Name

Tokyo Radiator Manufacturing

Legal name

TOKYO RADIATOR MFG. Co., Ltd.

Website

https://tokyo-radiator.co.jp

Company type

Public

Founded year

1938

Operating status

Operating

Headcount range

501–1,000 employees

Ownership category

akta.pro rank

Product category

Automotive Heat Exchangers and Thermal Management Components

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334), Power Boiler and Heat Exchanger Manufacturing (332410), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Heating Equipment, Except Electric & Warm Air Furnaces (3433)

akta.pro primary industry

Automotive Heat Exchangers Manufacturing (Radiators/Condensers/Evaporators/Heater Cores) (IMACALAC)

akta.pro secondary industries

Commercial Vehicle Cooling, HVAC & Thermal Management Manufacturing (IMACABAN), Passenger Vehicle Thermal, Cooling & HVAC Manufacturing (ICE) (IMACAAAL), Automotive Coolant & Refrigerant Circuit Components (Pumps/Valves/Reservoirs/Expansion Devices) (IMACALAE)

Keywords

• Automotive heat exchangers
• Commercial vehicle radiators
• Construction machinery cooling
• EGR coolers
• Aluminum thermal management

Headquarters

HQ city

Fujisawa

HQ country

Japan

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Heat exchanger components: Sale of aluminum heat exchangers including radiators, intercoolers, EGR coolers, oil coolers, and fuel coolers to commercial vehicle and construction machinery OEMs. Revenue is generated through long-term supply contracts with major Japanese manufacturers, with products designed into specific vehicle platforms.
2. Body components: Sale of body components including fuel tanks, oil pans, vacuum tanks, and SCR tanks to truck and construction machinery manufacturers.
3. Cooling module systems: Integrated cooling module systems combining radiators, intercoolers, and oil coolers with fan airflow optimization for construction and industrial machinery applications.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Tokyo Radiator Manufacturing designs and manufactures aluminum heat exchangers and body components for commercial vehicles and construction machinery. Its core offerings include radiators, intercoolers, EGR coolers, oil coolers, fuel coolers, fuel tanks, oil pans, SCR tanks, and integrated cooling modules. The company supplies these components as a tier-1 OEM supplier to major Japanese truck manufacturers (Isuzu, Mitsubishi Fuso, Hino, UD Trucks) and construction machinery OEMs (Komatsu, Hitachi, Kobelco, Kubota), with products designed into specific vehicle platforms. The portfolio has expanded to include BEV and FCEV radiators to support electrification of commercial vehicles.

Product overview

Tokyo Radiator Manufacturing (東京ラヂエーター製造株式会社) is a manufacturer of heat exchangers and automotive components for commercial vehicles, construction machinery, and industrial equipment. The product portfolio centers on core thermal management components including radiators (for ICE, BEV, and FCEV vehicles), intercoolers, EGR coolers, oil coolers, fuel coolers, cooling modules, fuel tanks, oil pans, and SCR tanks. The company leverages advanced technologies including deep drawing, welding, and aluminum heat exchanger manufacturing to supply lightweight, high-performance, and highly reliable products to truck and construction machinery manufacturers worldwide. The company also offers BEV and FCEV-specific radiators to support the transition to carbon-neutral transportation.

Differentiator

Problem solved

Functional benefit

Products and services

• Radiator (ラジエーター) Lightweight, high-performance, and highly reliable aluminum heat exchangers for small to large commercial vehicles and construction machinery.
• Intercooler (インタークーラー) High-performance and highly reliable intercoolers that contribute to NOx reduction and fuel efficiency improvement in turbocharged engines.
• EGR Cooler (EGRクーラー) High-performance and highly reliable EGR coolers effective in reducing NOx as part of exhaust gas purification systems, available in tube type and inner fin types.
• Fuel Tank (燃料タンク) Fuel tanks made of steel, aluminum, and stainless steel compliant with Japanese, UN-R34, and US regulations for use worldwide.
• Oil Pan (オイルパン)
• Cooling Module (クーリングモジュール) Integrated cooling module systems combining radiators, intercoolers, ATF coolers, and oil coolers optimized for engine, fan, and vehicle layout.
• BEV Electric Truck Radiator Radiators for battery electric vehicles including motor radiators, battery radiators, and modular motor fan systems for electric trucks and construction machinery.
• FCEV Fuel Cell Truck Radiator Large radiators for fuel cell electric vehicles with high heat dissipation capacity, modular radiator and motor fan systems, and low ion elution compatible products.
• SCR Tank Selective catalytic reduction tanks available in stainless steel and resin for exhaust gas purification.
• Oil Cooler (オイルクーラー) Heat exchangers for cooling oil in engines and machinery, including HL fin oil coolers and water cooled oil coolers for diesel engines.
• Fuel Cooler (燃料クーラー) Heat exchangers for cooling fuel in vehicle systems.
• Tokyo Subtank (トーキョーサブタンク) Auxiliary fuel tanks sold through subsidiary Toshin Techno, available in various sizes for commercial and industrial applications.
• PCS Radiator for Large Construction Machinery Power Conversion System radiators for large construction machinery applications.

