Automotive Engine Cooling System Market Forecast - 2022-2027

Anusha Reddy

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Automotive Engine Cooling System Market Forecast - 2022-2027

Automotive Engine Cooling System market is poised to grow at a CAGR of 4.5% during the forecast period 2022-2027, and reach $45.2 billion by 2027.

Automotive Engine Cooling System market is poised to grow at a CAGR of 4.5% during the forecast period 2022-2027, and reach $45.2 billion by 2027. Increasing vehicle production globally owing to the growing demand is set to boost the Automotive Engine Cooling System Market. An Automobile Engine Cooling System is the collection of coolants that work together to maintain the engine’s temperature at optimal levels. It comprises components such as radiator, cooling fan module, thermostat, water pump and other components. The system helps in enabling efficient and smooth functioning of the engine at the same time protecting it from damage. It performs several functions such as removing excess from the engine and helps in maintaining a constant engine temperature through a coolant temperature sensor. Rising number of vehicles under production increases the demand of automotive engine cooling system market. For instance in 2021, there were 289.5 million vehicles on the road in the U.S, a 4% increase from 2018. Automotive Engines produce great degree of temperatures during the combustion process. The IC engines burn fuels hotter than the melting temperatures of most of the engine materials and this also brings in the possibility of setting the lubricants on fire. Therefore it is essential for the automobiles to employ cooling systems to make sure that there is time to time cooling of the engine and avoid the engine damage.

Report Coverage

The report: “Automotive Engine Cooling System Market – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Automotive Engine Cooling System Market Report.

By Component – Engine Cooling Module, Reserve Tank, Cooling Fan Control Module, Radiator, Cooling Fan, Cooling Fan Belt, Radiator Hose, Water Pump, Others

By Vehicle Type – Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles

By Geography - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Australia and Others), South America(Brazil, Argentina and others),and RoW (Middle East and Africa).

Key Takeaways

HCVs are mainly used for the transportation of heavy goods such as construction materials, raw ores and others. Globally, increasing construction projects coupled with growing investments in construction industry is anticipated to enhance the demand for the HCVs, which in turn affects the automotive engine cooling system market growth.
The development of the high voltage positive temperature coefficient (PTC) heating technology which helps in reducing the energy waste and noise-less operation of HVAC systems in vehicles. The innovative development which reduces the energy usage and provides noise less operations in the vehicles is expected to boost the market.
The implementation of the stringent rules and regulation along with the rigid emission norms and the development of the aluminum radiators which are more durable and compact. The shift towards the use of the aluminum radiators which helps in reducing the maintenance cost is expected to drive the radiators market.
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Automotive Engine Cooling System Market Segment Analysis- By Component

Reserve tank in the components segment of the Automotive Engine Cooling System Market held a major share of 19% in the year 2021. It is poised to grow at a CAGR of 3.8% during the forecast period through to 2027. The automotive fuel tank is important in terms of safety, performance and reliability. The fuel reserve indicator circuit system consists of a tank-mounted float sensor and a current meter which are connected in series. The float-driven sensor which are attached to an internal rheostat offers high resistance when the tank is empty. The fuel monitoring circuit works by sensing the voltage variation developed across the meter and activates the indicator when the tank is almost empty. The use of the sensors which beeps when is the fuel tank is empty will also help in reducing the heat in the engine is expected to increase its area of applications

Automotive Engine Cooling System Market Segment Analysis- By Vehicle Type

Passenger vehicles in the Automotive Engine Cooling System Market held a major share of 47.5% in the vehicle type segment in the year 2021. It is poised to grow at a CAGR of 5.6% during the forecast period 2022-2027 mainly driven by the growing demand for passenger vehicles all around the globe. This increasing trend of passenger cars production is anticipated to continue in the coming years, thereby providing significant opportunities to the automotive engine cooling system market. HCVs are projected to witness significant growth. HCVs are mainly used for the transportation of heavy goods such as construction materials, raw ores and others. Globally, increasing construction projects coupled with growing investments in construction industry is anticipated to enhance the demand for the HCVs, which in turn affects the automotive engine cooling system market growth

Automotive Engine Cooling System Market Segment Analysis- By Geography

APAC is the largest region in the Automotive Engine Cooling System Market in the year 2021 with a major share of 39%. It is poised to grow at a CAGR of 6.1% throughout the forecast period to through to 2027 increasing its share in the global market to 42%. The dominance of APAC region in the global Automotive Engine Cooling System Market is attributed to the increasing disposable incomes in the region and the growing population which is in turn increasing the demand for vehicles in the region, following a market recovery post Covid-19. China is the biggest automotive market in the world. In 2021, China recorded sales of 20.1 Million units and accounted for 36% of the passenger vehicle sales worldwide. With a large consumer base, world class infrastructure and an open investment policy the US automotive market continues to be a premier market for the automotive industry and this is set to propel the market for the U.S. Automotive Engine Cooling System Market with a CAGR of 4.2% during the forecast period.

