LONDON–(BUSINESS WIRE)–The global automotive powertrain cooling system market is expected to grow at a CAGR of more than 7% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global automotive powertrain cooling system market for 2017-2021. The market is further categorized into two application segments that include passenger cars and commercial vehicles.
Technavio’s research analysts segment the global automotive powertrain cooling system market into the following regions:
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APAC: largest automotive powertrain cooling system market
In 2016, APAC witnessed the maximum growth in terms of employment and household spending. Increased spending capabilities and high purchasing power of the population in APAC were the major factors contributing to the rising sales of passenger cars in APAC. APAC is becoming a major hub for automobile manufacturing and sales due to the abundant supply of raw materials and low-cost market of automobiles and parts. Many global automakers are focusing on either shifting their production bases to APAC or sourcing their raw materials from this region, thereby driving market growth.
“China was the major producer of automotive powertrain cooling systems in the APAC region due to the large population, abundant raw material availability, and growth of local vendors. Increased adoption of internal combustion engine vehicles in APAC is further propelling the growth of the automotive powertrain cooling systems market since 2016,” says Keerthi Balu, a lead automotive components research expert from Technavio.
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Automotive powertrain cooling system market in EMEA
The European Union (EU) is a major automotive powertrain cooling systems market in EMEA. The European economy is set to experience inflation, following the recovery from the sovereign debt crisis since 2016. Furthermore, stringent emission norms and fuel efficiency standards followed in the region are expected to drive the production of highly efficient powertrain systems with advanced cooling systems to limit the formation of emissions.
“Apart from the stringent regulations for owning internal combustion engine vehicles, governing bodies of China, European Commission, and the US are supporting the development of the electric vehicle market. Moreover, the European Commission gives tax incentives to buyers in European countries for purchasing electric and hybrid vehicles. The incentives are based on the power rating of the battery and the range of the vehicle,” says Keerthi.
Automotive powertrain cooling system market in the Americas
Canada, Brazil, Mexico, and the US are the major automotive powertrain cooling system markets in the Americas which is dominated by carburetted engine vehicles. SUVs and crossovers are the most preferred passenger vehicle types in the Americas. These vehicles are equipped with high-capacity engines that produce large amounts of emissions. Thus, these high-powered passenger vehicles are equipped with advanced powertrain cooling systems to maintain optimal engine temperature.
Rising stringency of emission regulations and fuel-efficiency standards are driving vehicle manufacturers to maintain the production of vehicles with bigger engines and advanced powertrain cooling systems. This will help in reducing the formation of emissions.
The top vendors in the global automotive powertrain cooling system market as highlighted in this market research analysis are:
- Johnson Electric
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