Global Automotive Heat Exchanger Market Size By Design Type (Plate Bar, Tube Fin), By Vehicle Type (Passenger Car, Light Commercial Vehicle), By Electric Vehicle (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)), By Off-Highway Vehicle Type (Agricultural Equipment, Construction Equipment), By Application (Radiator, Oil Cooler), By Geographic Scope And Forecast

Automotive Heat Exchanger Market Size And Forecast

Automotive Heat Exchanger Market size was valued at USD 27.7 Billion in 2024 and is projected to reach USD 43.65 Billion by 2031, growing at a CAGR of 6.45% during the forecasted period 2024 to 2031.

The automotive heat exchanger market is booming! Why? Well, we're seeing more and more of these components being used in technical, industrial, and even commercial settings. Plus, fancy HVAC systems are becoming super popular in high-end commercial vehicles (CV) and off-highway vehicles (OHV), which is also fueling growth. People have more money to spend these days, and they're demanding luxury and convenient features in their rides. Want the full scoop? The Global Automotive Heat Exchanger Market report gives you the lowdown. It's a comprehensive look at all the important stuffkey segments, the latest trends, what's driving the market, what's holding it back, who the big players are, and all the other factors making a big difference.

Global Automotive Heat Exchanger Market Definition

A heat exchanger is a system designed to exchange heat from one medium to another at a different temperature. The medium consists of at least two mediums that flow close to each other and are separated by a barrier that may be a material such as metal with good heat transfer properties. The system consists of fluids that are cold and hot. Based on the flow pattern, the heat exchanger is categorized into the parallel flow, cross flow, and counterflow. In automotive, the function of the heat exchanger is to remove heat from the mechanical system.

Today’s heat exchangers are mostly made from aluminum for their lightweight and have very high thermal conductivity. Some automotive heat exchanger includes radiators, oil coolers, and intercoolers. The automotive heat exchanger plays an important role in keeping the temperature of the engine and other vehicle components. Further, it is also used in cooling applications such as air conditioners. This device is utilized in the engine bay, exhaust gas, heating, ventilation, and air conditioning usage.

Global Automotive Heat Exchanger Market Overview

The Global Automotive Heat Exchanger Market is principally driven by an increase in demand for automotive components in engineering industrial and commercial applications. The growing demand for turbochargers in automated vehicles is another major driver for the Automotive Heat Exchanger Market. Exerting turbochargers in the vehicle enables improved high-altitude performance, decreased emissions, and reduced fuel consumption, among others. Besides, expanding industrial activities in developing economies is also boosting the Automotive Heat Exchanger Market.

Manufacturing is getting a serious upgrade thanks to both discrete and process industries expanding across the globe – and that's great for growth! Plus, you're seeing more and more fancy HVAC systems popping up in those high-end commercial vehicles (CV) and off-highway vehicles (OHV), which should really boost the market. People have more money to spend these days, and they're craving those luxury and convenience features in their cars. However, it's not all sunshine and roses. As electric and hybrid vehicles become more popular, we'll need fewer of those old-school engine cooling parts. This means designing advanced and lightweight heat exchangers will become trickier, and those ever-changing raw material prices? They're a real headache that could slow things down during the forecast period.

Nevertheless, rising awareness about environmental concerns has led to the adoption of electric vehicles. Manufacturers of conventional heat exchanger systems have been compelled by the increasing popularity of electric vehicles to develop an effective battery thermal management system and expand their product line. This factor is expected to generate new opportunities for the market during the forecast period.

Global Automotive Heat Exchanger MarketSegmentation Analysis

The Global Automotive Heat Exchanger Market is Segmented on the basis of Design Type, Vehicle Type, Electric Vehicle, Off-Highway Vehicle Type, Application, And Geography.

