According to the report titled ‘Global Automotive Radiator Market Size study, by Material Type (Aluminum, Copper/Brass, Aluminum/Plastic), by Radiator Type (Down Flow, Cross Flow), by Vehicle Type (Passenger Car, LCV, HCV), by Sales Channel (OEM, Aftermarket) and Regional Forecasts 2020-2027’, available with Market Study Report, global automotive radiator market was worth USD 5.8 billion in 2019 and is expected to grow with a CAGR of 5% during 2020-2027.
 

Surging demand for fast-moving vehicles which leads to increasing requirement for powerful and lightweight radiators in order to cool the engine is primarily driving the growth of global automotive radiator market. In addition, escalating sales of automobiles is also contributing to the overall market outlook. As per International Organization of Motor Vehicle Manufacturers (OICA), total automobile sales was 65 million units in 2005, which increased to 91.3 million units in 2019.
 

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For those uninitiated, automotive radiator is an essential part of the vehicle engine system as they aid in controlling the temperature of engine. The radiators, depending on their use, are made from different materials. Lightweight aluminum/plastic radiators have replaced metal radiators as they are voluminous and costly. Preference for alternatives which are cost-effective and lightweight is augmenting the worldwide automotive radiator industry size.
 

According to International Energy Outlook, in 2018, electric passenger cars stock worldwide exceeded 5 million, which is expected to reach 44 million units by the year 2030. Hence, widespread adoption of electric vehicles stimulating the market expansion. However, hefty cost of initial investment is likely to hamper industry landscape over the study period.
 

Based on material type, global automotive radiator market is divided into aluminum/plastic, copper/brass, and aluminum. Speaking of radiator type, the industry is bifurcated into cross flow, and down flow. Elaborating on vehicle type, the market is split into HCV, LCV, and passenger car. Moving on to sales channel, the industry is categorized into aftermarket, and OEM.
 

Citing the regional landscape, worldwide automotive radiator market sphere is segmented into North America, Asia Pacific, Latin America, Europe, and Rest of the World. The report claims that North America currently holds a significant market share and is predicted to grow further over 2020-2027, owing to prevalence of vendors in the region and sustained economic condition.
 

Major players impacting global automotive radiator industry dynamics are Anhui Fengyang Radiator Co. Ltd., Faret International Holdings Limited, Calsonic Kansei Corp., Valeo SA, Modine Manufacturing Co., Delphi Automotive plc, Visteon Corp., Hangzhou Dongfeng Radiator Co. Ltd., Denso Corporation, and Behr GmbH & Co. KG.