Global Automotive Cooling Fans Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

The automotive cooling fan is an important component of the cooling system used in automobiles to keep the operating temperature of the engine within a specified range to optimize the overall performance of the engine.

Sizing and Forecast

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.

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Segmentation & Regional Insights

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

Asia-Pacific was the largest region in the automotive cooling fan market in 2023. Asia-Pacific is expected to be the fastest-growing region in the automotive cooling fan market report forecast period. The regions covered in the automotive cooling fans market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

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.

Key Industry Players

Major companies operating in the automotive cooling fan market are developing innovative products, such as electric fan systems, to strengthen their position in the market. Electric fan systems are cooling systems in vehicles that utilize electrically powered fans to manage the temperature of various components. For instance, in February 2022, BorgWarner Inc., an automotive company, launched the First High Voltage eFan System. This system is designed for next-generation fully electric heavy-duty trucks. Featuring a robust e-motor with a 40 kW output and compact dimensions, the liquid-cooled system ensures reliable, long-term operation. Its wide operating range, from less than 650 volts to 850 volts, ensures compatibility with diverse high-voltage commercial vehicle electrical systems.

The automotive cooling fans market report table of contents includes:

1. Executive Summary

2. Automotive Cooling Fans Market Characteristics

3. Automotive Cooling Fans Market Trends And Strategies

4. Automotive Cooling Fans Market – Macro Economic Scenario

5. Global Automotive Cooling Fans Market Size and Growth
…
31. Global Automotive Cooling Fans Market Competitive Benchmarking

32. Global Automotive Cooling Fans Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Automotive Cooling Fans Market

34. Automotive Cooling Fans Market Future Outlook and Potential Analysis

 

35. Appendix

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