According to the latest market research from Future Market Insights (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 expand to USD 1,324.55 million by 2033.
The rising demand for automotive coolants is fueled by the effective combination of ethylene glycol, propylene glycol, and ethylene, which significantly enhances the performance of engine cooling systems. Additionally, automotive coolants play a vital role in removing pollutants from engine cooling systems. Key growth drivers include the expanding automobile industry, increasing investments, and rising disposable incomes, all of which contribute to the growth of the automotive coolants aftermarket.
Manufacturers are actively introducing innovative brands and products to provide customized coolant and lubricant solutions to their customers. Many global OEMs are investing in the market through joint ventures with established companies or by establishing new production facilities and enhancing their sales and dealership networks across various countries.
For example, ExxonMobil announced in December 2021 its intention to boost 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. In addition, Chevron Corporation completed its acquisition of Noble Midstream Partners LP in May 2021, making Noble Midstream an indirect, wholly-owned subsidiary of Chevron.
The strong demand for passenger vehicles, particularly e-class vehicles, crossovers, SUVs, and hatchbacks, is also positively influencing the automotive coolant aftermarket. The growing preference for private transportation, coupled with increasing purchasing power among consumers, is driving the market for passenger vehicles and, consequently, the demand for automotive coolants.
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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.
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)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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