Latest News- Automotive Heat Exchanger Market: Passenger cars is expected to lead the Application segment during 2024-2028

The Automotive Heat Exchanger Market is being driven by Heavy dependence on IC engines for mobility in emerging countries

The Automotive Heat Exchanger Market is expected to grow at a CAGR of 6.63% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9132.5 million. In the automotive industry, an efficient heat exchanger plays a crucial role in maintaining engine performance and longevity. With the trend towards downsized engines producing more power from smaller displacements, these engines generate increased heat. Consequently, a high-performing heat exchanger is essential to dissipate heat effectively and efficiently. The automotive cooling system comprises several components, including a radiator, water pump, electric cooling fan, radiator pressure cap, and thermostat. Among these, the radiator is the primary heat exchanger, facilitating the circulation of coolant around the engine cylinder to absorb and dissipate excess heat. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Passenger cars
  • LCVs
  • M and HCVs
• Type
  • Plate bar
  • Tube fin
  • Radiators
  • Intercoolers
  • Oil Coolers
  • Condensers
  • Evaporators
• Material
  • Aluminum
  • Copper
  • Stainless Steel
• Sales Channel
  • OEM
  • Aftermarket
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
    • Canada
  • Europe
    • France
    • Germany
    • Italy
    • UK
  • South America
    • Argentina
    • Brazil
  • Middle East and Africa
    • Egypt
    • KSA
    • Oman
    • UAE

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Heavy dependence on IC engines for mobility in emerging countries
• Increasing sales of passenger cars
• Increasing government regulations for adoption of efficient HVAC in vehicles

However, the market also witnesses some limitations, which are as follows:

• Gradual increase in annual wages leading to declining profit margins
• Rise in demand for EVs
• Stringent government regulations for owning and using passenger cars are restricting the sales volume of passenger cars

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Market Scope in Automotive Heat Exchanger Market Research Report

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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 global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers of automotive components and equipment. Key growth drivers for this market include the rising demand for electronic components in automobiles, such as electronic control units (ECUs), due to the increasing sales of EVs, motorcycles, and PCs over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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