CAGR: 6.5%Current Market Size: USD 24.6 BillionFastest Growing Region: Europe
Largest Market: APACProjection Time: 2023-2030Base Year: 2022
The global automotive heat exchanger market is expected to grow from USD 24.6 billion in 2022 to USD 40.7 billion by 2030, at a CAGR of 6.5% during the Projection period 2023-2030. The growth of this market is mainly driven owing to the rising demand for electronic vehicles.
Heat exchangers are devices for transferring heat between two or more fluids. Heat exchangers are widely used both in the industrial and domestic sectors. In a heat exchanger, heat is usually transferred through convection between the fluids and through thermal conduction through the wall. Heat exchangers are classified according to their flow patterns, parallel flow, cross flow, and counterflow. In automobiles, heat exchangers remove heat from the mechanical system. Since environmental concerns have increased, as well as the demand for cars with minimal carbon footprints, heat exchangers have become more portable, lighter, and more efficient. For this reason, manufacturers have started manufacturing heat exchangers out of aluminium, a lighter and more efficient material than copper. Further, it is used to cool air conditioners and other vehicle components by keeping the engines and other vehicle components at a constant temperature. This device can be found in the engine bay, exhaust gases, heating, ventilation, and air conditioning applications. Manufacturers are affected by competition from highly efficient substitutes and the complexity of exchanges, which negatively impact their profit margins to manufacture products at low prices.
Sample Request: - Global Automotive Heat Exchanger Market
Market Dynamics:
Drivers:
With an ever-growing population around the world and the majority of them moving to urban areas for better opportunities and living standards, the automotive industry has been shaped significantly by industrialization and urbanization over the past decade. This plays a major role in shaping the automotive industry sector.
Restraints:
Due to the high carbon footprint of the automotive sector, government bodies may take strict regulations and actions to control emissions, which might reduce the adoption of automotive heat exchanger systems. Moreover, new automotive heat exchanger systems are sold and available at higher prices because of their design complexity and high upfront costs.
Opportunities:
Increasing environmental awareness has led to the increased use of electric cars. The increasing popularity of electric vehicles has forced manufacturers of conventional heat exchanger systems to develop effective battery thermal management systems as well as expand their product lines. This factor is expected to create new market opportunities throughout the Projection period.
Challenges:
Since the automotive industry has been growing in demand in the last five years, OEMs have assumed most of the liability for price pressure and warranty costs. As OEMs have begun pushing the liabilities to tier-1 suppliers, which, in turn, have passed them on to component manufacturers, the situation has changed.
Segmentation Analysis:
The global automotive heat exchanger market has been segmented based on EV vehicle type, design type, end-user, and region.
By EV Vehicle Type
The EV vehicle type segment includes HEV, BEV, and PHEV. The PHEV segment led the largest share of the automotive heat exchanger market with a market share of around 39.5% in 2022. In the Projection period, the PHEV market segment is expected to grow the most rapidly. PHEVs use rechargeable batteries that can be recharged by an external power source. The PHEVs are electric cars with conventional internal combustion engines, and they have a longer electric range than HEVs without the range anxiety that BEVs have.
By Design Type
The design type segment includes tube fin, plate bar and others. The plate bar segment led the largest share of the automotive heat exchanger market with a market share of around 41.6% in 2022. In 2021, the plate bar-type design held the largest market share. Since energy conservation and environmental impacts are becoming increasingly important in the new era of sustainability, heat exchangers with higher thermal efficiency have become increasingly important. Heat is transferred between two fluids using a series of thin plates in a plate heat exchanger, a small-scale type of exchanger.
By End-User
The end-user segment includes an oil cooler, radiator, air conditioning, intercooler, exhaust gas, and others. The air conditioning segment led the largest share of the automotive heat exchanger market with a market share of around 28.5% in 2022. During the Projection period, the air conditioning segment is expected to encounter the highest CAGR. Heat exchangers ensure the efficient operation of machines and motors as well as the cooling of homes and buildings.
Global Automotive Heat Exchanger Market - Sales Analysis.
