The global automotive heat exchanger market is thriving due to the rising adoption of electric vehicles and increased vehicle ownership. These factors drive demand for heat exchangers that meet stringent performance and durability standards.
Wilmington, Delaware, United States, Transparency Market Research Inc. -, Aug. 13, 2024 (GLOBE NEWSWIRE) — The global automotive heat exchanger market (자동차 열교환기 시장) stood at US$ 34.2 billion in 2023, and the global market is projected to reach US$ 49.8 billion in 2034. The global automotive heat exchanger market is anticipated to expand at a CAGR of 3.4% between 2024 and 2034.
The global automotive heat exchanger market is experiencing significant growth, driven by the rising adoption of electric vehicles (EVs) and the increasing number of vehicles on the road. Heat exchangers play a crucial role in managing thermal loads and optimizing the performance of automotive powertrains, cooling systems, and HVAC (Heating, Ventilation, and Air Conditioning) systems.
The transition towards electric propulsion systems in vehicles has led to a surge in demand for heat exchangers capable of efficiently managing the thermal loads generated by electric drivetrains, batteries, and power electronics. EVs require effective thermal management to maintain optimal operating temperatures and ensure the longevity and performance of critical components. As a result, heat exchangers are integral components in EV cooling systems, contributing to the overall efficiency and reliability of electric vehicles.
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The growing number of vehicles on the road, coupled with stricter emissions regulations, has fueled the demand for heat exchangers in internal combustion engine (ICE) vehicles. These heat exchangers are essential for dissipating heat generated by the engine, transmission, and exhaust systems, ensuring proper engine cooling and thermal efficiency.
In addition to traditional applications in engine cooling, heat exchangers are increasingly being utilized in advanced automotive systems such as waste heat recovery systems, turbocharger intercoolers, and hybrid powertrains. These systems require efficient heat exchange to maximize energy efficiency and reduce emissions, driving the demand for high-performance heat exchangers with advanced thermal management capabilities.
Key Takeaways of Market Report
- Global automotive heat exchanger market to generate absolute dollar opportunity worth US$ 49.8 billion until 2034.
- Global automotive heat exchanger market is valued at US$ 34.2 billion in 2023.
- Asia Pacific is forecasted to hold the largest market share.
Global Automotive Heat Exchanger Market: Growth Drivers
- The global automotive heat exchanger market is experiencing a surge in revenue, largely propelled by the widespread adoption of electric vehicles (EVs) driven by their cost-effectiveness, environmental sustainability, and advanced mobility features. Norway’s successful promotion of EVs, attributed to generous tax incentives, serves as a notable example, with about two-thirds of new passenger vehicles being fully electric in 2021.
- Rising disposable income and urbanization in emerging economies are boosting vehicle ownership and demand for automotive heat exchangers. Post-pandemic, automobile production is rebounding in key manufacturing hubs like Germany, China, and Japan, contributing significantly to the demand for vehicle thermal exchange systems.
- Germany alone recorded an 11% increase in automobile production in 2022, indicating a rising need for automotive parts, including heat exchangers. This trend underscores the lucrative opportunities for companies operating in the global automotive heat exchanger market.
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Global Automotive Heat Exchanger Market: Regional Landscape
- The automotive heat exchanger market (Markt für Kfz-Wärmetauscher) in Asia Pacific is thriving, fueled by the rise in automobile production in developing countries like China and India. Asia Pacific hosts some of the world’s leading vehicle manufacturers and witnesses substantial sales of both passenger cars and commercial vehicles.
- In 2022, China led commercial vehicle production in the region with around 3.18 million units, followed by Japan with approximately 1.27 million units. The market value in China and Japan is further bolstered by increasing demand for private cars equipped with advanced features, driving the need for high-quality automotive heat exchangers to ensure efficient thermal management and optimal vehicle performance.
Global Automotive Heat Exchanger Market: Key Players
- In 2023, AKG Group introduced a revolutionary automotive heat exchanger design featuring advanced materials and enhanced thermal efficiency. This innovative development offers improved performance and durability, catering to the evolving demands of the automotive industry for more efficient and reliable thermal management solutions.
- In 2023, BANCO Products Ltd. unveiled a next-generation automotive heat exchanger technology designed to optimize energy transfer and reduce fuel consumption in vehicles. This cutting-edge solution promises to enhance vehicle efficiency and sustainability while meeting stringent regulatory requirements for emissions reduction.
Global Automotive Heat Exchanger Market: Segmentation
Component
- Engine Radiator
- Condenser
- Evaporator
- Oil Cooler
- Heater
- Charge Air Cooler
- Exhaust Gas Heat Exchanger
- Battery Cooling System
- Air Conditioner
- Heat Pump
- Others
Design
- Plate Bar
- Tube Fin
- Others
Material
- Aluminum
- Copper
- Others
Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- SUV
- Light Commercial Vehicle
- Heavy Duty Truck
- Bus & Coach
- Off-road Vehicle
- Agriculture Tractor & Equipment
- Construction & Mining Equipment
Sales Channel
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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