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Automotive Engine Cooling System Market Drivers

Increase in production and use of vehicles drives the automotive engine cooling system market

Increase in use of vehicles such as passenger vehicles, low commercial vehicles (LCVs), high commercial vehicles (HCVs) boost the demand of automotive engine cooling system market. Manufacturing of powerful engines, which generate high heat and require cooling fans in the automotive industry has been rising consistently in recent years. Factors such as globalization, urbanization, rising per capita income of the consumers, blooming population and changing life style of middle class families are some of the major factors which are expected to boost the demand of automotive engine cooling system market during the forecast period. According to OICA, the production statistics of cars and commercial vehicles has been increasing rapidly from 79.8 million in 2011 to 97.3 million in 2019 before a significant drop post Covid. However, the market is project to recover and exhibit higher than pre-Covid-19 growth rates through 2027.

Electrification of Vehicles has also created opportunities for the automotive engine cooling system market

Demand for electric and hybrid vehicles is soaring across the globe, thereby creating opportunity for the growth of automotive engine cooling system market during the forecast period through deployment of increasingly technologically advanced parts. Increasing research and development activities in the field of engine cooling system for automobiles and other vehicles coupled with government initiatives has also created opportunities for the rise of automotive engine cooling system market across the world. By electrification of vehicles, efficiency of the engine can be increased and it also limits the CO2 emissions and usage of fossil fuels. Additionally, the government of various counties has taken initiatives for leveraging the production and encouraging people to buy electric vehicles. Also, various government subsidiaries' focus on the purchase of electric vehicles, is anticipated to provide prospects for the electric vehicles market, which in turn drives the electric vehicles engine cooling system market growth. The declining battery costs and the increase in battery capacity has led to increase the demand for electric vehicle. This is anticipated to have a major impact on the electric vehicles engine cooling system market growth. Furthermore, technological advancements in the charging stations is anticipated to increase the demand for the electric vehicles, thereby impacting the electric vehicles engine cooling system market growth. Nearly 6.5 million electric vehicles (EVs) were sold worldwide in 2021, up 109% from 2020 and a 195% increase from 2019.

Automotive Engine Cooling System Market Challenges

Downsizing the gasoline and diesel engines acts as main challenge for the manufacturers of the automotive engine cooling system manufacturers

The original equipment manufacturers (OEMs) of the automobiles are mainly focusing in downsizing the gasoline and diesel engines and thus becoming an increasing challenge of the automotive engine cooling system manufacturers to make advancements in their engine cooling modules. Downsizing of engine is a continuous developing process. Many new approaches of achieving better fuel efficiency and better power at low engine capacity are being developed by major players of the market. For an engine, possible benefits in fuel consumption are between 10% and 30% depending on combustion process and the degree of downsizing. Though the maximum speed of a vehicle is reduced by downsizing, there are many experiments that suggest the existence of optimal engine displacement. It is expected that the combination of direct charging, turbocharging, and variable valve timing will become the standard in the near future. Downsizing an engine may cause a dip in performance while improving other factors and thus it acts main challenge in automotive engine cooling system. Many research and development activities are going on in order to improve the efficiency of the engine cooling system by this process.Automotive

Automotive Engine Cooling System Market Landscape

Acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Automotive Engine Cooling System market. Automotive Engine Cooling System top 10 companies include

Mahle Stiftung GmbH
Schaeffler Group
Denso
BorgWarner
Hanon Systems
Visteon
Valeo
Modine Manufacturing
Calsonic Kasei
Continental

Recent Developments

In September 2021 MAHLE developed new battery cooling system for faster charging of electric cars. An electrically nonconductive coolant flows around the cells, thereby ensuring that the maximum temperature of the battery drops markedly during charging and that the overall temperature is distributed much more homogeneously.
In April 2021, XING Mobility and Castrol, announced a partnership to further develop XING Mobility's immersion cooling battery technology, utilizing Castrol's advanced thermal management fluid to deliver unprecedented power and safety to the rapidly growing electric vehicle (EV) market.
In January 2021, Faraday Future announced that it is partnering with MIVOLT on a fully submerged battery cooling system for the FF 91 luxury EV.