Automotive Heat Exchanger Market, By Design Type

• Plate Bar
• Tube Fin
• Others

Based on Design Type, The market is bifurcated into Plate Bar, Tube Fin, and Others. The Plate Bar segment is estimated to witness the highest CAGR for the forecast period. The growth of the segment is attributed to a consistent supply of raw materials including EPDM rubber, stainless steel plate & frame, nitrile rubber gasket, and chloroprene rubber.

Automotive Heat Exchanger Market, By Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle

Based on Vehicle Type, the market is bifurcated into Passenger Car, Light Commercial Vehicle, and Heavy Commercial Vehicle. The Passenger Car segment is estimated to witness the highest CAGR for the forecast period. The growth of the segment is attributed to an increase in the production of passenger cars globally, huge demand for premium vehicles and SUVs, and high-performance expectations from personal vehicles.

Automotive Heat Exchanger Market, By Electric Vehicle

• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)

Based on By Electric Vehicle, the market is bifurcated into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-In Hybrid Electric Vehicle (PHEV). The Plug-In Hybrid Electric Vehicle (PHEV)segment is estimated to witness the highest CAGR for the forecast period. Even though the sales of PHEVs are relatively lower than BEVs and HEVs, the notable growth in sales is anticipated to drive the Automotive Heat Exchanger Market in this vehicle segment.

Automotive Heat Exchanger Market, By Off-Highway Vehicle Type

• Agricultural Equipment
• Construction Equipment

Based on Off-Highway Vehicle Type, the market is bifurcated into Agricultural Equipment and Construction Equipment. The Construction Equipment segment is estimated to witness the highest CAGR for the forecast period. The growth of the segment is attributed to the increasing use of heat exchangers in a variety of construction applications.

Automotive Heat Exchanger Market, By Application

• Radiator
• Oil Cooler
• Intercooler
• Air Conditioning
• Exhaust Gas
• Others

Based on Application, the market is bifurcated into Radiator, Oil Cooler, Intercooler, Air Conditioning, Exhaust Gas, and Others. The Air Conditioning segment is estimated to witness the highest CAGR for the forecast period. Heat exchangers not only help in the cooling and heating of homes and buildings but also help machines and motors work more efficiently.

Automotive Heat Exchanger Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on Geography, The Global Automotive Heat Exchanger Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific is expected to be the most comprehensive and fastest-growing market for automotive heat exchangers. Due to cheap production costs and the accessibility of low-cost labor, the Asia Pacific area has recently emerged as a center for the manufacture of automobiles. Thus, compared to the developed markets in Europe and North America, the Asia-Pacific region has experienced significant growth.

Key Players

The “Global Automotive Heat Exchanger Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as AKG Thermal Systems, Inc., American Industrial Heat Transfer, Inc., Banco Products (India) Ltd., Climetal S.L. Heat Exchanger, Clizen Inc., Constellium SE, DENSO Corporation, G&M Radiator Mfg Ltd, Hanon Systems, and MAHLE GmbH. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In February 2021, MAHLE successfully took over Keihin to enhance its product portfolio.
• In May 2021, Global automotive supplier Hanon Systems announced the completion of the acquisition of the condenser business from Keihin Corporation.

Report Scope

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Reasons to Purchase this Report

We'll dive deep into the market, looking at it from both economic and non-economic angles using qualitative and quantitative methods to break it down. You'll get the market value in USD Billion for every little piece of the market. We'll also point out which region and segment is set to explode in growth and take over! Expect a detailed geographic analysis, showing where the product/service is being used most and what's influencing the market in each area. We'll scope out the competition, ranking the big players and highlighting their latest moves - new stuff, partnerships, expansions, and acquisitions from the last five years. For the key players, you'll find detailed company profiles with overviews, insights, product comparisons, and a SWOT analysis. We'll give you our take on where the market is now and where it's headed, considering recent happenings like growth opportunities, drivers, challenges, and restraints in both new and established areas. Plus, we'll give you an in-depth look at the market through Porter's five forces and break down the Value Chain. Finally, we'll cover the market's dynamics and the growth opportunities coming down the line and top it off with 6 months of analyst support after the sale.

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