Automotive Heat Exchanger Market: Competitive landscape, Industry Analysis and Forecast (2023-2029)

Automotive Heat Exchanger Market size was valued at US$ 29.58 Bn. in 2022 and the total revenue is expected to grow at 3.8% of CAGR through 2023 to 2029, reaching nearly US$ 38.40 Bn.
Automotive Heat Exchanger Market Overview:
A heat exchanger is a piece of equipment created to enable heat transfer from one medium to another at various temperatures. Most frequently, these media are composed of two fluids that flow closely together and are separated by a substance with strong heat transmission qualities, frequently metals. The temperatures of the fluids at the heat exchanger's entry serve as a primary identifier of those fluids. As the two fluids go through the heat exchanger, heat is transferred from the hot (warm, in the picture below), the fluid with the greatest initial temperature, to the cold fluid. This causes the hot fluid's temperature to drop and the cold fluid's temperature to rise.

The market for automotive heat exchangers is growing rapidly as a result of the rising production of both commercial and passenger automobiles. Automobiles that are used for passenger transportation are called passenger vehicles, whereas commercial vehicles move a greater number of people for commercial purposes. The increasing volume of automobile manufacturing requires the installation of several automotive components, such as automotive heat exchangers, in each new car, which promotes the expansion of the automotive heat exchanger market. For example, the China Association of Automobile Manufacturers forecasts that in 2022, there would be produced about 21.408 million passenger vehicles, an increase of 7.1% over the previous year. Therefore, the future expansion of the automotive heat exchanger market is expected to be driven by the rising production of commercial and passenger cars. The erratic pricing of raw materials and the difficulty of developing efficient, lightweight heat exchangers are the two main issues restraining the global market for automotive heat exchangers.

The report addresses development policies and plans, manufacturing procedures, and cost structures are also analyzed. Additionally, this report includes data on supply and demand, import/export consumption, cost, price, income, and gross margins.To know about the Research Methodology :- Request Free Sample Report
Automotive Heat Exchanger Market Dynamics:
R&D Investment Remain Integral to Competition

The producers of heat exchangers have made phenomenal progress in the analysis, design, and development through significant R&D expenditures. With significant main competitors establishing partnerships and competing for the same customers, the market appears to be fragmented. However, with new competitors and established players concentrating on vertical integration, the market's fragmentation is expected to grow throughout the forecast period.

Manufacturers are concentrating on creating dependable standards-compliant heat exchangers that are affordable and sustainable. For heat exchanger manufacturers looking to grow their customer base, long-term contracts with OEMs and automakers have been one of their primary emphasis areas. Manufacturers all around the world are adopting various strategies with regard to new product development, joint ventures, and mergers and acquisitions. It would exhibit a wide range of effective and environmentally friendly air conditioning systems for buses and coaches at Expo Foro 2022 in Mexico in March 2022. Thermal management specialist Eberspaecher delivers an all-purpose inline roof-mounted AC system for use in every environment with the fifth version of the AC353. The AC353-5 has a condenser that is optimized and a heat exchanger that is designed better. As a result, the weight, refrigerant (up to 15%), power, fuel, and overall efficiency of the AC system are all significantly reduced. Conflux Technology and GKN Additive is expected to collaborate in the creation of 3D-printed heat exchanger systems in Europe. By exploiting the design flexibility offered by 3D printing, it has been demonstrated that 3D-printed heat exchangers may enhance the cooling of crucial components in the electronics, automotive, and aerospace sectors, among others. GKN Additive has a wealth of experience in high-volume production and additive manufacturing in the automotive, aerospace, and industrial sectors, while Conflux specializes in designing and developing cutting-edge thermal management systems.

Rising demand for turbochargers

The market for automotive heat exchangers is primarily driven by the rising need for turbochargers in autonomous cars. The use of turbochargers in a vehicle results in a variety of benefits, including improved high-altitude performance, fewer emissions, and decreased fuel consumption. For instance, a turbocharged engine can cut fuel consumption and emissions by 2% to 6% compared to a conventional engine, according to Natural Resources Canada (NRC). As a result, the market for automotive heat exchangers would benefit from increased demand for turbochargers in autonomous cars.

