Automotive Heat Exchanger Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 23.66 Billion |
| Market Size (2029) | USD 36.06 Billion |
| CAGR (2024 - 2029) | 6.45 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Heat Exchanger Market Analysis
The Automotive Heat Exchanger Market size is estimated at USD 23.66 billion in 2024, and is expected to reach USD 36.06 billion by 2029, growing at a CAGR of 6.45% during the forecast period (2024-2029).
- The COVID-19 pandemic severely impacted the automotive industry across the world in the year 2020. The disruptions in supply chain activities, the interruption in large-scale manufacturing, restrictions on travel, and the declining sales of light vehicles during 2020 hampered the market in focus for the year.
- Over the medium term, increasing production of vehicles and rising demand for passenger vehicles are expected to drive the automotive heat exchanger market. In addition, the rising trend of engine downsizing coupled with advancements in lightweight automotive materials and the rising application of heat exchangers in hybrid and electric vehicles boost demand in the market.
- The rising adoption of electric vehicles has forced traditional heat exchanger systems manufacturers to produce an efficient battery thermal management system and increase their product portfolio. This factor is expected to generate new opportunities for the market during the forecast period. The two major inhibiting factors for the global automotive heat exchanger market are the volatility in the prices of raw materials and the complexity of designing advanced and lightweight heat exchangers.
- The Asia-Pacific region is expected to hold the largest market share in revenue, followed by North America and Europe. Countries such as China and India have witnessed heavy demand and production for passenger vehicles in the Asia-Pacific region. This, in turn, is increasing the application of automotive heat exchangers during the forecast period.
Automotive Heat Exchanger Market Trends
Growing Demand for Electric Vehicles to Boost the Market Growth
- The sales and production of electric vehicles are expected to witness a phenomenal growth rate, with all the countries trying to achieve zero-emission standards. Many major economies worldwide aim to eliminate the polluting emissions from vehicles by completely removing fossil fuel vehicles from the roads.
- For instance, the Norwegian Parliament decided that all new cars sold by 2025 should have zero (electric or hydrogen) or low (plug-in hybrids) emissions. Even the Government of India announced that it plans to achieve 100% zero-emission vehicles (ZEVs) in the country by 2030. With further incentives from authorities and the availability of better electric vehicles (increased range and decreased range anxiety), electric vehicle (EV) sales are further expected to rise globally.
- Governments worldwide have initiated various schemes that encourage a buyer to choose electric vehicles over conventional ones. California ZEV program, which aims at having 1.5 million electric vehicles on the road by 2025, is one initiative promoting the purchase of electric vehicles. Countries like India, China, the United Kingdom, South Korea, France, Germany, Norway, and the Netherlands, are other countries that have various incentives for people willing to buy electric vehicles.
- The Indian electric vehicle (EV) market is estimated to reach INR 50,000 crores (USD 7.09 billion) in India by 2025. A study by Council on Energy, Environment and Water (CEEW) Centre for Energy Finance (CEF) recognized a USD 206 billion opportunity for electric vehicles in India by 2030. This will necessitate a USD 180 billion investment in vehicle manufacturing and charging infrastructure.
- With further incentives from the regulating authorities and the availability of better electric vehicles, sales are further expected to grow in the country. Furthermore, rapidly developing economies, such as China and India, have also decided to fight environmental pollution by increasing the number of electric vehicles in the countries.
- However, the rising demand for electric and hybrid vehicles will eliminate the need for conventional engine cooling components rising complexity associated with designing advanced and lightweight heat exchangers as these various heat exchangers, such as liquid-cooled plate and plate-to-plate, are used in electric vehicles for cooling and improving the battery life. The increasing number of electric vehicles will directly impact the automotive heat exchanger market.
Asia-Pacific Region Anticipated to Lead the Market
- The Asia-Pacific region is expected to witness growth due to an ever-increasing demand for heat exchangers because of their diverse applications. The demand for automotive heat exchangers in Asia-Pacific depends on several 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 automotive heat exchangers is driven by the production of new vehicles.
- In addition, demand for passenger cars and light commercial vehicles (LCVs) across the region is expected to grow during the forecast period, leading to high demand for automotive heat exchanger units in China. The country is home to more than 500 heat exchanger manufacturers, with a huge presence of regional players. Japan is one of the prominent markets in the automotive heat exchanger market in the region after China.
- The increased adoption of hybrid and electric vehicles (which use a greater number of heat exchangers) across major regional countries is expected to help increase its market share of heat exchangers during the forecast period.
- Thus, owing to the above-mentioned trends and instances, the automotive heat exchanger market is expected to hold a significant market share during the forecast period.
Automotive Heat Exchanger Industry Overview
The Automotive Heat Exchanger Market is moderately consolidated as it contains both major and small players. DENSO Corporation., MAHLE GmbH, Nippon Light Metal Co., Ltd., Valeo, Hanon Systems, and other major players covered in the automotive heat exchanger market. These companies are focusing on various growth strategies to strengthen their position in the market.
For instance, in April 2023, Nippon Light Metal Holdings Company, Ltd. announced a consolidation of the Group's automotive components businesses and the establishment of a new company, 'Nikkeikin Aluminum for Mobility Company, Ltd.'
In October 2022, Valeo received orders for its thermal systems for electric vehicles. The Group signed a contract for its Smart Heat Pump with a major Chinese automaker: a novel, ultra-compact, fully integrated smart heat pump module consisting of valves, pumps, and exchangers.