The sale of automotive heat exchangers expanded at a CAGR of 5.9% from 2016 to 2022.
Growing industrial activity in emerging economies is key to boosting demand for automotive heat exchangers. Process and discrete manufacturing operations are expanding in these regions, contributing to the growth of the market.
Through significant R&D expenditures, heat exchanger producers have made incredible progress in analyzing, designing, and developing. The market appears fragmented due to significant main competitors forming partnerships and competing for customers. The fragmentation of the market is expected to increase over the Projection period, as new players and established players seek vertical integration.
Consumers are increasingly turning to connected cars for their various applications and uses. Connected entertainment systems are one such use case, which allows consumers to connect their mobile phones to Internet-connected vehicles, enabling bi-directional communication with other vehicles and mobile devices, creating opportunities for growth in the market.
Thus, owing to the aforementioned factors, the global automotive heat exchanger market is expected to grow at a CAGR of 6.5% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the automotive heat exchanger market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region dominated the automotive heat exchanger market and held a 37.7% share of the market revenue in 2022.
Global Automotive Heat Exchanger Market - Country Analysis:
Germany's automotive heat exchanger market size was valued at USD 2.14 billion in 2022 and is expected to reach USD 3.5 billion by 2030, at a CAGR of 6.6% from 2023 to 2030.
In the Projection period, German automotive heat exchangers are expected to grow strongly, as the German automobile industry is the largest in Europe. As a way to encourage buyers to purchase new energy vehicles, the government plans to increase subsidies for electric and plug-in cars. In the country, the automotive intercooler market is expected to grow due to the growing sales of new energy vehicles as well as gasoline-powered cars.
China’s automotive heat exchanger market size was valued at USD 2.4 billion in 2022 and is expected to reach USD 4.09 billion by 2030, at a CAGR of 6.9% from 2023 to 2030.
The automotive heat exchanger market in China has grown rapidly since the early 2000s, and the country now holds the largest market share of over 50% in the Asian region. China's automotive heat exchanger industry is booming, with more than 500 manufacturers in the country. The country's demand for passenger cars and light commercial vehicles is expected to increase over the Projection period.
India's automotive heat exchanger market size was valued at USD 1.8 billion in 2022 and is expected to reach USD 3.04 billion by 2030, at a CAGR of 6.8% from 2023 to 2030.
India's market is driven by the increase in road congestion and vehicle traffic, which requires driving vehicles at lower gears with higher engine revs (rpm), which causes the engine to heat up more rapidly. Such a scenario would result in the engine overheating, and an automotive heat exchanger could help to reduce the engine heat and increase the engine efficiency.
Key Industry Players Analysis:
To increase their market position in the global automotive heat exchanger market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
6.5% |
Market Size |
24.6 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By EV Vehicle Type, By Design Type, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Senior Plc, MAHLE GmbH, Valeo SA, Southwest Radiator Inc., Nissens Group, Delphi Technologies, Spectra Premium Industries Inc., Granges, Constellium SE, HongDao Automotive Parts Co. Ltd., Vibrant Power Inc., and Conflux Technology Pty Ltd. |
By EV Vehicle Type |
|
By Design Type |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Automotive Heat Exchanger Market by EV Vehicle Type:
Global Automotive Heat Exchanger Market by Design Type:
Global Automotive Heat Exchanger Market by End-User:
Global Automotive Heat Exchanger Market by Region:
Global automotive heat exchanger market is expected to reach USD 40.7 billion by 2030, at a CAGR of 6.5% from 2023 to 2030.
Rapid industrialization and urbanization and rising demand for electric vehicles.
European region will witness more growth in the automotive heat exchanger market.
The segments covered in the automotive heat exchanger market are; EV vehicle type, design type, end-user, and region.
Leading players in the automotive heat exchanger market are Senior Plc, MAHLE GmbH, Valeo SA, Southwest Radiator Inc., Nissens Group, Delphi Technologies, Spectra Premium Industries Inc., Granges, Constellium SE, HongDao Automotive Parts Co. Ltd., Vibrant Power Inc., Conflux Technology Pty Ltd. among others.
List of Table
List of Figures