Growing demand for EVs boosts the Automotive heat exchanger market

Electric car sales and production are likely to skyrocket as all countries attempt to achieve zero-emission regulations. By eliminating all fossil fuel-powered automobiles from the roadways, several major economies throughout the world want to totally remove the damaging emissions from vehicles. For example, According to a decision made by the Norwegian Parliament, all new vehicles sold by 2025 must have zero (electric or hydrogen) or low (plug-in hybrid) emissions.

Even the Indian government declared its intention to have 100% ZEVs in India by 2030. EV sales are anticipated to expand further internationally with further government incentives and the availability of superior electric vehicles (greater range and less range anxiety). To support the new energy vehicle (NEV) sector, which includes electric vehicles, plug-in hybrid vehicles, and fuel cell vehicles, China's government stated in August 2020 that new automobiles expected to be free from purchase tax until December 2022. For cars to be eligible for subsidies, the government is concentrating on strengthening the standards for driving distance and power output.

Sales in the country are expected to rise with further regulatory incentives and the availability of superior electric automobiles. Additionally, fast-emerging emerging countries like China and India have decided to battle environmental pollution by boosting the number of electric car owners in their original countries. However, as the popularity of electric and hybrid vehicles increases, the need for traditional engine cooling components is expected to disappear. Additionally, the design of advanced and lightweight heat exchangers is expected to become more difficult because electric vehicles use a variety of heat exchangers, including plate-to-plate and liquid-cooled plate exchangers, for cooling and extending battery life. The market for automotive heat exchangers would be directly impacted by the rising number of electric cars.

Emission norms make the heat exchanger market more challenging

The need to minimize NOx has been made more urgent by rising environmental concerns and amounts of CO2 emissions. All around the world, pollution laws have become stricter. automotive. As a result, producers are using innovative techniques to meet the respective governments all across the globe. alterations to the vehicle's dynamics and weight loss to lower emissions. also need green telematics, etc. Currently, automotive OEMs utilize both high-strength steel (HSS) and the chassis of the car may be made lighter overall by using aluminum. EGR and other automotive heat exchanger systems are frequently employed in vehicles to reduce NOx. EGR devices assist in recirculating a manageable fraction of the exhaust gas that is returned to the engine of the vehicle. However, the tightening emission standards could the replacement of the EGR cause EGR systems to be replaced with effective technologies like selective catalytic reduction (SCR). Emission standards have also influenced diesel-powered vehicle sales. The total recent declines in the manufacturing of diesel-powered vehicles and norms are restraining market growth.
Automotive Heat Exchanger Market Segment Analysis:
Based on EV Vehicle Type, the Automotive Heat Exchanger Market is segmented into BEV, PHEV, and HEV. By electric vehicle type, the PHEV segment is expected to grow significantly throughout the forecast period.

During the forecast period, the PHEV market segment is expected to grow at the most significant rate. PHEVs contain rechargeable batteries that can be charged by connecting to external power sources. PHEVs combine features of electric cars with conventional ICE cars. They have a longer electric range than HEVs and don't have the range anxiety that BEVs do.

Due to the existence of an ICE, PHEVs may go further than BEVs. There are two main varieties of PHEVs: series PHEVs and parallel PHEVs. Only the electric motor is linked to the wheels in series PHEVs, and the internal combustion engine (ICE) is utilized to produce power for the electric energy. However, with PHEVs, the ICE and electric motor are linked to the powertrain in parallel.

Demand for PHEVs is expected to rise as a result of tax breaks and incentives offered by various governments, as well as the growing number of charging stations in China, the US, and the UK. For example, the government of Japan offers PHEV subsidies up to USD 8,500. The growth of PHEVs has been aided by tax breaks for car owners, state incentives, charging-based incentives, and significant gasoline price differences in Europe, North America, and the Asia Pacific. According to a recent analysis by MMR Research, the market for plug-in electric cis ars expected to see staggering growth from 2017 to 2022. (PMR). By the end of 2022, the global PHEV market is expected to generate revenues above US$ 20,000 Mn.

