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The global automotive radiator market has been forecast to increase at a compound annual growth rate (CAGR) of 5.8% through to 2015, reaching 148.8 million units.
Key factors set to contribute to this industry growth include the market growth of the global auto component market, along with the increase in demand for lightweight automotive radiator materials. However, the increasing product complexity due to changing customer requirements and norms could pose a challenge to the growth of this market.
The automobile industry has been one of the worst hit industries by the recession, as the demand for cars witnessed hurting declines, exacerbating the already existing woes of excess production capacities. With vehicle sales nose-diving resulting in plant shutdowns, shockwaves that ripped through the automobile industry was faithfully transmitted to the automotive radiator sector.
With recession at its tail end, a quick resurgence in growth fundamentals, such as recovery in GDP growth, employment rates, incomes levels and discretionary incomes, and rise in consumer confidence, is expected to drive increased demand for new cars over the next few years.
Radiators for the Original Equipment Manufacturing (OEM) market especially came under the yoke of recession, as sales to this segment plunged drastically as a result of erosions in new automobile sales and fall in production levels.
The aftermarket segment, on the other hand, has had a cushioned fall during the economic crisis. This is primarily because a radiator is a non-discretionary aftermarket automotive replacement part lesser sensitive to broader economic variables.
Asia-Pacific represents the largest regional market for automotive radiators. The region is also the fastest growing market, surging at a CAGR of more than 9% through to 2015. Growth in this market is essentially driven by the persistent rise in automobile sales in the region, particularly in developing markets such as China and India.
Key companies currently dominating the global automotive radiator market include Denso Corp., Behr GmbH and Co. KG, Valeo SA, and Visteon Corp. Other vendors mentioned in the report are Delphi Corp., Calsonic Kansei Corp., Modine Manufacturing Co.
For more information on the global automotive radiator market, see the latest research: Global Automotive Radiator Market
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