought leadership, target electric vehicle manufacturers and focus on commercial vehicle segment.
Table of Contents
1 Executive Summary
6 Market Characteristics
7 Automotive Cooling Fans Market - Macro Economic Scenario
8 Major Market Trends
9 Global Market Size and Growth
10 Global Automotive Cooling Fans Market Segmentation
11 Automotive Cooling Fans Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape and Company Profiles
22 Key Mergers and Acquisitions
23 Opportunities and Strategies
24 Automotive Cooling Fans Market, Conclusions and Recommendations
25 Appendix
Executive Summary
Automotive Cooling Fans Global Market Opportunities and Strategies to 2033 provides the strategists; marketers and senior management with the critical information they need to assess the global automotive cooling fans market as it emerges from the COVID-19 shut down.Reasons to Purchase:
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies based on local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description
Where is the largest and fastest-growing market for automotive cooling fans? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive cooling fans market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s history and forecasts market growth by geography. It places the market within the context of the wider automotive cooling fans market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by sales channel and by vehicle type.
- Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the automotive cooling fans market.
- Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by sales channel and by vehicle type in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for automotive cooling fans providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) by Type: Radiator Fans; Condenser Fans; Ventilation Fans.2) by Sales Channel: OEMs (Original Equipment Manufacturers); Aftermarket .
3) by Vehicle Type: Passenger Vehicle; Commercial Vehicle.
Key Companies Mentioned: Valeo SA; Sunonwealth Electric Machine Industry Co. Ltd.; Toshiba Electronic Devices & Storage Corporation; Nidec Corporation; MAHLE GmbH
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; automotive cooling fans indicators comparison.
Data Segmentation: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Valeo SA
- Sunonwealth Electric Machine Industry Co. Ltd.
- Toshiba Electronic Devices & Storage Corporation
- Nidec Corporation
- MAHLE GmbH
- Jonhson Electric
- Continental AG
- BorgWarner Inc.
- Horton Holding Inc.
- Standard Motor Products Inc.
- Shanghai Fusheng Industry Co. Ltd
- Shanghai Tianshi Electric Co., Ltd
- Shanghai Rejog4 Auto Parts Co., Ltd
- Shanghai Yingyu Electromechanical Equipment Co., Ltd
- Wuxi Guanya Refrigeration Technology Co., Ltd
- Zhejiang Weituo Automotive Air Conditioner Co., Ltd
- Jiangsu Rejog4 Automotive Parts Co., Ltd
- Jiangsu Renyi Automobile Parts Co., Ltd
- Zhejiang Zhonglian Electromechanical Co., Ltd
- Minda Valeo Cooling Systems Private Limited
- Mahle Behr India Limited
- BorgWarner Cooling Systems India Private Limited
- Valeo India Private Limited
- DENSO India Limited
- Aisin Seiki Co., Ltd
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Hyundai Mobis Co., Ltd
- Halla Visteon Climate Control Corp
- Mando Corporation
- Denso Korea Automotive Corporation
- Keihin Corporation
- Davies Craig Pty Ltd
- SPAL Automotive Australia Pty Ltd
- PWR Performance Products
- G&M Radiator Manufacturing Pty Ltd
- Thermoflow
- Delta Performance Automotive Group (Delta PAG)
- Valeo Service
- T7Design
- The Henley Fan Company Ltd
- Altor Equity Partners
- Ebm-papst Group
- AMETEK Inc
- DENSO Corporation
- Flexxaire Inc
- Spectra Premium
- SPAL Automotive
- Hayden Automotive
- Multi-Wing America Inc
- Valeo Sistemas Automotivos Ltda
- Mahle Metal Leve S.A
- BorgWarner Cooling Systems Brasil Ltda
- Tecfil Filtros Ltda
- Denso do Brasil Ltda
- Mahle Argentina S.A
- Behr Argentina S.A
- Orbital Ltd
- Pacifimech Engineering Ltd
- Magna Electronics Israel Ltd
- M.G. Tech
- Tadir-Gan Group Ltd
- Saudi Fan Industries
- Saudi Mechanical Industries Company (SMI)
- Saudi Salajah Industries
- Alnour Aluminum Company
- Al Salem Johnson Controls (YORK)
- Delta Electronics Middle East FZE
- MESC Specialized Cables
- Gulf Radiant Electrical & Trading LLC
- Dynamic Fan Corporation
- SKM Air Conditioning LLC
- Al Khaleej Development Company
- Qatar Cool
- United Fans Qatar
- Gulf Engineering System Solutions (GESS)
- Green Cool Qatar WLL
- Torunlar Gıda Sanayi Ve Ticaret A.Ş
- Nanocool Ltd
- KlimaTek
- Asfan San. ve Tic. A.Ş
- Hidrofor Klima Sanayi ve Ticaret A.Ş
- Delta Electronics Egypt S.A.E
- Mohamed Talaat Automotive Group (MTA)
- Alexandria For Automotive Manufacturing S.A.E. (AAM)
- Fanwo Oil Nigeria Limited
- Ekesons Bros Nigeria Limited
- SCOA Nigeria PLC
- Hyundai Motors Nigeria Limited
- Innoson Vehicle Manufacturing Company Limited
- Bonaero Park Automotive Cooling Solutions (Pty) Ltd
- Nissens Cooling Solutions South Africa (Pty) Ltd
- Valeo Thermal Commercial Vehicles Africa (Pty) Ltd
- Behr South Africa (Pty) Ltd
- Denso South Africa (Pty) Ltd
- City Oil Limited
- Hwajin Cooling Technology Kenya Ltd
- Kakuzi Limited
- Nairobi Cooling Solutions Ltd
- Mace Cooling Solutions Limited
- Tronic Cooling Towers (EA) Ltd
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 277 |
| Published | May 2024 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 53.5 Billion |
| Forecasted Market Value ( USD | $ 85.8 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