Through 2022, Europe is expected to see the fastest growth in the PHEV market. Additionally, the largest market for PHEVs is expected to continue to be Asia-Pacific excluding Japan (APEJ), with sales expected to top US$ 8,000 Mn in revenues by 2022's end. The Middle East & Africa (MEA), on the other hand, is expected to be the least profitable market for PHEVs over the forecast period.Based on Off-highway Vehicle Type, the Automotive Heat Exchanger Market is segmented into agriculture equipment and construction equipment. Construction equipment held the largest market shear in 2022. Construction is a large industry, especially in regions where the government is promoting infrastructure-oriented building through enacting stimulus packages, like the Asia Pacific.

Heat exchangers in construction equipment feature help with flexible suspensions, caterpillar tracks, or big tires with deep, open treads. Tractors, bulldozers, cranes, and other construction and earthmoving equipment are among the examples.

The heat exchangers that are now most frequently utilized in process plants are shell and tube exchangers. The capacity of shell and tube heat exchangers to function in a wide range of operating temperatures and pressures, as well as the availability of codes and standards for design and construction, are the reasons for this type of heat exchanger being high in demand. construction equipment by each type market demand and supply is detailed covered in the report.Plate heat exchangers, integrated shell and tube lube oil coolers, small charge air coolers, and compact radiators for jacket water cooling for the powertrain. These products are made to survive both the heavy-duty cycle and various environmental factors. These products go above and beyond conventional engine cooling responsibilities. heat exchanger technology in partnership with top engine manufacturers to lessen NOx and SOx emissions. These cutting-edge heat exchangers are essential parts for adhering to the most recent pollution laws and drive the heat exchanger industry’s growth

Based on Design Type, the Automotive Heat Exchanger Market is segmented into Plate Bars, Tube Fins, and others. Plate bar-type design held the largest market shear in 2022. The usage of heat exchangers with higher thermal efficiency has become more important in the new era of sustainability due to the increased pressure to conserve energy and lessen overall environmental impacts. The plate heat exchanger might be important in this new circumstance. A plate heat exchanger is a small-scale type of exchanger that transfers heat between two fluids using a series of thin plates. PHE can be made in four different ways: brazed, welded, semi-welded, and gasketed. The plate-and-frame or gasketed plate heat exchanger is primarily made up of several thin, rectangular plates that are held together in a frame and are gasketed around the edges.

Due to their numerous uses in the chemical, petroleum, HVAC, refrigeration, dairy, pharmaceutical, beverage, liquid food, and healthcare industries, plate heat exchangers are in great demand. This is a result of PHEs' distinctive benefits, which include their flexible thermal design (plates can easily be added or removed to meet different heat duty or processing requirements), ease of cleaning to maintain strict hygienic conditions, good temperature control (important in cryogenic applications), and better heat transfer performance.
Automotive Heat Exchanger Market Regional Insights:
The Asia Pacific region dominated the market with a 45 % share in 2022. The automotive heat Exchanger market by region is expected to witness significant growth at a CAGR of xx% through the forecast period. Due largely to an ever-increasing demand for heat exchangers as a result of their numerous uses, the total market for heat exchangers in Asia-Pacific is experiencing significant industrial growth rates. The production, demand, and several cars on the road are only a few of the variables that affect the need for automotive heat exchangers in APAC. The development of new automobiles fuels the need for automotive heat exchangers in APAC's growing and developing countries. Additionally, the APAC region's automotive heat exchanger producers have begun to spend extensively on lightweight automotive materials (such as aluminum), which is expected to greatly increase the region's demand for automotive heat exchangers.

