The global Automotive Heat Exchanger Market is projected to grow from USD 28.9 billion in 2022 to USD 34.3 billion by 2027, at a CAGR of 3.5%. Factors such as revival of automotive industry, along with the increase in demand for hybrid and plug-in hybrid vehicles will boost the demand for the automotive heat exchangers. Increase in demand for battery thermal management systems, in conjunction with advancements in mobility solutions will create new opportunities for this market. Companies operating in the automotive heat exchanger market are focusing on new product development. For instance, in September 2021, MAHLE developed battery cooling system for faster charging of electric vehicles. The company used immersion cooling technology to shorten the charging time for electric car batteries.
EV segment is estimated to account for the fastest-growing market during the forecast period
EV is expected to be the fastest-growing segment by propulsion type during the forecast period. Electric vehicles have witnessed rapid evolution with the ongoing developments in EV-related technologies and batteries. Technological advancements in the EV market include the development of ultra-fast charging, battery swapping, V2V charging, advanced battery technologies, and development of parts like in-wheel motors and e-axles. Many countries around the world provide incentives for EV purchases. The US provides a tax credit reduction of USD 7,500 for BEVs and a variable reduction for PHEV buyers. A Tesla Model 3 gets a reduction of USD 7,500, while a Toyota Prius Prime plug-in hybrid gets a reduction of USD 4,500. The UK also bears around 35% of the cost of an electric car (up to USD 3,600). Similarly, France provides purchase incentives of up to USD 6,900 for buying an EV. This comes with an additional USD 5,000 in case the buyers may want to scrap their old ICE car. China also used to provide incentives for EV buyers, which it plans to discontinue from 2022. Germany provides incentives up to around USD 10,000 for BEVs and USD 7,330 for PHEVs.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=66134431
Tube Fin segment is expected to hold the largest share in the automotive heat exchanger market during the forecast period
The tube fin heat exchanger typically has tubes with fins attached to the outside. In this type of heat exchanger, the heat transfer rate is greater due to the liquid flowing through the inside of the tubes for heat transfer and the additional heat transfer surface area due to the finned tube. Tube fins are the most widely used heat exchangers in the automotive domain. This type of heat exchanger is used in car radiators and condensers and evaporator coils of HVAC systems. The increasing adoption of HVAC systems in developing countries is driving the market for tube fin heat exchangers. In November 2020, Dana Incorporated announced that the new 2021 Land Rover Defender featured Danas latest Spicer AdvanTEK axles, typically designed to deliver improved performance and superior power density. The Defender also features several Dana technologies for engine and thermal management, including gaskets, thermal acoustical protective shielding, and engine oil coolers to support optimum engine performance.
Europe is expected to have significant share in the automotive heat exchanger market in 2027.
Europe is estimated to account for a share of 20.5% of the global automotive heat exchanger market in 2022 and is projected to register a CAGR of 3.0% in terms of value. The region is among the largest markets for passenger cars, particularly premium cars (C segment and above). The high volume of premium car sales can be attributed to the high purchasing power of European buyers. The demand for premium cars has accentuated the need for fewer emissions and lower vehicle weight, which can be achieved with the help of thermal systems and components like automotive heat exchangers. With the increase in the sales of premium cars, the demand for thermal management is expected to continue to increase, thereby driving the European automotive heat exchanger market. Additionally, the presence of OEMs such as Volkswagen (Germany), Daimler (Germany), Renault (France), and AB Volvo (Sweden) offers growth opportunities for automotive heat exchangers in the region. European automotive enterprises also dominate the global automotive landscape, accounting for almost 50% of the R&D spending, led by BMW, Continental, and Daimler. The region also enjoys the presence of major market players such as Valeo (France), MAHLE GmbH (Germany), and AKG Group (Germany).
Key Market Players
The Major Players in Automotive heat exchanger market are Denso Corporation (Japan), MAHLE GmbH (Germany), Valeo (France), Hanon Systems (South Korea), and T.RAD Co., Ltd. (Japan). These companies have strong product portfolio as well as strong distribution networks at the global level
Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=66134431
