Cooling fans in vehicles are very important components, which provide constant cooling for various components such as engine and electronics components. They also provide ventilation. An internal combustion engine works at a very high temperature, owing to the combustion of air-fuel mixture. A cooling mechanism is provided by means of a cooling fan in order to operate the engine at a normal working temperature. Generally, two types of cooling mechanisms are utilized in vehicles for engines such as liquid cooling and air cooling. In both systems, cooling fans plays an important role. Similarly, for electrical systems, cooling fans are important. A majority of vehicles are equipped with air conditioning systems, which are fitted with condenser fans for comfort inside the car.
Rising vehicle sales across the globe is anticipated to drive the automotive cooling fan market during the forecast period. Increasing demand for electronic systems in vehicles, rising demand for fuel-efficiency, and high penetration of air conditioning systems are likely to boost the automotive cooling fan market during the forecast period. Electronic systems such as electronic control unit and infotainment system are fitted with fans in order to maintain the temperature of these systems. Rising adoption of electronic systems in modern vehicles is anticipated to drive the automotive cooling fan market in the near future. Developed and developing countries are witnessing an increase in the number of electric vehicles, owing to government initiatives for green transportation and environmental issues. A majority of electric vehicles are equipped with all modern technology and electronic instrument clusters, which require a fan for maintaining temperature and proper functioning of the electronic systems. Considering the factors mentioned above, the electric vehicle segment likely to boost the automotive cooling fan market during the forecast period.
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The global automotive cooling fans market can be segmented based on type, vehicle type, and region. In terms of type, the automotive cooling fans market can be segregated into radiator fans, condenser fans, and others. The radiator fan segment is likely to expand at a rapid pace during the forecast period, as compared to the other segments. A radiator is fitted in every vehicle for cooling purposes, expect battery electric vehicles. Radiators consist of several small chambers through which antifreeze is circulated to cool the surrounding air. Two types of radiator fans are utilized in vehicles: electrically operated and mechanically operated. In passenger vehicles, electrically operated radiator fans are mostly utilized, owing to their advantages such as maximum power and fuel economy, superior efficiency to mechanically operated fans, and no horsepower loss.
Based on vehicle type, the automotive cooling fans market can be split into passenger vehicle, light commercial vehicle, and commercial vehicle. The passenger vehicle segment dominated the automotive cooling fan market. It is expected to dominate the market during the forecast period. Several factors are responsible for the rise in passenger vehicles sales across the globe such as rapid urbanization, increase in per capita income, and decrease in bank interest rates.
In terms of electric vehicle type, the automotive cooling fans market can be classified into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. Electric vehicles contain several advanced components for comfort. Furthermore, they contain an electronic instrument cluster, which requires cooling for proper functioning. Therefore, the electric vehicle segment likely to propel the automotive cooling fan market during the forecast period. Battery electric vehicles contain high capacity batteries for propulsion, similarly integration of advance technology through body computer system in battery electric vehicle needs cooling fans. Considering all the factors mentioned above, the rise in demand for battery electric vehicles is likely to boost the automotive cooling fan market during the forecast period.
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Some prominent regions considered for the analysis include North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Geographic analysis is done on the basis of production trends, political reforms, regulation changes, and society demand. Asia Pacific dominates the automotive cooling fans market owing to the presence of a prominent automotive industry in China, Japan, and India. Consistent rise in vehicle production across the region is anticipated to boost the automotive cooling fan market in the near future. Rising production as well as sales of electric vehicles in China is fueling the market. The market share held by China is expected to remain high during the forecast period. The automotive cooling fan market in Europe is expanding at a rapid pace owing to the increase in production and sales of electric vehicles in the region.
Key players in the global automotive cooling fan market are expected to benefit from the formation of strategic alliances with global players in the cooling fan system. The market witnesses the presence of key players who have strong global presence and firm establishments, coupled with diverse product portfolios. Prominent players operating in the global automotive cooling fans market include AMETEK.Inc, DENSO CORPORATION, Flexxaire Inc., Horton Holding, Inc., Multi-Wing America, Inc., SPAL Automotive, Sunonwealth Electric Machine Industry Co. Ltd, Valeo SA, and TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION.
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