Automotive Coolant Aftermarket with Current Trends Analysis, 2020-2030| Future Market Insights
Future Market Insights has announced the addition of the “2020 Analysis and Review: Automotive Coolant Aftermarket by Vehicle Type – On-road, Commercial Vehicle, and Off-road for 2020-2030” report to their offering.
The automotive coolant aftermarket is anticipated to grow at a steady 4% CAGR throughout the assessment period (2020-2030). The global outbreak of the coronavirus has had a significant impact on the global automotive coolant aftermarket. In terms of the overall automotive industry, the automotive coolant aftermarket has remained largely resilient to the threat of recession.
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High passenger and commercial parc and the associated requirement for maintenance activity sustains a steady demand for automotive coolant products. On the other hand, drop in sales of new vehicles, and disruptions to supply chains have impacted the production and demand for automotive coolants. Market performance is expected to remain slow through the pandemic, with recovery likely once government restrictions are relaxed.
“The growth of the overall automotive aftermarket and higher consumer awareness associated with engine efficiency and automotive maintenance are influencing factors for industry growth. Higher demand for low-emission vehicles will also aid adoption. Modern coolant products are characterized by low viscosity, superior thermal capacity, anti-corrosive, chemically inert, and non-hazardous materials that increase scope of HVAC applications. These trends will enable a strong recovery post the end of the pandemic,” says the FMI analyst.
Automotive Coolant Aftermarket - Primary Takeaways
Automotive coolants for passenger cars hold major market share owing to high parc. Demand for commercial vehicle applications are gaining ground.
Ethylene glycol-based coolants are highly sought after owing to superior performance parameters. Propylene glycol gains traction as a low-toxicity alternative.
Authorized dealers are the dominant sales channel for automotive coolants in the aftermarket. However, online sales are gaining traction with greater emphasis on DIY trends.
Asia Pacific is a dominant, fast growing market for automotive coolants, with major impetus coming out of China and India.
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Automotive Coolant Aftermarket - Growth Factors
Rising consumer awareness about engine efficiency and automotive maintenance, along with the expansion of the automotive aftermarket is set to drive growth.
The transition from toxic ethylene glycol to safer organic coolant alternatives generate lucrative growth opportunities.
Strict regulations associated with recycling and disposal of coolant materials contributes to development of products.
Rapid advancements in automotive technologies generate requirements for new coolant formulations in the market.
Automotive Coolant Aftermarket - Major Constraints
Physical limitations of automotive coolants in varied environmental situations reduce adoption.
The transition from internal combustion engines to electric engines, reduce the requirement for automotive coolants.
The Projected Impact of COVID-19
The coronavirus outbreak has had a substantial impact on the global economic landscape. Concerns about potential business closures and recession are hitting the automotive coolant market. Registrations of new vehicles are on the decline. In addition, lockdown orders have restricted the number of vehicles running on roads. These factors will restrict the growth of the automotive coolant aftermarket through the end of the pandemic.
On the other hand, analysts are positive about the rate of recovery for the aftermarket once the pandemic is brought under control. Also, automotive coolant manufacturers are pushing governments to designate their business as essential, which will help in partially mitigating losses during the crisis period.
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The automotive coolant aftermarket comprises players including but not limited to BP plc, ExxonMobil Corp., Valvoline Inc., and Royal Dutch Shell plc. Aftermarket players are seeking better product differentiation with improvements in performance parameters in new formulations. In addition manufacturers are also focusing on optimizing promotional and marketing strategies.
For instance, Castrol has unveiled a new program to provide free coolant to consumers in the industrial sector, as a COVID-19 strategy. On a similar note, Valvoline entered into a partnership with Sevilla FC as a part of its brand promotional campaign.
More About the Study
The FMI study provides detailed insights on automotive coolant aftermarket. The market is broken down in terms of product type (organic, inorganic, and hybrid), vehicle type (on-road vehicles and off-road vehicles ), and sales channel (vehicle service stations, independent garages, authorized dealers, multi-brand dealers, and online sales), across six key regions (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 88999426