Motor Vehicle Radiator Market

The article provides an in-depth look at the projected growth of the global motor vehicle radiator market from 2022 to 2030. With insights into consumption trends, production volumes, import and export data, and key players in the market, this analysis offers valuable information for industry professionals and investors looking to understand the dynamics of the radiator market worldwide.

Market Forecast

Driven by increasing demand for radiators for motor vehicles worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.2% for the period from 2022 to 2030, which is projected to bring the market volume to 929M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $11.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Radiators For Motor Vehicles

In 2022, global consumption of radiators for motor vehicles surged to 845M units, with an increase of 29% compared with 2021 figures. Overall, the total consumption indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +58.1% against 2019 indices. Global consumption peaked in 2022 and is expected to retain growth in the near future.

The global motor vehicle radiator market revenue skyrocketed to $8.7B in 2022, jumping by 22% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (167M units), China (105M units) and Germany (81M units), together comprising 42% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the United States (with a CAGR of +16.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest motor vehicle radiator markets worldwide were China ($1.4B), the United States ($1.4B) and Germany ($717M), with a combined 41% share of the global market.

Germany, with a CAGR of +11.1%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of motor vehicle radiator per capita consumption was registered in Slovakia (12 units per person), followed by Denmark (3.5 units per person), Germany (1 units per person) and the United States (0.5 units per person), while the world average per capita consumption of motor vehicle radiator was estimated at 0.1 units per person.

In Slovakia, motor vehicle radiator per capita consumption contracted by an average annual rate of -3.1% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Denmark (+9.8% per year) and Germany (+14.5% per year).

Production

World Production of Radiators For Motor Vehicles

After two years of growth, production of radiators for motor vehicles decreased by -1.1% to 934M units in 2022. Over the period under review, production, however, enjoyed resilient growth. The growth pace was the most rapid in 2020 with an increase of 32% against the previous year. Global production peaked at 945M units in 2021, and then declined modestly in the following year.

In value terms, motor vehicle radiator production dropped modestly to $8.4B in 2022 estimated in export price. Overall, the total production indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 24% against the previous year. Global production peaked at $11.9B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Production By Country

The country with the largest volume of motor vehicle radiator production was China (392M units), comprising approx. 42% of total volume. Moreover, motor vehicle radiator production in China exceeded the figures recorded by the second-largest producer, Slovakia (77M units), fivefold. The Czech Republic (67M units) ranked third in terms of total production with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China amounted to +8.7%. In the other countries, the average annual rates were as follows: Slovakia (+52.8% per year) and the Czech Republic (+12.7% per year).

Imports

World Imports of Radiators For Motor Vehicles

In 2022, global imports of radiators for motor vehicles surged to 1.1B units, with an increase of 21% against 2021 figures. Over the period under review, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2020 when imports increased by 62% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, motor vehicle radiator imports expanded significantly to $7.4B in 2022. The total import value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 20%. Over the period under review, global imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

Imports By Country

The United States (223M units) and Germany (170M units) represented the major importers of radiators for motor vehicles in 2022, finishing at approx. 20% and 16% of total imports, respectively. China (73M units) ranks next in terms of the total imports with a 6.7% share, followed by the Czech Republic (6%) and Spain (5%). The following importers - Poland (47M units), France (33M units), the UK (30M units), Italy (29M units), the Netherlands (25M units), Mexico (23M units), Hungary (23M units) and Slovakia (22M units) - together made up 21% of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +19.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.2B), Germany ($1.1B) and Mexico ($368M) were the countries with the highest levels of imports in 2022, together comprising 36% of global imports. The Czech Republic, Spain, the UK, China, Poland, France, Italy, Slovakia, Hungary and the Netherlands lagged somewhat behind, together comprising a further 29%.

Slovakia, with a CAGR of +9.4%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average motor vehicle radiator import price amounted to $6.8 per unit, waning by -7.8% against the previous year. In general, the import price saw a pronounced slump. The most prominent rate of growth was recorded in 2021 an increase of 30% against the previous year. Over the period under review, average import prices attained the maximum at $12 per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($16 per unit), while China ($3.4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+26.7%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Radiators For Motor Vehicles

In 2022, after three years of growth, there was decline in overseas shipments of radiators for motor vehicles, when their volume decreased by -0.8% to 1.2B units. In general, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2020 with an increase of 63%. The global exports peaked at 1.2B units in 2021, and then reduced in the following year.

In value terms, motor vehicle radiator exports rose significantly to $7.9B in 2022. The total export value increased at an average annual rate of +1.8% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 23%. The global exports peaked in 2022 and are likely to continue growth in years to come.

Exports By Country

In 2022, China (360M units) represented the key exporter of radiators for motor vehicles, making up 30% of total exports. The Czech Republic (131M units) took the second position in the ranking, followed by the United States (98M units), Poland (95M units) and Germany (95M units). All these countries together took near 35% share of total exports. Spain (43M units), France (35M units), Mexico (32M units), Slovakia (32M units), Sweden (27M units), Romania (27M units), Italy (20M units) and Thailand (18M units) held a minor share of total exports.

Exports from China increased at an average annual rate of +12.4% from 2012 to 2022. At the same time, Slovakia (+17.0%), the Czech Republic (+14.8%), Sweden (+13.5%), Romania (+12.8%), Poland (+10.1%), Thailand (+9.3%), the United States (+8.1%), Spain (+7.7%), Italy (+7.1%), Germany (+5.7%), Mexico (+5.7%) and France (+4.0%) displayed positive paces of growth. Moreover, Slovakia emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.0% from 2012-2022. While the share of China (+8.5 p.p.) and the Czech Republic (+4.6 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of France (-1.7 p.p.) and Germany (-2.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($2.1B) remains the largest motor vehicle radiator supplier worldwide, comprising 26% of global exports. The second position in the ranking was taken by Germany ($931M), with a 12% share of global exports. It was followed by the Czech Republic, with a 6.7% share.

In China, motor vehicle radiator exports expanded at an average annual rate of +7.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (-0.9% per year) and the Czech Republic (+3.6% per year).

Export Prices By Country

The average motor vehicle radiator export price stood at $6.6 per unit in 2022, picking up by 8.9% against the previous year. Overall, the export price, however, showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2014 an increase of 11% against the previous year. As a result, the export price attained the peak level of $15 per unit. From 2015 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($14 per unit), while the Czech Republic ($4 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (-0.1%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform