Automotive Heat Exchanger Market Size to grow by USD 9132.5 million between 2024-2028
According to a research report “ Automotive Heat Exchanger Market” by Application (Passenger cars, LCVs, M and HCVs) Type (Plate bar, Tube fin, Others) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 9132.5 million, at a CAGR of 6.63% during the forecast period. In the rapidly developing economies of India and China, roadways have become the preferred mode of transportation due to the limited availability and effectiveness of rail services for logistics. As a result, commercial vehicles, including heavy-, medium-, and light-duty models, predominantly rely on internal combustion engines for cargo transportation. This trend is particularly significant in China, where the extensive use of these vehicles is a testament to the country's reliance on road transport for both passenger and freight movements. The commercial vehicle segment in these countries remains heavily dependent on IC engines, making the automotive heat exchanger market a significant growth area to cater to the increasing demand for efficient cooling systems in these vehicles..
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By Application, the Passenger cars segment is projected to dominate the market size in 2024
In the automotive industry, Original Equipment Manufacturers (OEMs) are under increasing pressure to enhance engine efficiency and decrease carbon emissions. To meet these demands, there is a growing need for advanced heat exchangers. Currently, OEMs are integrating brazed copper heat exchangers into their passenger cars due to their extended lifespan, which can last up to ten years, and reduced replacement costs. These heat exchangers offer a 35% weight reduction compared to traditional models, as their fins and tubes are manufactured using fewer materials. Furthermore, the heavy lead-based solder used in conventional heat exchangers has been replaced with a minimal amount of light brazing alloy.
By Type, Plate bar segment is expected to hold the largest market size for the year 2024
In the automotive industry, plate bar heat exchangers are renowned for their efficiency and cost-effectiveness. Their design allows for maximum turbulence across the entire heat transfer area, resulting in high heat transfer coefficients and minimal pressure drop. This leads to several advantages for customers, including smaller heat transfer areas, reduced unit size, and in some instances, a decreased need for multiple heat exchangers. The benefits are substantial, as businesses can save on space, invest in smaller pumps, and minimize secondary flow rates. The flexibility and ease of maintenance of plate bar heat exchangers further solidify their value in the automotive sector.
APAC is forecasted to hold the largest market size by region in 2024
The Automotive Heat Exchanger market is experiencing significant growth due to the increasing demand for fuel efficiency and emission reduction in the automotive industry. These components play a crucial role in engine cooling and temperature regulation, making them essential for optimal vehicle performance. Market drivers include stringent emission norms and the rising preference for electric and hybrid vehicles. Key players in this market include Magna International, Cummins Inc., and Danfoss A/S.
The Automotive Heat Exchanger Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Automotive Heat Exchanger market is experiencing significant growth due to the increasing demand for hybrid and electric vehicles (HEVs/EVs). These vehicles generate heat through their electric motors and batteries, requiring efficient heat exchangers to manage the thermal management system. The aftermarket for automotive heat exchangers is also expanding as the lifespan of these components in HEVs/EVs is shorter than in conventional vehicles. Leading manufacturers like Cummins Inc., Danfoss A/S, and Magna International are investing heavily in R&D to develop advanced heat exchangers for HEVs/EVs. Strategic alliances and collaborations are also on the rise, with companies partnering to share technology and resources. The global Automotive Heat Exchanger market is projected to grow at a CAGR of over 7% during the forecast period. The increasing adoption of HEVs/EVs and stringent emission norms are expected to drive market growth. However, the high cost of advanced heat exchangers and the availability of alternative cooling systems may hinder market growth.
Market Research Overview
The Automotive Heat Exchanger Market is witnessing significant growth due to the increasing demand for lightweight materials in vehicle manufacturing, such as Plastic Heat Exchangers and Aluminum Heat Exchangers. These materials help in reducing vehicle weight, thereby improving fuel efficiency and reducing emissions. Emission standards continue to be a major driver for the market, with the need for efficient HVAC Systems, Cabin Heating, Engine Cooling, Air Conditioning Systems, Intercoolers, Fuel Coolers, Transmission Oil Coolers, Charge Air Coolers, Oil Coolers, Evaporators, Condensers, and Radiators. The market for automotive heat exchangers is also being driven by the growing popularity of Hybrid Vehicles and Electric Vehicles, which require advanced thermal management solutions for battery cooling and overall vehicle performance. The aftermarket for automotive heat exchangers is also expected to grow, with strategic alliances and joint ventures between leading manufacturers and suppliers. Key players in the market include Magna International, Cummins Inc., Danfoss, and Valeo. R&D investment and innovation are also crucial factors in the market, with companies focusing on developing more efficient and cost-effective heat exchanger solutions.
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