Automotive Heat Exchanger Market Snapshot 2023 to 2033
The global automotive heat exchanger market is expected to witness a market value of US$ 25.01 billion in 2023 and is expected to accumulate a market value of US$ 44.79 billion by registering a CAGR of 6.0% in the forecast period 2023 to 2033. The market for Automotive Heat Exchanger market registered a CAGR of 3.4% in the historical period 2018 to 2022. Factors such as rise in the adoption of comfort as well as convenient features such as HVAC systems in passenger cars and luxury vehicles, are expected to fuel the growth of the automotive heat exchanger market over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Automotive Heat Exchanger has been flourished. The industrialization as well as urbanization, over a decade have played a significant role in the emergence and growth of the automotive industry. In addition, factors such as the growing population globally, as well as the shift of the majority of the population towards urban areas for better opportunities as well as living standards, are the major factors driving the market growth.
Additionally, stringent government regulations towards vehicle emissions, as well as rise in demand for high-performance, fuel-efficient, and low-emission vehicles are the factors that are thriving the sales of the electric vehicles. Due to the increasing demand for luxurious electric vehicles, the automotive industry has been growing enormously, which in turn is anticipated to stimulate the growth of the automotive heat exchanger market in the near future.
Moreover, the emergence of smart connected automotive is another major factor that is projected to foster the market growth over the analysis period. Further, an upsurge in demand for luxury as well as performance vehicles, and growth in the demand for ADAS vehicles and its subscription model are other factors that are expected to boost the demand for automotive heat exchanger during the forecast period.
On the regional end, the Automotive Heat Exchanger market in Asia Pacific is expected to account for the maximum share during the analysis period, attributed to the factors such as the increased demand for passenger cars in developing countries including India and China. Also, the availability of low-cost labor as well as low-cost production cost are expected to fuel the regional market growth.
On the other hand, the Automotive Heat Exchanger market in North America is expected to hold a significant growth rate over the forecast period, owing to factors such as the increased adoption of PHEV as well as luxury vehicles.
Moreover, the European automotive heat exchanger market is expected to account for a relevant share, and it is expected to grow rapidly during the analysis period, owing to factors including the increased per capita income of consumers, and presence of major market players are anticipated to fuel the market growth in the forthcoming years.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Automotive Heat Exchanger are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, T.RAD Co., Ltd. in March 2022, announced the launch of non-domestic cooling and ventilation equipment (NACE2 2825) in North America. The key feature of such products in the region was to launch its multiple products, for instance, radiator, oil-cooler, inter-cooler, EGR-cooler, evaporator, condenser, water-coils, and recuperator. Through this launch, the company expanded its revenue and its sales in the region.
Subsequently, In March 2022, Sanden Corporation (Sanden), in March 2022, announced to overhaul its production structure, in response to the growing demand for electrified vehicles. The company is expected to consolidate its four heat exchanger plants in Asia in the fiscal year 2022 (ending in March 2023). It will also consolidate its two plants, which produce exhaust pipes for air-conditioning, into one in FY 2022.
Data Points
Key Statistics
Anticipated Value in 2023
US$ 25.01 billion
Expected Value in 2033
US$ 44.79 billion
Growth Rate (2023 to 2033)
CAGR of 6%
An automotive heat exchanger is a device that is designed for the purpose to alienate heat between two mediums at disparate temperatures which are in contact thermally with one another. Automotive Heat Exchanger is also known as coils or air coils because of the round tubing in the internal side.
As in an internal combustion engine, the engine antifreeze is flowing in a circular motion through the coils, and air flows past these coils to cool the engine. Generally, these channels is divided into two liquids that flow in vicinity to each other and are distributed by a material, mostly metals, with good heat alienate properties.
Automotive heat exchanger is basically used in vehicles, in manufacturing and automotive industrial oil coolers. Automotive Heat Exchanger basically can be categorized on the basis of flow that is: parallel flow, counter flow, cross flow.
Additionally it can also be categorized on the basis of its structure: double pipe heat exchanger, plate heat exchanger, shell heat exchanger and tube heat exchanger. Owing to the above mentioned factors, in the coming years, the automotive heat exchanger market is anticipated to witness significant growth.
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Automotive Heat Exchanger Market: DYNAMICS
The demand for automotive heat exchanger has increased substantially due to rise in production of electric vehicles and rising demand for passenger vehicles, and plays vital role in automobile industry and thus is a major driving factor for the automotive heat exchanger market as there is an exponential shift in the buyer’s preference.
