As the emission standards become more stringent, there will be less and less room for technological improvement in important aspects of emission reduction such as engine combustion and exhaust gas purification. This will enable vehicle manufacturers to study the possibility of emission reduction in other aspects.
The cooling fan is an important part of the vehicle cooling system. The performance of the fan directly affects the heat dissipation effect of the engine, which in turn affects the performance of the engine. If the fan is not selected properly, it will result in insufficient or excessive cooling of the engine, resulting in deterioration of the working environment of the engine, and thus affecting the performance and service life of the engine. In addition, the power consumed by the fan accounts for about 5% to 8% of the engine's output power. In the engine fan section, the ordinary fan assembly is upgraded to a clutch fan assembly to reduce fuel consumption loss and harmful gas emissions caused by insufficient combustion. In the pursuit of environmental protection and low energy consumption, fans have also attracted increasing attention.
The Automotive Industry Has Broad Prospects, Providing Support for the Development of Cooling Fan Systems
In recent years, my country has issued a series of policies to vigorously guide and support the development of the automobile manufacturing industry and encourage the development of "lightweight material applications; the State Council proposed in "Made in China 2025" that it is necessary to master the core technologies of low-carbon and intelligent automobiles. Improve the engineering and industrialization capabilities of core technologies such as power batteries, drive motors, high-efficiency internal combustion engines, advanced transmissions, lightweight materials, and intelligent control, and form a complete industrial system and innovation system from key components to complete vehicles.
At present, the overall development trend of the global automotive industry is good, and it continues to maintain a stable development trend in the medium and long term. According to PwC's forecast, global automotive production will reach 114.7 million vehicles by 2024. After more than 30 years of development, my country's automotive industry is gradually changing from a growth stage. Entered into maturity. In 2019, my country's commercial vehicle output was 4.322 million, and the overall development trend has stabilized. With regard to internal combustion engines, after years of development, my country has developed into a major country in the production and sales of internal combustion engines in the world. The characteristics of individual products of internal combustion engine equipment are gradually upgrading from low power and low unit prices to high power and high unit prices. In addition, benefiting from multiple benefits such as the sustained stability of the domestic economy, the rapid development of the vehicle market, and the increase in global parts procurement, the overall scale of auto parts has developed rapidly.
"China VI" Vehicle Emission Standards Have Paved the Way for Cooling Fan Market Growth
Diesel vehicle exhaust emissions are one of the main sources of air pollutants in China. "China VI" vehicle emission standards put forward strict requirements on exhaust emissions, which is beneficial to the development of the commercial vehicle cooling fan market. Because with the overall advancement of "China VI" vehicle emission standards, all light trucks will be upgraded to clutch fans, and most heavy trucks will be upgraded to electronically controlled clutch fans. The demand for fan assemblies will gradually be transformed into the demand for silicone oil clutch fan assemblies. Some heavy commercial vehicles Will be transformed into the demand for electronically controlled silicon oil clutch fan assembly. We simply calculate that in 2025, the market size of the domestic fan assembly industry is about 104 million yuan, and the clutch fan assembly market size is about 1.912 billion yuan, of which the silicone oil clutch fan assembly scale is about 635 million yuan, and the 5-year CAGR is about 5.8%; The scale of the electronically controlled silicon oil clutch fan assembly is about 1.277 billion yuan, and the 5-year CAGR is about 7.4%.
High Industry Concentration
The global cooling fan industry has grown steadily in scale and concentration. The global cooling fan market is controlled by only 7-8 major players, accounting for more than a quarter of the global market share, mainly represented by the Ebm-Papst, Delta Electronics, Sunonwealth and Nidec Corporation. In China, the commercial vehicle cooling fan industry is currently dominated by domestic leaders and foreign giants, with a relatively concentrated pattern. We estimate CR5 to be 52.4%. In the future, with the implementation of the "China VI" vehicle emission standards, the commercial vehicle cooling fan field will usher in a large-scale product upgrade. Excellent domestic suppliers are expected to take this opportunity to continuously increase their market share.
The domestic commercial vehicle cooling fan industry is led by Xuelong Group, competing with the oligarchs of Warner Shenglong and Dongfeng Mahler. Among them, Xuelong Group is a company that has recently landed on the motherboard, but it is a leading company in automotive engine fan system integration that has been forgotten by the market. Engine cooling fan products have a market share of approximately 35% in the domestic commercial vehicle market. Ranked first, and the unit price of the cooling fan will be greatly increased, actively deploying silicon oil clutches and electronically controlled silicon oil clutches, and has reached a matching with leading car companies. Xuelong Group will significantly benefit from the upgrade of "China VI" vehicle emission standards for commercial vehicles, and the value of the cooling fan system per vehicle can be increased from 100 yuan to 300-1000 yuan.
With the gradual advancement of industrialization and urbanization, the automobile market will maintain a good growth trend in the past few years. At the same time, the certainty of global automobile energy conservation and emission reduction is clear, and auto parts will gradually develop in the direction of intelligence and energy conservation. The cooling fan products will be significantly upgraded on the existing basis to provide a high-quality working environment for the engine while reducing pollution emissions as much as possible. The upgrade of products requires the R&D and investment of enterprises, and relevant enterprises are facing opportunities and challenges at the same time.
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