The global automotive fan clutch market is anticipated to witness a market value of US$ 11.4 billion in 2023 and is expected to harness a market value of US$ 21 billion by reflecting a CAGR of 6.3% in the forecast period 2023 to 2033. The market for Automotive fan clutch market registered a CAGR of 5.5% in the historical period 2018 to 2022.
Growing inclination towards fuel efficient and noiseless vehicles is expected to propel the automotive fan clutch market during the projected period. Installation of fan clutch in new vehicles as well as from the aftermarket sales is also anticipated to aid in market expansion.
The latest trend in automotive fan clutch market is the use of products with longer durability in service oriented workshops which reduces the replacement factor. Also, surging demand of high-performance racing cars is pushing the manufacturers to develop lightweight and noiseless fan clutches which is helping in market expansion of automotive fan clutches.
The growth is also attributed to advancements in automotive technology coupled with increasing demand for electric vehicles. Rising trend and evolving consumer preference towards manual to semi-automatic or fully-automatic transmission systems are anticipated to positively impact the market growth. Moreover, rising consumer disposable income has proliferated vehicle sales, which is also anticipated to fuel market growth during the forecast period.
The easy availability of low-cost manual transmission clutches against torque converters with automatic transmission is also anticipated to drive the market growth. Customer interest towards more convenient modes of transmission and surging demand for passenger cars in underdeveloped economies is also expected to spur the market demand in the forecast period. Additionally, Original equipment manufacturers (OEM) are focusing on increasing production capacity by introducing new production facilities in order to meet surging demand, which is also expected to drive market growth during the forecast period.
Region wise, Asia-Pacific is anticipated to lead the automotive fan clutch market by accumulating 38% market share by end of the forecast period. The market in this region is also expected to grow with fastest CAGR of 6.1% during the projected period. Factors such as the bulk of car sales in this region and technical breakthroughs, like, dual-clutch transmission systems and automatic and manual transmission systems are responsible for market expansion in this region. In emerging economies like China and India, the growth of the automobile manufacturing industry is pushing the automotive fan clutch market. On the other hand, the adoption of cheaper manual transmission clutches and consumer preference for a comfortable mode of transmission is further contributing in the market expansion.
Other factors like mounting market penetration of premium cars and adoption of convenient powertrain systems in vehicles are creating the demand for the automotive fan clutch market in Asia Pacific. China is projected to overtake the United States as the world’s largest market for premium passenger automobiles, creating huge space for the growth of the automotive fan clutch market during the forecast period.
Likewise, the market in North American is expected to witness second highest growth in automotive fan clutch market during the projected period. This region represents a significant share of sales in the world economy and is expected to grow steadily during the forecast period. The growth is attributed to increased car purchasing in Canada and United States. On the other hand, Europe automotive fan clutch market is driven by factors such as increasing number of car manufacturers in the region.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 11.4 billion |
| Projected Market Value in 2033 | US$ 21 billion |
| Growth Rate (2023 to 2033) | 6.3% CAGR |
Recent developments in technology, mergers, acquisitions, and partnerships within the companies involved in designing automotive fan clutch are anticipated to create lucrative prospects for market growth during the forecast period.
Automotive fan clutch play vital role in the engine cooling system. Generally, this clutches are driven by the water pump and used to maintain or control the fan speed according to the temperature change of the coolant. Fan clutches improves the efficiency of cooling system by draining the engine horsepower.
Automotive Fan Clutches are placed at the rear of a radiator to control fan speed. Recent developments in automotive fan clutches such as electromagnetic fan clutches are having more advantages in terms of efficiency, design, long service life and others.
This automotive fan clutches are expected to grow at a higher growth rate in the forecast period. Automotive Fan Clutches are made by aluminum and cast iron materials. There are different controlling factors including engine oil temperature, AC system temperature, coolant temperature and others for the Automotive Fan Clutches. If fan clutches wont engage properly it could cause failure of the cooling system and radiators in the vehicles
Automotive Fan Clutch market growth is anticipated to get driven predominantly by increasing sales of passenger cars and commercial vehicles. Increasing demand of noiseless and high durable automotive fan clutches is expected to propel the growth of global automotive fan clutch market.
Growing demand of fan clutches from aftermarket sales is anticipated to push the global automotive fan clutch market. Growing aspiration of owning private vehicles is expected to boost the global automotive fan clutch market.
Automotive fan clutches are also used in off-road vehicles, cooling of the engine in off-road vehicles is obligatory. Henceforth, growth in off-road vehicle sales is expected to propel the growth of global automotive fan clutches market.
Automotive Fan Clutches failing to engage or permanent engage is one of the main restraining factor for restraining the global Automotive Fan Clutch market growth. Also up and down in the raw material prices for manufacturing fan clutches might effect on the competitive price offering in the global automotive fan clutches market.
The global automotive fan clutch market is highly dependent on the growth of automotive industry in the forecast period, this might have effect on the growth rate of global automotive fan clutch market.Adoption of automotive electric fan over automotive fan clutches courld hamper the growth of the global automotive fan clutch market.
Collaboration or partnership activities between automobile manufacturer and global fan clutch manufacturer is anticipated to increase automotive fan clutch sales in the global automotive fan clutch market.
In terms of market trends, manufacturers has implemented state-of-art manufacturing techniques with digitalization in the industry having notable effect on the productivity, production cost as well as competitive price offering in the global automotive fan clutch market.
Automotive fan clutch market is expected to behave in similar way as the automobile industry growth. Alternatives on automotive fan clutches is expected to restrain growth of global automotive fan clutch market. Aftermarket sales of fan clutches are expected to hold significant share in the global automotive fan clutch market. Besides it, repetitive failure of fan clutches is expected to switch customers on its alternative.
East Asia is expected to surge at a higher growth rate in the global automotive fan clutch market owing to the prominent growth in automotive industry market in this region. Besides, North America is estimated to show noticeable growth in the forecast period, owing to the high demand of racing cars, passenger and luxury vehicles in the region.
Growing demand of luxury as well as passenger vehicles from GCC countries of Middle East Africa region anticipated to propel the global automotive fan clutch market. Latin America is expected to grow at steady rate in the global automotive fan clutch market.
Some of the key market participants in the global of Automotive Fan Clutch Market, identified across the value chain include:
The research report on the Automotive Fan Clutch Market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The Automotive Fan Clutch Market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, vehicle type, and sales channel.
The global Automotive Fan Clutch Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
With the consideration of different segments contributing in the growth of global automotive fan clutch market electronic controlled fan clutches are expected to grow at a significant CAGR in the forecast period. Owing to the development in automation of automobiles is expected to boost the global automotive fan clutch market.
Besides, thermal fan clutches segment is estimated to rise at moderate growth rate in the forecast period. If we talk about sales channel, aftermarket sales also expected to boost the global automotive fan clutch market exponentially in the forecast period 2021-2031.
Which is due to the competitive price offering and other by aftermarket manufacturers in Mostly in passenger vehicles low load capacity fan clutches are used owing to this the global automotive fan clutch market is anticipated to grow proportionally with rise of global passenger vehicles market.
The global Automotive Fan ClutchMarket can be segmented on the basis of type, sales channeland vehicle type.
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Automotive Fan Clutch Market
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