Simultaneous increase in awareness of driver safety are driving the market for in commercial and off-highway vehicles.As there is rapid increase in demand for electric and hybrid vehicles which constraints the growth of conventional automotive heat exchangers in vehicles, oil coolers.
Conventional automotive heat exchanger is not used in electric vehicles. In lieu there is a battery thermal management system for battery cooling in conventional automotive heat exchanger.
The global industry is constantly moving toward the use of survivable clean fuels. Oil dependency is huge as a fuel in the transportation system and thus demand for heat exchangers keeps on increasing. More than 65% of the total vehicles use oil as stoke up.
Huge dependency on oil has increased the concerns of economists and environmentalists. Enlarging awareness about environmental concerns has led to the adoption of electric vehicles and increasing acquisition of electric vehicles (automotive heat exchanger) has played the role in the manufacturers of traditional heat exchanger system to develop a well planned battery thermal management system and expand their product holdings.
In terms of operating conditions, shell and tube automotive Heat Exchanger is considered to be the major contributor for the growth of the automotive heat exchanger market. The supporting reason is from the fact that these two is the most efficient.
They find application in different automotive areas such as auto manufacturers, vehicles etc. The automotive heat exchanger are available in both parallel and cross flow. The automotive heat exchanger market has rapidly grown and inclined towards a commercialization matrix over the past few years, as automotive & manufacturing sectors have witnessed larger expansions.
They hold a major growth credit. Moreover, the key players in automotive heat exchanger market have built on collaborations and partnerships which is also their top-notch sustainability strategy.
The complexity of the structure of automotive heat exchanger for various requirements is a major challenge for the automotive heat exchangers which are available in the market. The proliferated usage of these devices across small, medium and large businesses have determined that it is the most crucial equipment in today’s automobile industry to drive energy savings and important factors for calculating the total cost of ownership.
Automotive Heat Exchanger Market: Regional Outlook
By geography, the market can be segmented into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. It is anticipated in the regions of Europe, huge replacement demand for the automotive heat exchangers.
Eastern Europe’s manufacturers are contemplate to observe the regional production to lessen import dependency. Japan and India are estimated to observed notable automotive heat exchanger market stipulate owing to escalating industrial growth.
Commending government inventiveness in these countries to develop thermal energy and solar are expected to drive utilization. Moreover, industry players are sharpening on offshoring their manufacturing facilities in countries such as India, Japan and China owing to low-price production and better labor availability.
Asia Pacific holds the largest market amongst all n the terms of region which is been followed by North America. Germany is the major market of Automotive Heat Exchangers and contributes, plays a huge part in automotive heat exchanger Market in the region because of the major manufacturing industries settled in Germany.
The market of Automotive Heat Exchangers is runted in the regions of Africa, Middle East and Latin America. Nevertheless as increase in the demand in Automobile sector, and growth and investment in it, the market of automotive heat exchanger sector will grow in these regions in the upcoming years.
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Some of the key market participants in the global Automotive Heat Exchange market, identified across the value chain include:
Gunter GmbH & Co. KG
Alfa Laval AB
API Automation
SPX Sealed Power Corporation
Danfoss A/S
SGL Carbon Technic LLC
Tranter Inc. Lmt.
Gesellschaft fur Entstaubungsanlagen Group
Mahle (Gesellschaft mit beschrankter Haftung) Manufacturers
Valeo Automaker Company
Hanon Systems
Dana Incorporated
Denso Corporation
The research report on the Automotive Heat Exchanger market presents a comprehensive assessment, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
The Automotive Heat Exchanger market report also contains projections using a suitable set of assumptions and methodologies. The report provides analysis and information according to market segments such as geography, vehicle type, and sales channel.
The report covers exhaustive analysis on
Automotive Heat Exchanger Market Segments
Automotive Heat Exchanger Market Dynamics
Automotive Heat Exchanger Market Size
New Sales of Automotive Heat Exchanger
Current Trends/Issues/Challenges in the Automotive Heat Exchanger Market
Competition & Companies Involved in Automotive Heat Exchanger
New Technology for Automotive Heat Exchanger
Value Chain of the Automotive Heat Exchanger Market
Regional analysis includes
North America (USA, Canada)
Latin America (Mexico, Brazil)
Western Europe (Germany, Italy, France, UK, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
The global Automotive Heat Exchanger market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
Automotive Heat Exchanger Market: SEGMENTATION
The global automotive heat exchanger market can be segmented on the basis of design type, vehicle Type, structure type, sales channel type and electrical vehicle type.
