iCrowd Newswire – Jul 9, 2020
The Automotive Cooler Market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on the Automotive Cooler Market highlights the future prediction and the growth alternatives that can be created.
The global automotive cooler market is estimated to reach around USD 10 billion by 2025, registering a CAGR of 5.5% during the forecast period.
Growth Inducers and Restraints
The growing demand for high-speed vehicles, stringent vehicle emission standards, increased need for passenger comfort, and the deployment of HVAC system in vehicles are driving global market growth.
The intensifying call for efficient HVAC systems that do not compromise the vehicle’s overall performance is gaining global priority on the production line of automobile manufacturers. The market is also set to accumulate considerable market share due to increasing vehicle demand for longer periods of time. The escalation in passenger vehicle demand is expected to further the market’s growth potential over the forecast period. Globally, increasing sales of electric vehicles hampers business growth. Nevertheless, the rapid expansion of the automotive industry in emerging economies such as China, India , Mexico, and Vietnam, growing demand for electric vehicles, and the advent of new automotive products provide growth opportunities for vendors operating on the global cooler automotive market.
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The major players operating in the global automotive cooler market are Chevron Corporation (US), BP P.L.C.(UK), Cummins Filtration (US), Gallay Ltd (England), Shandong Yuean Chemical Industry Co. Ltd (China), Hayden Automotive (US), Calsonic Kansei Corporation (Japan), NENGUN CO. LTD (Japan), AKG Thermotechnik International GmbH & Co. KG (Germany), and Modine Manufacturing (US).
Together with customer preferences, the progress patterns are revised to achieve maximum growth and long-term profitability. Development in goods and services is the primary factor in rising the competitiveness of the industry and regulating the developments which are gaining market place. The improvement of the products and services is the main factor that escalates the productivity of the market and controls the trends that are gaining market distinction.
The global automotive cooler market is segmented based on type, vehicle type, application, and region. On the basis of type, the global market has been segmented into plate and fin and tube and fin.
On the basis of vehicle type, the global market has been segmented into passenger car and commercial vehicle.
On the basis of application, the global market has been segmented into engine cooler, HVAC cooler, brake lubricant, and other.
The global automotive cooler market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Among all regions, the Asia-Pacific market is expected to register the highest growth, followed during the forecast period by Europe and North America due to growing car and SUV sales, and rising disposable income in China and India. Many small manufacturers of cooler automobiles are emerging in this region , creating a whole different market structure. The emerging-country market is driven mainly by economic development and ongoing industrialization, which helps in vehicle production. In addition , increased vehicle production, low manufacturing costs and accessibility to cheap labor are some of the factors which boost the market in the Asia Pacific region.
However, the market in North America is expected to grow at a substantial rate during the forecast period due to growing deployment of HVAC coolers in off-road vehicles especially for construction and agriculture sector from the US and Canada. Increasing demand of vehicles and life span of vehicles are the driving factor in this region.
Europe is expected to witness a steady growth over the forecast period. The presence of major OEM brands such as BMW, Aston Martin, Jaguar, and Mercedes Benz are contributing for the growth of this market in Europe.
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Keywords: Automotive Cooler Market, Automotive Cooler Market Size, COVID-19 Impact