Global Automotive Cooler Market Size, Share, Forecast Report, 2020-2027
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. The increasing demand for high speed vehicles, stringent vehicle emission norms, growing need of passenger comfort, and deployment of HVAC system in vehicles are driving the growth of global market.
Growing sales of electric vehicles globally is hindering the market growth. However, the rapid expansion of automotive industry in emerging economies such as China, India, Mexico, and Vietnam, growing demand for electric vehicles, and emergence of new products in automobiles are providing growth opportunities for vendors operating in the global automotive cooler market.
Segmentation: Global Automotive Cooler Market
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.
Segmentation based on region, the global automotive cooler market has been segmented into four regions—North America, Europe, Asia-Pacific, and the rest of the world. Among all the regions, the market in Asia-Pacific is expected to register the highest growth, followed by Europe and North America during the forecast period due to growing sales of cars and SUVs, and growing disposable income in China and India. 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. 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.
The major players operating in the global automotive cooler market are BP P.L.C.(UK), Chevron Corporation (US), Cummins Filtration (US), Shandong Yuean Chemical Industry Co. Ltd (China), Gallay Ltd (England), Hayden Automotive (US), NENGUN CO. LTD (Japan), Calsonic Kansei Corporation (Japan), AKG Thermotechnik International GmbH & Co. KG (Germany), and Modine Manufacturing (US)