The region's growing use of passenger vehicles over the past three years has driven the growth of the automotive aftermarket, which has significantly helped the development of the automotive heat exchanger industry. During the forecast period, the automotive heat exchanger market in the APAC region is expected to grow more quickly than the market in the Americas. Emerging countries like China and India would be the primary market drivers in the APAC region. As a result of the rising demand for high-end automobiles that employ more heat exchangers, there is also demand for automotive heat exchangers from Japan and South Korea. China is the leading region in the heat exchanger market The automotive heat exchanger market in China is expanding quickly. Since the early 2000s, the country has dramatically grown its share, and it now has the greatest market share in Asia for automotive heat exchangers more than 50%. In China, there is expected o be a strong need for automotive heat exchanger units due to the expected growth in the demand for passenger cars and light commercial vehicles (LCVs). Additionally, there are more than 500 heat exchanger manufacturers in the country.
Competitive Landscape
The Automotive Heat Exchanger Market is relatively developed, with both large and small players present. The automotive heat exchanger market is covered by DENSO Corporation, MAHLE GmbH, Nippon Light Metal Co., Ltd., Valeo, Hanon Systems, and other significant companies. To increase their position in the market, these businesses are concentrating on a variety of growth techniques. For example, To advance the corporate-wide digitization goal and ease the use and use of data, DENSO Corporation stated in July 2020 that it has decided to merge its wholly-owned subsidiary DENSO IT Solutions Inc.

Hanon Systems Corporation (Hanon Systems) stated in December 2020 that it expected to begin providing Volkswagen Group with parts for heat pump systems based on R744 refrigerant (VW). For VW's MEB electric vehicle (EV) platform, the business expected to provide electric compressors, refrigerant valves, heat exchangers, and accumulators. When utilized to heat car interiors in below-freezing temperatures, these components increase a vehicle's energy consumption efficiency. More detail about tire 1 and tire 2 suppliers are covered in the report
Automotive Heat Exchanger Market Scope: Inquire before buying



Automotive Heat Exchanger Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 29.58 Bn.


Forecast Period 2023 to 2029 CAGR:
3.8%
Market Size in 2029:
US $ 38.40 Bn.


 Segments Covered:
by Electric Vehicle Type
1.BEV
2.PHEV
3.HEV


by Off-highway Vehicle Type
1.Agricultural equipment
2.Construction equipment


by Design Type
1.Plate Bar
2.Tube Fin
3.Other



Automotive Heat Exchanger Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Automotive Heat Exchanger Market, Key Players  are:
1. AKG Thermal Systems (US)
2.American Industrial Heat Transfer Inc (US)
3. MODINE MANUFACTURING COMPANY (US)
4.BorgWarner Inc (US)
5. Mishimoto Automotive (US)
6.PWR Corporate (US)
7. Griffin Thermal Products (US)
8.Dana Incorporated (US)
9. Banco Products (India) Ltd (India)
10. SM Auto Engineering Pvt. Ltd. (India)
11. SANDEN CORPORATION (Japan)
13 T.RAD Co., Ltd. (Japan)
14.Calsonic Kansei-Marelli Holdings Co., Ltd. (Japan)
15. NIKKEI HEAT EXCHANGER COMPANY, LTD. (Japan)
16. DENSO Corporation (Japan)
17.Hanon Systems (South Korea)
18.Clizen Inc (South Korea)
19. TYC Brother Industrial Co., Ltd. (Taiwan)
20.G&M Radiator (UK)
21.Senior PLC (UK)
22.MAHLE GmbH (Germany)
23.Valeo SA (France)
24.Constellium SE (France)
25.Nissens Automotive A/S (Denmark)

Frequently Asked Questions:

1] What is an automotive heat exchanger?
Ans. The radiator, located in the middle of a motor vehicle's cooling system, serves as the "heat exchanger" within a car or truck. A radiator is an air-to-liquid type heat exchanger made of materials like copper, brass, and aluminum inside a car.

2] cross-flow heat exchanger?
Ans. Automobile radiators typically use a cross-flow heat exchanger and are composed of aluminum. Typically, air and coolant are the two operating fluids (50-50 mix of water and ethylene glycol). The heat is transmitted from the coolant to the ai when the air passes through the radiator.

3] How many heat exchangers does a car have?
Ans. Modern light vehicles typically contain up to ten different heat exchangers, sometimes more.

4] What are the advantages of heat exchanger?
Ans. Modern heat exchangers' independence from external machinery, such as an air conditioner or an air compressor, is one of its major advantages. As a result, they consume a great deal less energy and emit almost no pollutants as compared to more traditional cooling techniques.

5] What was the market size of the Global Automotive Heat Exchanger Market in 2022?
Ans. The market size of the Automotive Heat Exchanger Market in 2022 was valued at US$ 29.58 Bn.