The automotive sector has experienced waves of innovations and new advancements over the past few decades. The emergence of modern technologies, the evolving regulatory landscape, and the growing demand for fuel-efficient automotive vehicles have played a key role in driving innovations in the automotive sector. In the current scenario, as automotive companies continue to focus on improving the performance and overall efficiency of their vehicles, a significant amount of resources are being invested to improve the functionalities of various automotive components. Over the past decade, automotive radiator fans have gained considerable spotlight, as they are expected to play a key role in enhancing the overall performance of the vehicle.
An automotive radiator fan is primarily used to regulate the airflow through the radiator, particularly when the vehicle is cruising at a very low speed. Automotive radiator fans are increasingly being used to regulate the temperature of the engine. The advent of cutting-edge cooling system designs, the high demand for utility vehicles in the Asia Pacific region, and fast-paced cooling system innovations are some of the key factors that are likely to drive the expansion of the global automotive radiator fan market. As the automotive sector continues to drift toward the development of electric and hybrid vehicles, participants in the current market landscape are expected to launch solutions that are in tune with the requirements of these vehicles.
Several automotive companies are emphasizing on the design aspects of the heat rejection strategies in electric motors due to which, innovations in automotive radiator fans are likely to shift gears during the forecast period. Several market players are expected to introduce innovative design concepts to strengthen their foothold in the market. At the back of these factors, the global automotive radiator fan market is expected to reach a value of ~US$ 1 Bn by the end of 2030.
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Aluminum Radiator Fans Gain Considerable Traction, Adoption of Composite Variants Likely to Plateau
Over the past decade, due to growing environmental concerns, automotive players have increasingly emphasized using automotive components made from lightweight materials, including aluminum and steel. Similar trends can be observed across the global automotive radiator fan market, as market participants are increasingly focusing on producing automotive radiator fans made from aluminum and steel. Although radiator fans made from composite materials were largely popular in the past few decades, the demand for aluminum automotive radiator fans has witnessed impressive growth.
In addition, the recent oil crisis is another factor that has played a key role in urging automotive companies to manufacture automotive vehicles made from lighter materials. Aluminum radiator fans have gained considerable traction over the past few years, owing to its exceptional ability to withstand high temperatures. In addition, speculation in the market indicating a decline in the consumption of brass/copper radiator fans accelerated the production of aluminum automotive radiators. Although aluminum automotive radiator fans are growing in popularity across the world, radiator fans made from composite materials are expected to have a substantial market share, owing to the advent of new technologies, including laser welding, electrophoretic coating, and no lead brazing. Automotive players are likely to dillydally between aluminum and composite radiator fans during the forecast period.
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The Asia Pacific region is expected to dominate the automotive radiator fan market in terms of share and value due to the flourishing automotive sector in China and India. Automotive manufacturers in these regions are increasingly focusing on optimizing the performance of their vehicles due to stringent government guidelines and mounting environmental concerns.
Disruptions in Supply Chain amid COVID-19 Pandemic to Negatively Impact Market Growth
The onset of the novel COVID-19 pandemic has clipped the wings of the global automotive sector due to which, the automotive radiator fan market is expected to witness sluggish growth in 2020. Due to disruptions in the supply chain caused by the COVID-19 pandemic, automotive radiator fan exports are likely to witness a decline in the second and the third quarter of 2020. While exports from China took a massive hit in the first quarter of 2020 due to lockdown and containment measures, industries have gradually opened up due to which, the production of automotive radiator fans has resumed.
In addition, the slowdown in the demand for automotive has led to a considerable decline in commodity prices. However, the large-scale plant closures by the OEMs in Europe and North America are likely to affect the prospects of the global automotive radiator fan market amid the COVID-19 crisis. Several automotive companies are eyeing diversification across the supply-chain in the post-COVID-19 era. For instance, several companies in India, including Tata Motors and Maruti are likely to lead toward sourcing automotive components from domestic companies.
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