Quantifiable outcome

• CO2 emissions reduction targets: 20% by FY2025, 35% by FY2030 (vs FY2018 baseline), supporting 2050 carbon neutrality
• +3 more outcomes

Named customers17 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Two partnerships are on record, tiered flagship and core.

• TEAM IMPUL (星野一義氏率いるレーシングチーム)flagshipGTM or Marketing Partner · 1 December 2024Tokyo Radiator Manufacturing (TRS) became the main sponsor of TEAM IMPUL in the SUPER GT GT500 class starting from the 2025 season. The partnership leverages motorsports values of 'challenge, passion, and innovation' to build brand awareness. TRS branding appears on the race car using the TRS acronym. The sponsorship is integrated with shareholder benefits, offering race attendance tickets and branded QUO cards to shareholders holding 1,000+ shares for over one year.
• Marelli Corporation (マレリ株式会社)coreStrategic or Co-development PartnerMarelli is both a major shareholder (12.11% stake as of March 2026) and a technology partnership recipient. TRS received technical assistance from Calsonic (now Marelli) starting December 1994, and became the principal shareholder in March 1997 when Marelli replaced Isuzu Motors as the top shareholder through a third-party share issuance.

Scale indicators13 records

Recent moves10 records

Expansion highlights5 records

Broad incumbents

• Valeo SA: French global automotive supplier with major thermal systems business producing radiators, HVAC, and EV battery cooling. Product categories and EV transition exposure are comparable, but Valeo is a much larger, more diversified incumbent with stronger European OEM penetration.
• Denso Corporation: Japan's largest automotive component supplier with a dominant thermal systems business covering radiators, HVAC, and inverter cooling for ICE and EV. Highly comparable as a Japanese-headquartered thermal management player serving the same OEM customer base, but at significantly greater scale and global footprint.
• Mahle GmbH: German automotive supplier with significant thermal management product lines including radiators, oil coolers, and HVAC. Comparable in product overlap (heat exchangers, oil coolers) and serves many of the same global commercial vehicle and off-highway customers, though as part of a much broader powertrain and filtration portfolio.
• Sogefi SpA: Italian automotive component supplier with filtration and air intake/cooling product lines. Comparable in supplying OEM heat exchange-related components and in serving commercial vehicle customers, but with a broader filtration portfolio rather than a pure thermal management focus.

Direct peers

• Modine Manufacturing: US-based pure-play thermal management manufacturer with deep exposure to commercial vehicles, construction equipment, and off-highway markets. Direct overlap with Tokyo Radiator's heavy-duty truck and construction machinery product portfolio, particularly in radiators and cooling modules.
• Hanon Systems: Korean thermal management specialist serving passenger and commercial vehicle OEMs worldwide. Directly comparable in product categories (radiators, HVAC, EGR coolers) and increasingly in EV thermal management, with similar business model of selling designed-in thermal systems to global OEMs.
• Sanden International: Japanese HVAC and thermal management specialist with focus on automotive air conditioning and heat exchangers. Comparable in heritage and Japanese OEM customer base, though with a stronger passenger-car HVAC focus versus TRS's commercial-vehicle radiator focus.

Regional players

• Wuxi Lihu Auto Parts Co., Ltd. Chinese heat exchanger and radiator manufacturer with overlap in commercial vehicle and passenger vehicle thermal management products. Comparable in core product categories and serves the same Chinese OEM customer base from which TRS draws significant revenue via its Wuxi subsidiary.

Emerging players

• Ningbo Tuopu Group: Chinese automotive component manufacturer expanding into thermal management and heat exchangers for BEV applications. Comparable in heat exchanger and oil pan product categories with focus on rapidly growing Chinese commercial vehicle and EV market, representing a regional and emerging competitive threat.

Others

• Marelli Corporation: Italian-Japanese global automotive supplier and TRS's largest shareholder (12.11%) and technology partner since 1994. Overlapping thermal management and heat exchanger product portfolios and a subset of shared OEM customers, but the relationship is more partnership than head-to-head competition.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCyCKYBBwBMt_92RVsAr1dvA

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tokyo Radiator Manufacturing