Automotive Heat Exchanger Market Forecasts to 2028 – Global Analysis By Type ( (HVAC) Thermal Management, Powertrain Thermal Management), Material Type (Aluminum Type, Copper Type), Design Type (Double Pipe, Plate Bar/Plate and Frame) and By Geography

Automotive Heat Exchanger Market Forecasts to 2028 – Global Analysis By Type ( (HVAC) Thermal Management, Powertrain Thermal Management), Material Type (Aluminum Type, Copper Type), Design Type (Double Pipe, Plate Bar/Plate and Frame) and By Geography

According to Stratistics MRC, the Global Automotive Heat Exchanger Market is accounted for $25.28 billion in 2021 and is expected to reach $45.03 billion by 2028 growing at a CAGR of 8.6% during the forecast period. Automotive heat exchanger is a device designed to efficiently exchange the heat from one medium to another at different temperatures. The two mediums contain fluids that flow to each other but are separated by a metal having good heat transfer properties. Out of the two, one is hot and the other a cold fluid. The hot liquid transfers heat to the freezing liquid as they both pass through the heat exchanger, thus decreasing the high temperature of the hot liquid and raising the warmth of the cold liquid.

Market Dynamics:

Driver:

Rising Acceptance Of The HVAC system

The demand for comfort and convenience functions in vehicles has increased substantially with an increase in disposable income, the rise in purchasing power, and changes in buyer preferences. OEMs are now offering advanced comfort and convenience functions to stay ahead in the competition. Earlier, the HVAC system was offered in premium and mid-segment passenger vehicles. However, it is now a standard function in all passenger cars. Also, the HVAC system is now offered in commercial and off-highway vehicle segments to reduce the number of road accidents. Several governments across the globe have introduced regulations related to the cabin HVAC system. For instance, the Indian government plans to mandate an air conditioning system for the cabin of all commercial vehicles. These regulations and increasing awareness of driver safety are driving the market for the HVAC system in commercial and off-highway vehicles which in turn drive the market growth.

Restraint:

Rising Demand For Electric And Hybrid Vehicles

The increasing focus on the reduction of vehicular emissions and rising demand for fuel-efficient vehicles have compelled OEMs to develop energy-efficient solutions. Carbon dioxide (CO2) regulations for vehicles are likely to tighten across automotive hubs such as the US, China, and Japan during the next decade. While OEMs continue to adopt advanced technologies such as electrification of vehicles, the consumer has also become aware of the impact of vehicle emissions on the environment. Environmental concerns have compelled OEMs to invest in e-mobility. The increasing demand for electric and hybrid vehicles can hamper the growth of the market; electric vehicles do not use conventional automotive heat exchangers. Instead, electric vehicles have a battery thermal management system for battery cooling.

Opportunity:

Battery Thermal Management System

The increasing adoption of electric vehicles has compelled the manufacturers of traditional heat exchanger systems to develop an efficient battery thermal management system and expand their product portfolio. The widespread use of BEVs, HEVs, and PHEVs has led to the adoption of lithium-ion batteries that can store a relatively large amount of energy in a small space. Hence the use of the battery thermal management system creates the opportunity for the market.

Threat:

Forthcoming Emission Norms

Governments across the globe have increased the stringency of emission regulations. However, emission norms do not influence the consumer’s desire to own a vehicle with high performance. Automotive original equipment manufacturers (OEMs) are therefore adopting strategies to comply with the stringent emission norms. The need to reduce emissions from a vehicle has led to changes in vehicle dynamics, weight reduction, green telematics, etc. Also, OEMs are using advanced high-strength steel and aluminum to reduce the total weight of the chassis. EGR system is commonly used in a vehicle for NOx reduction. It helps to recirculate a controllable proportion of the exhaust gas back into the engine. However, increasing stringency of emission regulations may lead to the replacement of the EGR system with a more efficient system such as Selective Catalytic Reduction (SCR). Additionally, emission norms pose a threat to diesel vehicles.

