Global Off-road Vehicles Cooling Fan Market Insights and Trends, Positive and Negative Factors, Areas to Focus on, Potential Markets, Key Developments, Segments and Verticals, and Forecast 2020 – 2029
“Global Off-Road Vehicles Cooling Fan Market Growth Rate, Trends and Forecast till 2029” is a recently generated report by MarketResearch.biz. The report offers industry insights, global market value, regional and country-level market value and revenue share in the target market, and other information regarding the off-road vehicles cooling fan market. Also, the various ongoing trends, drivers and restraints, and future opportunities for existing players in the market till 2028. The report also provides insightful and crucial information associated with the various prominent players, their financials, value chain trends, key technological innovations, recent developments, future strategies such as acquisitions & mergers, joint ventures, etc., along with market footprint, competitive landscape, and SWOT analysis. The global off-road vehicles cooling fan market report is bifurcated based on form, application, and region/ country.
Off-Road Vehicles Cooling Fan: Overview
Off-road cooling fan is an important component in heavy vehicles, especially larger vehicles used in the agriculture sector. Vehicles such as tractors require relatively more power to carry out routine agricultural tasks, and cooling fans help to cool engines and maintain optimum temperature while the vehicle is running. Recent technological advancements have resulted in development of cooling fans that work in perfect sync with engines by electronically controlling engine oil, transmission oil, coolant temperature, AC system pressure, and ambient air temperature. Demand for off-road cooling fans is gaining popularity for application in passenger vehicles, including SUVs and jeeps among others.
Dynamics: Off-Road Vehicles Cooling Fan Market
The global off-road cooling fan market is expected to register significant growth over the forecast period. This is attributed to increasing demand for off-road vehicles from the agriculture sector, stringent regulatory environment related to emissions, and rapid urbanization, especially in developing countries resulting in higher demand for off-road cooling fans. Rising need for safety of commercial vehicles used in agriculture as well as construction sectors as well as rising labor-force safety concerns are other major factors fueling market growth. Rising temperatures and global warming concerns, and increasing awareness regarding benefits of using cooling fan in vehicles in order to cool off heat of the running engines, improve fuel efficiency and lower the VOC emissions are factor propelling demand for the products and drive market growth. Demand for cooling fans is especially higher in developing countries where rapid urbanization is resulting in increasingly more mass production of commercial vehicles that are used in the agriculture sector, and subsequently rapidly growing construction industry owing to increasing construction and re-construction activities are projected to further fuel market growth to significant extent. Additionally, government regulatory bodies in various countries are focusing on lowering emission levels emitted by commercial vehicles such as vehicles using in agriculture and construction sectors and other commercial passenger vehicles is giving rise to higher adoption of cooling fans by manufacturers in order to curb levels of NOx through advanced filters to control pollution. On the other hand, the industry is also facing certain challenges as the reach of several large manufacturers remain limited to developed markets and capital costs are significantly higher in developing countries as compared to the low-cost manual labor.
Growing innovation in the field is also making ways for a modular, customizable, multi-fan array cooling system; which is increasing becoming easier to monitor with the help of IOT-enabled technology. Innovations like these not only add more dimensions to the cooling process but also provide efficiency in control, essential for the productivity and efficiency of commercial operations.
Segment Insights: Off-Road Vehicles Cooling Fan Market
By Type Insights:
The radiator segment is estimated to record largest revenue share in the global market. among the sub-segments of radiator fans segments, the electric radiator fans segment is projected to contribute higher share in terms of adoption and value as compared to mechanical fans segment. Electric fans offer various advanced features and benefits over the mechanical fans including enhanced cooling while in heavy traffic conditions, higher vehicle fuel efficiency, and compliance with stringent government regulations associated with emissions. In addition, demand and adoption of electric fans is projected to rise over the 10-year forecast period.
By Cover Type Insights:
The solid type segment is estimated to account for significantly high revenue share in the global market, due to high preference towards solid fans application in the off-road vehicles. The clutch type segment is projected to witness substantially higher growth rate in the market over the next 10 years, due to the advantages offered over other types of fans. Clutch-based fans provide required cooling only when engine is heating beyond the limit which results in higher overall efficiency of the vehicle and reduction in pressure or load on vehicle engine.
By Sales Channel Insights:
The OEM segment is estimated to account for higher revenue share in the market owing to increasing focus of major OEMs to develop and incorporate technologically advanced cooling fans in passenger and heavy vehicles. Rising production and sales of agriculture and construction vehicles is projected to further support OEM segment growth over the 10-year forecast period.
The aftermarket segment is projected to register higher growth rate as off-road vehicles cooling fans are easily available in aftermarket
By Application Insights:
The agriculture segment is estimated record major share in terms of consumption and value in the market and is projected to continue with its dominance over the next 10 years. Increasing demand and adoption of agricultural commodities, rapid economic growth, and rising global population are factors estimated to propel sales of agricultural equipment in the next 10 years, this, in turn, is projected to fuel off-road vehicles cooling fan market growth.
Regional Analysis: Off-Road Vehicles Cooling Fan Market
The Asia Pacific (APAC) off-road vehicles cooling fan market is projected to register the highest growth rate in the global market, driven by rapid development in construction as well as agriculture sectors. The market in North America is estimated to record the highest revenue share in the market and is expected to continue with its dominance over the next 10 years, due to geographic feasibility and mass popularity of off-road vehicles, and rapid urbanization and consequent infrastructure developments, especially in India and China.
Global Off-road Vehicles Cooling Fan Market Segmentation:
Segmentation, by Type:
- Radiator Fan
- Electric Fan
- Mechanical Fan
- HVAC System
Segmentation, by Cover Type:
Segmentation, by Sales Channel:
Segmentation, by Application:
- Construction Vehicle
- Agriculture Vehicle
- Off-road Passenger Vehicle
Segmentation, by Region:
- North America
- Latin America
- Middle East and Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2020 Estimated Year 2021 Forecast Period 2021–2030 Revenue in US$
- Radiator Fan
- AMETEK, Inc.
- DENSO CORPORATION.
- Horton Holding, Inc.
- Multi-Wing America, Inc.
- Sunonwealth Electric Machine Industry Co., Ltd.
- Yili Industrial Group Co., Ltd,
- Bergstrom Climate Control Systems.
- AVID Technology Limited
- Flexxaire Inc.
- TOSHIBA ELECTRONIC DEVICES & STORAGE CORPORATION
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