Global Automotive Engine Cooling Systems Market Size Set to Expand at CAGR of 5.13% to Reach USD 37.92 Billion by 2030

Global Automotive Engine Cooling Systems Market is flourishing because of the increasing focus on complying with stringent emission regulations and growing adoption of electric vehicles (EVs).

Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the Global Automotive Engine Cooling Systems Market size at USD 26.78 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the Global Automotive Engine Cooling Systems Market size to expand at a CAGR of 5.13% reaching a value of USD 37.92 billion by 2030. The growing focus on improving vehicle performance and efficiency, along with expanding vehicle production and demand, are key growth drivers for the Global Automotive Engine Cooling Systems Market. Furthermore, strict government laws governing vehicle emissions are another factor fueling the market expansion for automobile engine cooling systems globally.

Opportunity: Expanding automobile production

The automotive engine cooling systems market is driven by an increase in the usage of automobiles, including passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). In the automobile sector, the production of powerful engines, which produce a lot of heat and need cooling fans, has been steadily increasing in recent years. Globalization, urbanization, growing consumer per capita income, population growth, and shifting middle-class families' lifestyles are just a few of the key drivers that are anticipated to fuel the need for automobile engine cooling systems throughout the projected period.

Impact of Escalating Geopolitical Tensions on Global Automotive Engine Cooling Systems Market

The geopolitical tensions disrupt the growth of the Global Automotive Engine Cooling Systems Market. Conflicts between countries often result in sanctions and suspensions of their trade relations, which cause supply chain disruptions and shortages of raw materials. For example, the sanctions put on Russia by many Western countries following its invasion of Ukraine made it difficult for the automotive sector to operate since there was a lack of steel, energy, and other machinery and equipment. As a result, the production of automobiles fell. The demand for vehicle engine cooling systems significantly decreased as a result of the drop in car manufacturing, impeding the market's overall growth.

Global Automotive Engine Cooling Systems Market

Segmental Coverage

Global Automotive Engine Cooling Systems Market - By Engine Type

Based on engine type, the Global Automotive Engine Cooling Systems Market is split into air-cooled engines and liquid-cooled engines segments. The liquid-cooled engine segment accounts for a higher market share. Liquids are denser and have a greater capacity to absorb heat, which is advantageous for liquid cooling. Water has a higher specific heat capacity than any other gas or liquid on the planet. It makes water a more efficient heat-transfer medium. When compared to one liter of air, a system may release about 3,000 times more energy in one liter of water.

Global Automotive Engine Cooling Systems Market - By Region

The in-depth research report on the Global Automotive Engine Cooling Systems Market covers a number of country-specific markets across five major regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. The Asia Pacific region dominates the global automotive engine cooling systems market owing to the presence of major car-producing countries in the world. China alone manufactured 27 million cars in 2022, becoming the major car-producing economy. Japan, India, and South Korea also rank in the top five car-producing countries with 7.8 million, 5.5 million, and 3.8 million, respectively, which fuels the demand for Automotive Engine Cooling Systems in the Asia Pacific region.

Competitive Landscape

Major players operating in the Global Automotive Engine Cooling Systems Market include Denso Corporation, Valeo SA, MAHLE GmbH, BorgWarner Inc., Continental AG, Modine Manufacturing Company, Gates Corporation, Visteon Corporation, Schaeffler AG, Behr GmbH & Co. KG (Mahle Behr GmbH), Robert Bosch GmbH, Johnson Electric Holdings Limited, KSPG AG (Rheinmetall Automotive AG), and Aisin Seiki Co., Ltd.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Automotive Engine Cooling Systems Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Automotive Engine Cooling Systems Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.