According to the latest market research by FMI, the global automotive coolant aftermarket is projected to grow at a CAGR of 4% from 2023 to 2033. The market size is expected to reach approximately USD 894.82 million in 2023 and is anticipated to grow to USD 1,324.55 million by 2033.
The increasing use of automotive coolants is driven by the effective combination of ethylene glycol, propylene glycol, and ethylene, which enhances engine cooling systems’ performance. The market is also benefiting from the ability of automotive coolants to remove pollutants from engine cooling systems. Growth factors include the expanding automobile industry, rising investments, and increasing disposable incomes, all of which support the automotive coolants aftermarket.
Manufacturers are continually introducing innovative brands and products to offer tailored coolant and lubricant solutions to customers. Many global OEMs are investing in the market through joint ventures with established companies or by setting up new production units and improving sales and dealership networks in various countries.
For instance, ExxonMobil announced in December 2021 its plans to increase spending on greenhouse gas reduction programs by USD 15 billion over the next six years, while maintaining controlled capital investments in its leading industry portfolio. Additionally, Chevron Corporation completed its acquisition of Noble Midstream Partners LP in May 2021, making Noble Midstream an indirect, wholly-owned subsidiary of Chevron.
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The passenger vehicle market’s robust demand for e-class vehicles, crossovers, SUVs, and hatchbacks is also positively impacting the automotive coolant aftermarket. The growing preference for private transportation and increasing purchasing power among consumers are driving the market for passenger vehicles and, consequently, the demand for automotive coolants.
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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