Global Automotive Heat Exchanger Market Size Share, and COVID-19 Impact Analysis By Design Type (Plate Bar, Tube Fin), By Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle), By Electric Vehicle (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)), By Off-Highway Vehicle Type (Agricultural Equipment, Construction Equipment), By Application (Radiator, Oil Cooler, Intercooler), By Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) Analysis and Forecast 2021 – 2030.Industry: Automotive & Transportation
The Global Automotive Heat Exchanger Market size was valued at USD 22 billion in 2021 and is expected to reach USD 39 billion in 2030 at a CAGR of 7% from 2021 to 2030.
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Due to the rise in demand for automotive components in technical, industrial, and commercial applications, the global automotive heat exchanger market has experienced rapid expansion. Additionally, rising HVAC system use in high-end CV and OHV is anticipated to fuel market expansion. With more disposable income, increased purchasing power, and shifting consumer preferences, there is a greater demand for luxury and convenience features in cars.
An apparatus called a heat exchanger is made to effectively transfer heat from one medium to another at various temperatures. The usage of heat exchangers in the automobile sector, such as SIGMA plate and aluminium heat exchangers, improves the vehicles by, among other things, cooling the machine coolants and running motor test stands. Additionally, heat exchangers offer great performance and increased productivity, both of which favourably affect the development of the worldwide automotive heat exchanger market.
The growth in demand for automotive components in engineering, industrial, and commercial applications is the main factor driving the global automotive heat exchanger market. Another significant factor driving the automotive heat exchanger market is the rising demand for turbochargers in automated vehicles. Improved high altitude performance, lowered pollutants, and decreased fuel consumption are just a few benefits of using turbochargers in cars. Additionally, the Automotive Heat Exchanger Market is benefiting from the expansion of industrial activity in developing nations.
Global manufacturing processes are being advanced by discrete and process businesses in various areas, which aids in encouraging growth. Additionally, rising HVAC system use in high-end CV and OHV is anticipated to fuel market expansion. With more disposable income, increased purchasing power, and shifting consumer preferences, there is a greater demand for luxury and convenience features in cars.
Electric car usage is a result of growing environmental awareness. Manufacturers of conventional heat exchanger systems have been compelled by the increasing popularity of electric vehicles to develop an effective battery thermal management system and expand their product line. Throughout the forecast period, this factor is anticipated to create new opportunities for the market.
Global Automotive Heat Exchanger Market Report Coverage
|Market Size in 2021:||USD 22 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||7%|
|2030 Value Projection:||USD 39 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||220|
|Tables, Charts & Figures:||122|
|Segments covered:||By Design Type, By Vehicle Type, By Electric Vehicle, By Off-Highway Vehicle, By Application, By Region|
|Companies Covered:||AKG Thermal Systems, Inc., American Industrial Heat Transfer, Inc., Banco Products (India) Ltd., Climetal S.L. Heat Exchanger, Clizen Inc., Constellium SE, DENSO Corporation, G&M Radiator Mfg Ltd, Hanon Systems, MAHLE GmbH, Nippon Light Metal, MAHLE GmbH, TRAD Co. Ltd., Valeo.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The demand for conventional engine cooling components will decrease as the number of electric and hybrid vehicles on the road increases. Other factors that are anticipated to restrain market growth during the forecast period include the complexity of designing advanced and lightweight heat exchangers and the rising price volatility of raw materials.
Covid 19 Impact
For the entire year 2020, the COVID-19 pandemic had a significant negative influence on the global automotive industry. The market that was the focus of the year was affected by supply chain disruptions, large-scale industrial interruptions, travel restrictions, and falling light vehicle sales in 2020.
The global automotive heat exchanger market is segmented into Design Type, Vehicle Type, Electric Vehicle, Off-Highway Vehicle Type, Application, and Region.
Global Automotive Heat Exchanger Market, By Design Type
The market is segmented into Plate Bar, Tube Fin, and Others based on design type. For the forecast period, the Plate Bar segment is anticipated to experience the highest CAGR. A steady supply of raw materials, such as EPDM rubber, stainless steel plate and frame, nitrile rubber gasket, and chloroprene rubber, is credited with the segment's expansion.
Global Automotive Heat Exchanger Market, By Vehicle Type
The market is classified into three segments based on vehicle type: passenger cars, light commercial vehicles, and heavy commercial vehicles. The category for passenger cars is anticipated to experience the highest CAGR during the projection period. The rise in global passenger car manufacturing, the enormous demand for luxury automobiles and SUVs, and the demand for high-performance personal vehicles are all factors in the segment's expansion.
Global Automotive Heat Exchanger Market, By Electric Vehicle
Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-In Hybrid Electric Vehicle are the three segments of the market based on Electric Vehicle (PHEV). For the projected period, the Plug-In Hybrid Electric Vehicle (PHEV) sector is anticipated to experience the greatest CAGR. The Automotive Heat Exchanger Market is expected to be driven by PHEV sales, despite the fact that they are currently smaller than those of BEVs and HEVs.
Global Automotive Heat Exchanger Market, By Off-Highway Vehicle
The market is segmented into Agricultural Equipment and Construction Equipment based on Off-Highway Vehicle Type. The market segment for construction equipment is anticipated to experience the greatest CAGR over the forecast period. The increased use of heat exchangers in numerous construction applications is blamed for the segment's growth.
Global Automotive Heat Exchanger Market, By Application
The sector is bifurcated into Radiator, Oil Cooler, Intercooler, Air Conditioning, Exhaust Gas, and others based on Application. The category for air conditioning is anticipated to experience the highest CAGR during the projection period. In addition to aiding in the cooling and heating of houses and buildings, heat exchangers can improve the productivity of machinery and motors.
Global Automotive Heat Exchanger Market, By Region
The Global Automotive Heat Exchanger Market is segmented into four regions based on geography: North America, Europe, Asia Pacific, and the Rest of the World. The largest and fastest-growing market for automotive heat exchangers is anticipated to be in Asia Pacific. Due to cheap production costs and the accessibility of low-cost labour, the Asia Pacific area has recently emerged as a centre for the manufacture of automobiles. Thus, compared to the developed markets in Europe and North America, the Asia Pacific region has experienced significant growth.
Recent Developments in Global Automotive Heat Exchanger Market
- February 2021: Keihin was acquired by MAHLE with success in order to expand its line of products.
- May 2021: Hanon Systems, a leading global supplier to the automobile industry, recently announced the successful acquisition of Keihin Corporation's condenser division.
List of Key Market Players
- AKG Thermal Systems, Inc.
- American Industrial Heat Transfer, Inc.
- Banco Products (India) Ltd.
- Climetal S.L. Heat Exchanger
- Clizen Inc.
- Constellium SE
- DENSO Corporation
- G&M Radiator Mfg Ltd
- Hanon Systems
- MAHLE GmbH
- Nippon Light Metal
- MAHLE GmbH
- TRAD Co. Ltd.
By Design Type
- Plate Bar
- Tube Fin
By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Electric Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV))
By Off-Highway Vehicle Type
- Agricultural Equipment
- Construction Equipment
- Oil Cooler
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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