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%. Parameters such as steady growth in the motor vehicle production, in conjunction with the rise in demand for HEVs and PHEVs will upsurge the demand for the automotive heat exchangers. Further, rise in demand for battery thermal management systems, coupled with advancements in mobility solutions will create lucrative opportunities for the automotive heat exchanger market. Companies have strong product portfolio that offer automotive heat exchangers such as radiators, oil coolers, condensers, and evaporators, among others. These companies have adopted growth strategies such as partnerships, collaborations, and mergers & acquisitions to gain traction in the global automotive heat exchanger market.
The Asia Pacific region is expected to be the largest market during the forecast period. Asia Pacific is estimated to account for the largest market share by 2027 in terms of volume and value, followed by North America and Europe. Asia Pacific is a major automotive manufacturing hub. During the last decade, vehicle demand has increased significantly due to improving economic conditions and changing demographics. Asia Pacific recorded a total of 40.6 million units of vehicles produced in 2021 as per OICA estimates. The demand for vehicles is estimated to rise further, and as the growth of the automotive heat exchanger market is directly proportional to vehicle production, the demand for automotive heat exchangers is estimated to rise at a significant pace over the forecast period.
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North America region will hold the second largest market size in the automotive heat exchanger market during the forecast period. The North American automotive industry is one of the most advanced in the world. The region is known for innovations, cutting-edge R&D, and technological advancements in vehicles. This is due to the presence of major automobile manufacturers like Ford, General Motors, and Fiat-Chrysler, along with established European and Asian OEMs such as Toyota (Japan), Nissan (Japan), Honda (Japan), Hyundai/Kia (South Korea), BMW (Germany), and Volkswagen (Germany). The high disposable income of end users in the region has led to a rise in demand for vehicles. The North American Free Trade Agreement (NAFTA) has also fostered the growth of the automotive industry in the region as it provides for easy access and entry of automotive goods for neighboring countries. For the market analysis, North America has been segmented into the US, Canada, and Mexico.
The passenger car segment is estimated to account for the largest share in terms of value as well as volume. The passenger car segment is the largest vehicle segment in the global automotive industry and is the most promising market for automotive heat exchangers. The automotive industry has grown rapidly in developing countries such as China and India. Leading automotive manufacturers are increasingly investing in these countries due to the availability of resources and supporting infrastructures such as cheap skilled labor, existing auto-ancillary business, and supporting government policies for production and trade. China is the largest passenger car market in the region. In 2021, for instance, there were around 20 million passenger cars sold in China. This was more than half of that sold (34.5 million) in the whole of Asia Pacific, Oceania, and the Middle East in 2021. Overall, around 58 million passenger cars were sold in 2021, with the whole world’s sales combined. Therefore, the passenger car segment is expected to dominate the automotive heat exchanger market during the forecast period.
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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
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