Passenger Car segment is expected to be the largest during the forecast period

The growth of this segment is attributed to the rise in production of passenger cars globally, high demand for premium vehicles and SUVs, high-performance expectations from personal vehicles, and increasing the application of automotive heat exchangers in passenger vehicles. The rise in production of passenger cars globally, high demand for premium vehicles and SUVs, and high-performance expectations from personal vehicles are driving the passenger car segment. Moreover, the global demand for passenger cars is larger than that for commercial vehicles, and it is expected to grow further in the future. Additionally, factors such as the sizeable number of luxury light-duty vehicles in Europe and North America and the increasing demand for these vehicles in the Asia Pacific region are increasing the demand for market.

The Shell and Tube segment is expected to have the highest CAGR during the forecast period

Tube and shell heat exchangers are the most common devices. They are widely used as condensers, steam generators, and oil coolers. They offer a relatively large ratio of heat transfer to weight, volume, and other superior qualities making them the most commonly used devices in verticals such as a chemical. Rising government investments in construction projects and commercial buildings are driving the demand for HVACR equipment, which in turn is expected to boost the demand for tube and shell exchangers.

Region with highest share:

The Asia Pacific is projected to hold the highest market share. The demand for the market in the province depends on numerous factors, such as the production and demand for automobiles and the number of vehicles on the road. In the emerging and developing countries of the region, the demand for the market is driven by the production of new vehicles. Additionally, the manufacturers in the area have started to invest heavily in lightweight automotive material, which is expected to enhance the demand for the market significantly in the province.

Region with highest CAGR:

Europe is projected to have the highest CAGR, owing to recent developments in nuclear & renewable energy sectors and increased replacement demand for heat exchangers. Manufacturers in Eastern Europe are expected to focus on regional production to reduce import dependency. The stringency in the emission norms levied by the European Commission and EPA has brought about a lot of reforms in the manufacturing of automotive components. The revival of the growth of the European automotive industry is a huge propellant in the growth of the market. The increasing demand for premium and luxury passenger vehicles, which have increased usage of heat exchangers, would also help the growth of the market in the forecast period.

Key players in the market:

Some of the key players profiled in the Automotive Heat Exchanger Market include Alfa Laval, American Industrial Heat Transfer, Inc, Calsonic Kansei, Clizen Inc., Constellium, Dana Incorporated, Denso, G&M Radiator, GEA Group, Güntner, Hanon Systems, MAHLE Group, Nippon Light Metal, Sanden Corporation, SGL Carbon, Valeo , Visteon Corporation, Wuxi Guanyun Heat Exchanger Co., Ltd.

Key developments:

In October 2017: Valeo launched a new lineup of heating, ventilation, and air conditioning (HVAC) solutions for electric and hybrid buses and coaches.

In December 2016: Calsonic Kansei launched an EGR cooler that cools down the exhaust gas being returned to the combustion chamber.

In February 2015: Denso announced that it had open a new plant in Cambodia in the Phnom Penh Special Economic Zone for manufacturing magnetos.

Types Covered:
Heating, Ventilation, and Air Conditioning (HVAC) Thermal Management
Powertrain Thermal Management

Material Types Covered:
Aluminum Type
Copper Type

Design Types Covered:
Double Pipe
Plate Bar/Plate and Frame
Shell and Tube
Tube Fin

Flow Types Covered:
Counter Flow
Cross Flow
Parallel Flow

Order Types Covered:
Cooling System
Exhaust Gas Recirculation (EGR) System
Intake System

Off-Highway Vehicle Types Covered:
Agricultural Equipment
Construction Equipment

Powertrain Types Covered:
Battery Electric Vehicles (BEVs)
Electric Vehicles
Fuel Cell Electric Vehicles (FCEV)
Hybrid Electric Vehicles (HEVs)
Internal Combustion Engine (ICE) Vehicles/Conventional Vehicles
Plug-In Hybrid Electric Vehicles (PHEVs)

Vehicle Types Covered:
Light Commercial Vehicle
Heavy Commercial Vehicle
Passenger Car

Applications Covered:
Air Conditioning Systems
Exhaust Gas Heat Exchangers
Intercoolers
Oil Coolers
Radiators

Sales Channels Covered:
Original Equipment Manufacturers (OEM)
Aftermarket

Regions Covered:
North America
US
Canada
Mexico
Europe
Germany
UK
Italy
France
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
South America
Argentina
Brazil
Chile
Rest of South America
Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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