Automotive Cooling Fans Market Growth Trajectory Through 2024-2033

Spread the love

The Automotive Cooling Fans by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

Learn More On The Automotive Cooling Fans Market:

https://www.thebusinessresearchcompany.com/report/automotive-cooling-fans-global-market-report

According to The Business Research Company’s Automotive Cooling Fans, The automotive cooling fan market size has grown strongly in recent years. It will grow from $53.49 billion in 2023 to $56.55 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to growing vehicle production, regulatory standards, climate conditions, consumer preferences, oem and aftermarket dynamics.

The automotive cooling fan market size is expected to see strong growth in the next few years. It will grow to $70.78 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to electric vehicle adoption, stringent emission standards, materials innovation, global economic outlook, supply chain dynamics. Major trends in the forecast period include increasing demand for electric vehicles, stringent emission standards, lightweight and compact designs, integration of iot and connectivity, global supply chain challenges.

The increasing traction of electric vehicles is expected to propel the growth of the automotive cooling fan market going forward. Electric vehicles refer to vehicles propelled by an electric motor powered by a battery pack that converts electrical energy into mechanical energy to power the vehicle while reducing aerodynamic drag, rolling resistance drag, and kinetic resistance. Automotive cooling fans are used in electric vehicles to cool lithium-ion battery packs, increase the battery cooling system’s performance, and reduce the risk of a fire due to overheating. For instance, in February 2023, according to the Bureau of Labor Statistics, a US-based government agency for labor economics and statistics, the market for electric vehicles (EVs) had grown at a fast pace in the last decade. The share of electric cars in the US vehicle market grew to 4.6% in 2021 from 0.2% in the past ten years and could reach 40% of total passenger car sales by 2030. Therefore, the increasing traction of electric vehicles is driving the growth of the automotive cooling fan market.

Get A Free Sample Of The Report (Includes Graphs And Tables):

https://www.thebusinessresearchcompany.com/sample.aspx?id=9489&type=smp

The automotive cooling fans market covered in this report is segmented –

1) By Type: Radiator Fan, Electric Fan, Mechanical Fan, Condenser Fan

2) By Sales Channel: OEMs (Original Equipment Manufacturers), Aftermarket

3) By Vehicle Type: Passenger Vehicle, Commercial Vehicle

Product innovation is a key trend gaining popularity in the automotive cooling fan market. Major companies operating in the automotive cooling fan market are developing innovative products to sustain their position in the market. For instance, in September 2021, Mando Corporation, a South Korea-based automobile company, introduced a new line of brushless motor cooling fan assemblies to the Mando Aftermarket Program. Mando cooling fan assemblies are similar to the original equipment (OE) parts used in new cars but have more advanced electronics than traditional brush-motor cooling fan assemblies.

The automotive cooling fans market report table of contents includes: