According to the report, the global off-road vehicles cooling fan market is projected to reach US$ 2.7 Bn by 2026, expanding at a CAGR of 4.82% during the forecast period.
According to the report, the global off-road vehicles cooling fan market is likely to be driven by a range of macroeconomic and industry specific factors. Asia Pacific is expected to be at the forefront of global demand, with the OEM market in the region expanding at a CAGR of 5.41% between 2018 and 2026.
The cooling system in off-road vehicles plays an important role, and the radiator is a major component that keeps the engine cool. A radiator fan ensures air flow through the radiator. Electric radiator fans offer several benefits over mechanical fans, such as better cooling in heavy traffic situations, enhanced fuel-efficiency of the vehicle, and they also help comply with the stringent emission norms. Consequently, demand for electric radiator fan is likely to increase during the forecast period.
The mechanical radiator fan can be further classified into three types: solid, flex and clutch. Solid fans are widely utilised in off-road applications; however, considering the latest trend, clutch type fans are gaining popularity among off-road vehicle manufacturers owing to their advantages over other fan types. Clutch type fans provide cooling when required and hence, they increase the overall efficiency by reducing the load on the engine.
Based on application, the global off-road vehicles cooling fan market has been split into agriculture vehicle and construction vehicle. The agriculture vehicle segment is anticipated to hold a major share of the market during the forecast period.
Increase in demand for agricultural commodities, economic growth, rise in population, and increase in per capita income are likely drive the sales of agricultural equipment during the forecast period, which in turn is anticipated to drive the off-road vehicles cooling fan market during the forecast period. Furthermore, engines incorporated in agriculture vehicles have higher power, which generates considerable heat.
Consequently, demand for cooling fan is likely to increase during the forecast period in order to maintain proper engine temperature and enhance the fuel efficiency of agriculture vehicles.
Cooling fans for off-road vehicles are available in the aftermarket and hence, the aftermarket segment held a major share of the automotive off-road vehicles cooling fan market. It is anticipated to maintain its dominance during the forecast period. Rise in sales of construction and agriculture vehicles is likely to propel the OEM segment during the forecast period.
Continuous innovation by cooling fan manufacturers, in order to enhance fuel-efficiency of off-road vehicles, is projected to boost the OEM segment of the market during the forecast period.
In terms of region, the global off-road vehicles cooling fan market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Population in Asia Pacific is rising along with the increase in purchasing capacity, which in turn is likely to drive the demand for food and agriculture produce during the forecast period.
Aggressive steps taken by government bodies in the field of agriculture and the high rate of adoption of technically advanced agriculture equipment are likely to boost the agriculture vehicle segment of the market in the region during the forecast period.
Road building programs in India and China are a major factor that is currently driving the demand for construction vehicles in these countries.
The “Belt & Road Initiative” by the Government of China to increase the road network across the country, significant investment in infrastructure development, and rapid industrialisation are likely to boost the demand for construction vehicles, which in turn is anticipated to boost the automotive off-road cooling fan market in the country during the forecast period.