Report Says Global Automotive Radiator Market to Reach USD 12.833 Million by 2021

A report published by renowned research firm Research and Markets titled “Growth Opportunities in the Global Automotive Radiator Market 2016-2021: Trends, Forecast, and Opportunity Analysis” projects that the global automotive radiator market will reach USD 12,833 million by 2021.This means that on a global basis, the automotive radiator market will grow at a CAGR of 5 per cent in the five-year period from 2016 to 2021. The main factor that is expected to contribute to this growth is the growing demand and production of passenger cars and light commercial vehicles.

In the report, the market for automotive radiators was analyzed by material type- aluminum and  copper/brass and also by vehicle type – passenger cars, light commercial vehicles, and heavy commercial vehicle. Based on the comprehensive research conducted by the company, it emerged that during the period from 2016 to 2021, the passenger car and heavy commercial vehicle segments will grow at above average rates.

When it comes to automotive radiators, passenger cars will continue to account for the largest market share and increase in production of passenger cars is expected to drive growth in this segment during the period covered in the study.

On a regional basis, the Asia Pacific region will continue to be biggest market due a number of factors including booming economies, high vehicle production, and greater inflow of investment in the APAC region by key players in the market. Other regions where significant growth is expected in the production of passenger cars and light commercial vehicles include Brazil and China.