The off-road vehicle cooling global market has been witnessing a strong presence of key players who offer diverse product portfolios and have firm establishments. The global market is estimated to grow significantly owing to the formation of strategic collaborations with other manufacturing leaders in off-road vehicles cooling fans. Furthermore, the market is anticipated to be driven by various industry-specific and macro-economic factors. Few of the key players existing in the cooling fan market for off-road vehicles include European Automobile Manufacturers Association, American Automobile Association, d’Automobile (OICA), Organization International des Constructeurs, Factiva, and Automotive Research Association of India among others. Also, several key manufactures of construction and agriculture vehicles are focusing more on stringent regulations formed by government agencies so as to maintain their existing position in the market.
The report offers a detailed analysis on the off-road vehicles cooling fan market at a global level. It further analyzes and forecasts the global market in terms of its size, revenue, and share. The study performed incorporates opportunities and threats on the cooling fans demand in the forecast period. In addition to this, it highlights drivers for the growth of this market. The report published discusses value chain analysis in order to provide a detailed overview of the off-road vehicles cooling fan market globally. In order to understand the competitive mindscape better, Porter’s Five Forces Model was implemented in the report. Primary and secondary research has been used to compile the report information. Data has been taken from sources such as press releases, trade journals, annual reports, and some other relevant documents for market understanding.
According to cover type, the solid segment accounts for the majority of off-road vehicles cooling fan market share as it is cost-effective, easy to install, and low on maintenance. However, clutch fan is also expected to gain more traction amongst off-road automotive manufactures owing to its unique features. As per regions, Asia Pacific is expected to dominate the market owing to the significant expansion of commercial and infrastructure market in India and China.
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The demand for cooling fans in off-road vehicles is driven by rising adoption of technologically improved agricultural equipment. This further results in the increasing sales for agricultural vehicles which is ultimately estimated to drive the cooling fan market of off-road vehicles in the coming years. Rapid industrialization especially in emerging economies is also likely to surge the demand for construction sector. This is further projected to drive the global market for off-road vehicles cooling fan from 2018-2026. Better fuel efficiency, introduction of strict emission norms, and rapid rise in sales of off-road construction and agriculture vehicle are forecasted to augment demand for off-road vehicles fan cooling market. In addition to this, engines integrated in agriculture vehicles are high in power and generate substantial heat. Therefore, demand for cooling fan in these vehicles is anticipated to surge during the upcoming years in order to maintain the fuel efficiency and engine temperature.