Major players in the automotive cooling fan market are AMETEK Inc., DENSO Corporation, Flexxaire Inc., Horton Holding, Multi-Wing America Inc., Spal Automotive, Toshiba Electronic Devices & Storage Corporation, Sunonwealth Electric Machine Industry Co. Ltd., Valeo, Continental AG, USUI Co. Ltd., SCFM Corporation, Guangzhou Tech Master Auto Parts Co. Ltd., Standard Motor Products Inc., ebm-papst Group, and Delta Electronics (Americas) Ltd.
The global automotive cooling fan market is expected to grow from $50.86 billion in 2022 to $53.73 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The automotive cooling fan market is expected to grow to $65.86 billion in 2027 at a CAGR of 5.2%.
The automotive cooling fan market consists of sales of manual fixed fans, thermal sensing clutch fans, electric fans, flex fans and centrifugal clutch fans.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the automotive cooling fan market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the automotive cooling fan market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of automotive cooling fans are radiator fan, electric fan, mechanical fan, and condenser fan.Radiator fan is a type of automobile fan that is mounted between the radiator and the engine or sits between the grille and the radiator, and are used in automotive cooling systems to cool the radiator while regulating engine temperature by passing cool air through the car’s radiator.
These are distributed by various channels including OEMs (original equipment manufacturers) and aftermarket for passenger and commercial vehicles.
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 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.
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.
In June 2021, Altor Equity Partners, a Sweden-based private equity company, acquired a majority stake in Multi-Wing Group through a long-term partnership for an undisclosed amount.This acquisition is a strategic fit for Altor to expand into customized axial fans for HVAC/R and engine cooling applications and will support Multi-Wing in accelerating its continued growth.
Multi-Wing Group is a Denmark-based axial fan manufacturing company to be used in automotive engine cooling and industrial heat exchangers.
The countries covered in the automotive cooling fan market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The automotive cooling fan market research report is one of a series of new reports that provides automotive cooling fan market statistics, including automotive cooling fan industry global market size, regional shares, competitors with an automotive cooling fan market share, detailed automotive cooling fan market segments, market trends and opportunities, and any further data you may need to thrive in the automotive cooling fan industry. This automotive cooling fan market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.