Dublin, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The "Automotive Cooling Fans Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive research on the global automotive cooling fan market, focusing on industry expansion and future trends, has been published and is now available. This report offers an in-depth analysis of the booming market, which has seen an uptick in growth from $53.49 billion in 2023 to an expected value of $56.55 billion in 2024, at a compound annual growth rate (CAGR) of 5.7%. Such rapid expansion reflects various dynamics within the industry, including technological advancements, stringent regulatory mandates, and the shift toward electric vehicles.
Excessive growth is forecasted for the industry, with projections indicating a rise to $70.78 billion by 2028, thanks to a stable CAGR of 5.8%. This surge in growth is primarily attributed to the increased integration of electric vehicles into the automotive market and the compliance with rigorous emission standards worldwide. The market report identifies key factors stimulating growth and delves into trends such as the heightened demand for electric vehicle components, a focus on lightweight and compact fan designs, and the incorporation of IoT and connectivity for enhanced system monitoring and control.
As the industry for electric vehicles marks a noticeable footprint in the market landscape, automotive cooling fans have come to play an essential role in the performance and safety of these advanced vehicles. Recent data highlight the substantial rise in the electric vehicle market share contributing to the pivotal role of cooling fans in ensuring the efficient operation of battery systems.
Regulatory bodies are tightening emission standards, pushing automotive manufacturers to innovate and employ cooling fans that support adherence to these new guidelines. The report discusses how evolving regulations shape the market, with companies investing heavily in the development of advanced cooling systems to comply with imminent regulatory changes.
Innovation remains the vanguard of the market advancements, with companies channeling resources into R&D to maintain their foothold in an increasingly competitive landscape. The report showcases examples of industry leaders, like Mando Corporation and BorgWarner Inc., who are making significant strides with new product launches and technologies.
Highlighting strategic market movements, the report gives detailed insights into the partnerships and acquisitions shaping the market dynamics. A notable transaction within the industry involves Altor Equity Partners and Multi-Wing Group, underscoring the importance of strategic collaborations for growth and innovation in the automotive cooling fan sector.
Leading firms active in the automotive cooling fan market are detailed in the report, with profiles of giants such as AMETEK Inc., DENSO Corporation, and Valeo SA amongst others. Furthermore, a geographical analysis emphasizes Asia-Pacific as the dominant region in the market while projecting its continued rapid expansion through the forecast period.
Types of automotive cooling fans explained comprehensively within the report include radiator fans, electric fans, mechanical fans, and condenser fans, alongside a thorough examination of market distribution channels and application segments.
A selection of companies mentioned in this report includes
- AMETEK Inc.
- DENSO Corporation
- Flexxaire Inc.
- Horton Holding Inc.
- Multi-Wing America Inc.
- SPAL Automotive Srl
- Toshiba Electronic Devices & Storage Corporation
- Sunonwealth Electric Machine Industry Co. Ltd.
- Valeo SA
- Continental AG
- USUI Co. Ltd.
- SCFM Corporation
- Guangzhou Tech Master Auto Parts Co. Ltd.
- Standard Motor Products Inc.
- The ebm-papst Group
- Delta Electronics Ltd.
- BorgWarner Inc.
- Flowserve Corporation
- General Electric Company
- Nidec Corporation
- American Cooling Technology Inc.
- Pelonis Technologies Inc.
- Kenlowe Group Ltd.
- Truflo International Ltd.
- Ziehl-Abegg SE
- Rosenberg Ventilatoren GmbH
- Howden Group Ltd.
- ABB Ltd.
- Siemens AG
- Mitsubishi Electric Corporation
- Schneider Electric SE
- Emerson Electric Co.
- Honeywell International Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9swbi2
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