CHICAGO, June 8, 2022 /PRNewswire/ — According to the new market research report “Automotive Heat Exchanger Market by Propulsion & Component (ICE, EV), Electric Vehicle Type (BEV, PHEV, HEV), Design (Plate Bar, Tube Fin), Vehicle Type, Off-Highway Vehicle Type (Passenger Car, LCV, Truck, Bus) and Region”, published by MarketsandMarkets™, 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%.
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Factors such as growth in vehicle production, paired with increasing adoption of HVAC systems in off-highway and high-end commercial vehicles are expected to augment revenues for the Automotive Heat Exchanger Market. Advancements in mobility solutions, in conjunction with increase in demand for battery thermal management systems will create favorable opportunities for this market.
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BEV segment is estimated to hold the largest market by 2027
The BEV segment is expected to register the fastest growth during the forecast period and surpass the HEV segment by 2027. BEVs have been witnessing an increasing demand due to growing concerns over emission reduction worldwide. Due to the low availability of charging stations and the high cost of EV batteries, BEVs had a low demand around 4-5 years back. However, the demand for BEVs has been rising significantly due to the decreasing cost of EV batteries at a fast and steady rate coupled with increasing EV range and growing EV charging network worldwide. Most top selling EVs in the market in 2021 were BEVs. BEV is an emission-free alternative powered by an electric battery stored with chemical energy. The battery used in a BEV is rechargeable and accounts for approximately 70% of the weight of the vehicle. OEMs are investing significantly in R&D to increase the efficiency of BEVs. Tesla (US) and Chevrolet (US) have launched BEVs with a long range, while several advancements in battery and charging technology have helped improve sales.
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 Dana’s 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.
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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).
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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