Fact.MR recently published a report on the automotive antifreeze market, which opines that the market is likely to proliferate at a CAGR of over 5% through 2022. Increasing dependence on automobiles for daily commute and drastic progress of automotive aftermarket are some of the vital aspects having an extensive impact on sales of automotive antifreeze products. Automotive antifreeze products are also used to avoid scale build-up and corrosion issues in case of engines, which in turn are some of the key cornerstones fostering adoption.
“People are increasingly gravitating toward easy-to-use, reliable, and time-saving products for their cars, which is identified as one of the overarching trends favoring adoption of automotive antifreeze products”, Senior Analyst, Fact.MR
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Organic Acid Technology Remains Highly Reliable, Emergence of Modern Vehicles Favor Adoption
Another latest trend also points to the fact that people are actively purchasing automotive antifreeze products for merely topping off rather than flushing and filling their vehicles, having far-reached impact on the overall market growth. Some of the macro-economic factors such as enhancing economic scenario and rising disposable income do have significant influences on the evolving consumer behavior vis-à-vis making a purchase. In response to the elevating demand, manufacturers are vying to offer distinguishable products in line with the contemporary as well as futuristic trends in the automotive antifreeze market.
With the growing demand for automobiles offering optimal performance, the requirement for engine maintenance is also gaining prominence. Subsequently, operational framework of new-age engines at high temperatures puts forth the necessity for efficient coolants, enhancing the visibility for various technology types in the automotive antifreeze market. As per the report, organic acid technology is likely to evolve as a highly-reliable technology with increased adoption in case of the new-age vehicles.
According to the study, the sales of automotive antifreeze products via aftermarket sales channels are projected to be buoyant as compared to OEM channels, with an estimated revenue generation of more than US$ 300 million by 2022 end. Unparalleled access to detailed component assortment in tandem with ease of transactions remains one of the key aspects spurring sales of automotive antifreeze products via aftermarket channels. OEM’s are likely to observe a sluggish growth in the global market space but can scale up with an extended focus on catering specific consumer demands.
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Product Developments and Technological Permutations Hold Significant Prominence
Automotive antifreeze, by virtue of being a not one-size-fits-all product, has to resonate well with the customers in terms of safety and compatibility. Customers, rather than looking for claims such as “recommended” and “compatible with”, are actively looking for a claim saying “approved” as well as name of the vehicle’s manufacturer on the product packaging, which depicts that the automotive antifreeze product has gone through multimodal tests for restoring customer confidence vis-à-vis product efficacy levels.
The automotive antifreeze market is characterized by novel product ameliorations and developments along with introduction of unique features and modalities. Business strategies as such are likely to elevate consumer confidence, which is instrumental in enhancing sales revenue by a considerable margin.
The Fact.MR study offers a detailed opportunity matrix along with compelling intelligence for the players of automotive antifreeze market
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