An engine produces tremendous heat while running, and it needs to be cooled in order to avoid damage to the engine and other components. Generally, an engine running at 50 miles per hour produces 4000 power strokes per minute. In a power stroke, the fuel is burned and enormous amount of heat is generated, which raises the temperature of the engine. If this heat is not dissipated properly, it is likely to damage the engine and its adjoining components. Therefore, a cooling system for the engine is necessary. This cooling can be carried out by water or by the surrounding air.
Maintaining engine temperature is a key task of an engine cooling system and a key driver of the market. However, rising urbanization, globalization, and increased per capita income have led to the increase in demand for automobiles, which in turn is driving the automotive engine cooling system market.
A key restraint to the automotive engine cooling system market is the increasing demand for electric vehicles. Increasing demand for electric vehicles is anticipated to hamper the engine cooling system market for automotive, as complete electric vehicles do not have an engine.
Technological advancements have offered numerous opportunities for the automotive engine cooling system market. Integration of conventional engine cooling system with advanced technologies have resulted in the development of more advanced cooling systems, which can maintain engine temperature irrespective of the surrounding temperature. These types of research and development activities have created significant opportunities for the engine cooling system market for automotive.
The automotive engine cooling system market can be segmented based on engine type, components, cooling medium, vehicle type, sales channel, and geography. In terms of engine type, the market can be classified into three segments. Demand for petrol engines is increasing at a rapid pace owing to their smooth working, better performance, and lower pollution. The petrol engine type segment is likely to dominate the market during the forecast period. Based on components, the market can be segregated into nine segments. Radiator, water pump, and heater are the major components of the cooling system and these segments hold a prominent share of the engine cooling system market for automotive.
In terms of cooling medium, the engine cooling system market can be segmented into two segments. The liquid-based engine cooling system is utilized in most automobiles owing to its compact size and better cooling performance. It holds a considerable share of the engine cooling system market for automotive. In terms of vehicle type, the market can be classified into two segments. Commercial vehicles require a larger engine cooling system. Consequently, the cost of engine cooling systems for heavy commercial vehicles such as trucks is significantly higher than that for passenger cars. Therefore, in terms of revenue, the commercial vehicle segment accounts for a major share of the engine cooling system market for automotive.
In case of sales channel, the engine cooling system market can be segregated into two segments. In terms of revenue, the OEM segment holds a prominent share of the market and is expected to dominate during the forecast period.
Based on region, the market can be segmented into five prominent regions. Asia Pacific witnesses a rise in demand for vehicles owing to the increased purchasing capacity of people in the region. This increased demand for vehicles is likely to propel the engine cooling system market for automotive. Countries in Asia such as India, China, and Japan are leading in the region in terms of sales of vehicles.
Key players operating in the coupling market for automotive include Continental AG, Schaeffler Group, BorgWarner Inc., Stant Corporation, CalsonicKansei North America, Inc., AKG Thermal Systems Inc., and Nidec Corporation. Continental AG and BorgWarner Inc. are leading suppliers of engine cooling systems for automotive in the market.
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