The global automotive heat exchanger market is projected to grow from USD 28.9 billion in 2022 to USD 34.3 billion by 2027, with a CAGR of 3.5%. This growth can be attributed to factors such as increased vehicle production and the rising adoption of HVAC systems in off-highway and high-end commercial vehicles. The market also presents favorable opportunities due to advancements in mobility solutions and the growing demand for battery thermal management systems.
By 2027, the Battery Electric Vehicle (BEV) segment is expected to hold the largest market share and outpace the Hybrid Electric Vehicle (HEV) segment in terms of growth. The increasing demand for BEVs is driven by global concerns over emissions reduction. The declining cost of EV batteries, coupled with improved EV range and charging infrastructure, has significantly boosted the demand for BEVs. Major automakers, such as Tesla and Chevrolet, have launched BEVs with long ranges, and advancements in battery and charging technology have further supported BEV sales.
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In the automotive heat exchanger market, the tube fin segment is expected to dominate during the forecast period. Tube fin heat exchangers are widely used in the automotive industry, particularly in car radiators and HVAC systems. These heat exchangers offer high heat transfer rates due to the liquid flowing inside the tubes and the additional heat transfer surface area provided by the finned tubes. The increasing adoption of HVAC systems in developing countries is driving the demand for tube fin heat exchangers.
Europe is expected to hold a significant share of the automotive heat exchanger market by 2027. The region’s high sales volume of passenger cars, particularly premium cars, has increased the demand for thermal management systems and components like automotive heat exchangers. European automakers, such as Volkswagen, Daimler, Renault, and AB Volvo, contribute to the growth of the market. Major players in the European automotive landscape, including Valeo, MAHLE GmbH, and AKG Group, are actively involved in R&D and offer growth opportunities for automotive heat exchangers in the region.
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Key players in the automotive heat exchanger market include Denso Corporation, MAHLE GmbH, Valeo, Hanon Systems, and T.RAD Co., Ltd. These companies possess a strong product portfolio and global distribution networks.
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