As per the latest market research conducted by FMI, the global automotive coolant aftermarket is expected to record a CAGR of 4% from 2023 to 2033. In 2023, the market size is projected to reach a valuation of US$ 894.82 million. By 2033, the valuation is anticipated to reach US$ 1.32 Billion.
The efficient combination of ethylene, propylene glycol, and ethylene is predicted to boost the use of automotive coolants, which is likely to have an impact on the market. Also, the industry is growing due to the capacity to clean pollutants out of engine cooling systems. The growth of the automobile industry, the surge in investments, and the rise in disposable income all benefit the automotive coolants aftermarket.
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Manufacturers introduce innovative brands and products to provide customers with customized coolant and lubricant solutions. Several global OEMs are making investments in the nation either through joint ventures with well-established companies or directly after FDI norms have been implemented in setting up their production unit or improving their sales and dealership networks around the nation.
For example, ExxonMobil revealed its finalized company goals in December 2021. These plans call for boosting its spending on programs to reduce greenhouse gas emissions by US$ 15 billion over the following six years while maintaining controlled capital investments in its industry-leading portfolio.
Noble Midstream became an indirect, wholly-owned subsidiary of Chevron when the previously announced acquisition was finalized, it was revealed in May 2021 by Chevron Corporation and Noble Midstream Partners LP.
Also, the passenger vehicle market is being driven by strong demand for e-class, crossovers, SUVs, and hatchbacks, which is likely to have a positive impact on the automotive coolant aftermarket. The market for passenger vehicles is being driven by consumers’ rising preference for private transportation and their increasing purchasing power.
Key Takeaways:
- The automotive coolant aftermarket is anticipated to reach a valuation of US$ 894.82 million in 2023.
- The expanding domestic coolant production can certainly assist coolant manufacturers in meeting the rising coolant demand worldwide. Over the following few years, this is anticipated to fuel the automotive coolant aftermarket.
- The automotive coolant aftermarket is predicted to record a CAGR of 4% through 2033.
- The automotive coolant aftermarket is expected to surpass US$ 55 million by 2033.
Significant Challenges:
- As part of their maintenance plans for vehicles, original equipment manufacturers (OEMs) are increasingly providing coolant products and services. This might lower aftermarket demand for third-party coolant products and services.
- Financial distress and economic downturns can have an effect on vehicle maintenance and sales, which may therefore have an effect on the demand for coolant products and services.
Competitive Background:
The manufacturers are investing in research and development, and are introducing innovative methods to boost production capacity. Product development and market expansion are significant aspects of the automotive coolant aftermarket As a result, market participants are likely to have a better overall revenue share in the global automotive coolant aftermarket.
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Automotive Coolant Aftermarket – Key Segments
Product Type:
- Organic
- Inorganic
- Hybrid
Vehicle Type:
- On-Road Vehicles
- Passenger Cars
- Commercial Vehicles
- Motorcycles & Scooters
- Off Road Vehicles
- Tractors
- Construction Based Vehicles (Loaders, Excavators, Bulldozers, Road Rollers, Mobile Cranes)
- Industrial Vehicles (Towing Tractors, Fork Lift Trucks, UTV Carriers)
Sales Channel:
- Vehicle Service Stations
- Independent Garages
- Authorized Dealers/ Franchise
- Multi-brand Dealers
- Online Sales
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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