Automotive Heat Exchanger Market Leaders
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Hanon Systems
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DENSO Corporation
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Valeo SA
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MAHLE GmbH
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Nippon Light Metal Holdings Co. Ltd
*Disclaimer: Major Players sorted in no particular order
Automotive Heat Exchanger Market News
- May 2022: Conflux Technology and GKN Additive have announced a collaborative effort to lead the development, design, and production of cutting-edge 3D-printed heat exchanger solutions across Europe. These 3D-printed heat exchangers are proving to be transformative in enhancing the cooling efficiency of critical components in industries such as electronics, automotive, aerospace, and more, thanks to the design freedom afforded by 3D printing technology.
- March 2022: Eberspaecher took the spotlight at Expo Foro 2022 in Mexico, showcasing its extensive range of highly efficient and eco-friendly AC systems for buses and coaches. The fifth-generation AC353 takes center stage, representing an all-purpose inline roof-mounted AC system tailored to function optimally in any climate. Eberspaecher's AC353-5 boasts an optimized condenser and improved heat exchanger design, resulting in significant reductions in weight, refrigerant usage (up to 15%), power consumption, fuel usage, and overall increased AC system efficiency.
Automotive Heat Exchanger Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Passenger Car Sales
4.2 Market Restraints
4.2.1 Rising Cost of Raw Material Used in Heat Exchangers
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value - USD billion)
5.1 Application
5.1.1 Radiator
5.1.2 Oil Cooler
5.1.3 Intercooler
5.1.4 Air Conditioning
5.1.5 Exhaust Gas
5.1.6 Other Applications
5.2 Design Type
5.2.1 Tube-Fin
5.2.2 Plate-Bar
5.2.3 Other Design Types
5.3 Vehicle Type
5.3.1 Passenger Cars
5.3.2 Commercial Vehicles
5.4 Powertrain Type
5.4.1 IC Engine Vehicles
5.4.2 Electric Vehicles
5.4.3 Other Vehicles
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Rest of North America
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Italy
5.5.2.5 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 South Korea
5.5.3.5 Rest of Asia-Pacific
5.5.4 Rest of the World
5.5.4.1 South America
5.5.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 AKG Thermal Systems Inc.
6.2.2 American Industrial Heat Transfer Inc.
6.2.3 Banco Products (India) Ltd
6.2.4 Climetal SL - Heat Exchanger
6.2.5 Constellium SE
6.2.6 DENSO Corporation
6.2.7 G&M Radiator Mfg Ltd
6.2.8 Hanon Systems
6.2.9 MAHLE GmbH
6.2.10 MODINE MANUFACTURING COMPANY
6.2.11 Nippon Light Metal Holdings Co. Ltd
6.2.12 Valeo SA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS**
Automotive Heat Exchanger Industry Segmentation
Automotive heat exchange helps in allowing the transfer of heat from one medium to another at varying temperatures. The two mediums contain fluids that flow to each other but are separated by a metal having good heat transfer properties. The hot liquid transfers heat to the freezing liquid as they both pass through the heat exchanger, thus decreasing the hot liquid's high temperature and raising the cold liquid's warmth.
The automotive heat exchanger market is segmented by application (radiators, oil coolers, intercoolers, air conditioning, exhaust gas, and other applications), design type (tube-fin, plate-bar, and other design types), vehicle type (passenger cars and commercial vehicles), powertrain type (IC engine vehicles, electric vehicles, and other vehicles), and geography (North America, Europe, Asia-Pacific, and Rest of the World).
The report offers market size and forecasts for the Automotive heat exchanger market in value (USD) for all the above segments.
| Application | |
| Radiator | |
| Oil Cooler | |
| Intercooler | |
| Air Conditioning | |
| Exhaust Gas | |
| Other Applications |
| Design Type | |
| Tube-Fin | |
| Plate-Bar | |
| Other Design Types |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Powertrain Type | |
| IC Engine Vehicles | |
| Electric Vehicles | |
| Other Vehicles |
| Geography | |||||||
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Automotive Heat Exchanger Market Research FAQs
How big is the Automotive Heat Exchanger Market?
The Automotive Heat Exchanger Market size is expected to reach USD 23.66 billion in 2024 and grow at a CAGR of 6.45% to reach USD 36.06 billion by 2029.
What is the current Automotive Heat Exchanger Market size?
In 2024, the Automotive Heat Exchanger Market size is expected to reach USD 23.66 billion.
Who are the key players in Automotive Heat Exchanger Market?
Hanon Systems, DENSO Corporation, Valeo SA, MAHLE GmbH and Nippon Light Metal Holdings Co. Ltd are the major companies operating in the Automotive Heat Exchanger Market.
Which is the fastest growing region in Automotive Heat Exchanger Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Automotive Heat Exchanger Market?
In 2024, the Asia-Pacific accounts for the largest market share in Automotive Heat Exchanger Market.
What years does this Automotive Heat Exchanger Market cover, and what was the market size in 2023?
In 2023, the Automotive Heat Exchanger Market size was estimated at USD 22.13 billion. The report covers the Automotive Heat Exchanger Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Automotive Heat Exchanger Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Automotive Heat Exchanger Industry Report
Statistics for the 2024 Automotive Heat Exchanger market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Automotive Heat Exchanger analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
