Automotive Heat Exchanger Market - Growth, Trends, and Forecast (2020 - 2025)

The Global Automotive Heat Exchanger Market is Segmented by Application (Radiators, Oil Coolers, Intercoolers, Air Conditioning, Exhaust Gas, and Other Applications), Design type (Tube-Fin, Plate-Bar, and Other Design Types), Vehicle Type (Passenger Cars and Commercial Vehicles), Powertrain Type (IC Engine Vehicles, Electric Vehicles, and Other Vehicles), and Geography.

Market Snapshot

Study Period:

2019-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

6 %

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Market Overview

The automotive heat exchanger market is expected to register a CAGR of over 6% during the forecast period 2020-2025.

An automotive heat exchanger is correctly used to transfer heat between two mediums at different temperatures that are in thermal contact with each other. For instance, in an internal combustion engine, the engine coolant flows in a circular motion through the radiator coils, and air flows past these coils to cool the engine. By the end of 2014, the automotive segment had acquired more than a 25% share in the global heat exchanger market.

The automobile industry directly influences the global automotive heat exchanger market. A steady increase in the demand for automobiles is propelling the growth of the global automotive heat exchanger market. In terms of automobile production, the global automobile market produced 95.76 million units in 2018 and is expected to reach around 115 million units by 2021. The creation of passenger and commercial vehicles and the demand for automotive heat exchangers are expected to witness a simultaneous upward trend. Though the European and American markets have recovered itself from the global economic recession, the growth in vehicle production is expected to be mainly be driven by the increased demand from Asia-Pacific and MEA countries.

Scope of the Report

The automotive heat exchanger market is segmented by application (radiators, oil coolers, intercoolers, air conditioning, exhaust gas, and other applications), design type (tube-fin, plate-bar, and other design types), vehicle type (passenger cars and commercial vehicles), and geography (North America, Europe, Asia-Pacific, and Rest of the World).

Application
Radiator
Oil Cooler
Intercooler
Air Conditioning
Exhaust Gas
Other Applications
Design Type
Tube-fin
Plate-bar
Vehicle Type
Passenger Cars
Commercial Vehicles
Powertrain Type
IC Engine Vehicles
Electric Vehicles
Other Vehicles
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Russia
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Rest of the World
Brazil
Argentina
United Arab Emirates
South Africa
Other Countries

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Key Market Trends

Growing Electric Vehicle Sales Boosting the Demand for Heat Exchangers

The sales and the production of the electric vehicles are further expected to witness a phenomenal growth rate with all the countries trying to achieve the zero emission standards. Many major economies around the world are aiming to eliminate the polluting emissions from the vehicles by completely removing the fossil fuel vehicles from the roads. For instance, Norway plans to have 100% zero emission electric powered vehicles on the road by the end of 2025. To make this a possibility, the government is offering many incentives to the customers opting for electric powered vehicles. The customers of electric vehicles are expected to get additional benefits, such as price subsidies, free parking, and tax exemptions, etc., whereas, the buyers of regular cars are being levied heavy taxes. With further incentives from the regulating authorities and the availability of better electric vehicles, the sales are further expected to grow up in the country.

With the country offering many additional incentives to the ZEV’s buyers and the strong motive of the alliance, the share of the electric vehicles is expected to grow rapidly in the United States. Furthermore, rapidly developing economies, such as China and India, have also decided to fight the environmental pollution problems by increasing the number of electric vehicles in the countries. The Government of India has announced that it is planning to achieve 100% ZEV market in the country by the year 2030, which are expected to linearly

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Asia-Pacific is Leading the Heat Exchanger Market

The overall market for heat exchangers in Asia-Pacific is witnessing high industrial growth rate, primarily due to an ever-increasing demand for heat exchangers because of their diverse applications. The demand for automotive heat exchangers in APAC depends on several factors, such as the production and demand for automobiles and the number of vehicles on the road. In the emerging and developing countries of APAC, the demand for automotive heat exchangers is driven by the production of new vehicles. In addition, the automotive heat exchanger manufacturers in the APAC region have started to invest heavily in the lightweight automotive material (such as aluminum), which is expected to enhance the demand for automotive heat exchangers significantly in the region.

  • Demand for passenger cars and LCVs in China are expected to grow during the forecast period, leading to high demand for automotive heat exchanger units in China. The country is home to more than 500 heat exchanger manufacturers, with a huge presence of regional players.
  • Japan is one of the prominent markets in the automotive heat exchanger market in APAC after China. The increased adoption of hybrid and electric vehicles (which uses a greater number of heat exchangers) in Japan is expected to help increase its market share of heat exchangers during the forecast period. Japan is the third largest automobile market in the world, after China and the United States, making it a lucrative market for domestic consumption of heat exchangers.

The increased penetration of passenger vehicles over the last 3 years in the region has driven the growth of the automotive aftermarket, which has helped significantly in the growth of the Asia-Pacific automotive heat exchanger market.

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Competitive Landscape

DENSO Corporation, Hanon System, Valeo SA, MAHLE GmbH, Nippon Light Metal Holdings Co. Ltd, Constellium NV, and Modine Manufacturing are players dominating the heat exchanger market. The market for others is flooded with small players most of which are present in the developing nations such as China, Japan, India, Eastern Europe and North America. The main challenge in this market is the increase in complexity of automotive heat exchangers. The complexity is affecting the profit margin of manufacturers, causing them to produce automotive heat exchangers at low, competitive prices.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Radiator

      2. 5.1.2 Oil Cooler

      3. 5.1.3 Intercooler

      4. 5.1.4 Air Conditioning

      5. 5.1.5 Exhaust Gas

      6. 5.1.6 Other Applications

    2. 5.2 Design Type

      1. 5.2.1 Tube-fin

      2. 5.2.2 Plate-bar

    3. 5.3 Vehicle Type

      1. 5.3.1 Passenger Cars

      2. 5.3.2 Commercial Vehicles

    4. 5.4 Powertrain Type

      1. 5.4.1 IC Engine Vehicles

      2. 5.4.2 Electric Vehicles

      3. 5.4.3 Other Vehicles

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Rest of North America

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Russia

        5. 5.5.2.5 Italy

        6. 5.5.2.6 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 South Korea

        6. 5.5.3.6 Rest of Asia-Pacific

      4. 5.5.4 Rest of the World

        1. 5.5.4.1 Brazil

        2. 5.5.4.2 Argentina

        3. 5.5.4.3 United Arab Emirates

        4. 5.5.4.4 South Africa

        5. 5.5.4.5 Other Countries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 AKG Thermal Systems Inc.

      2. 6.2.2 American Industrial Heat Transfer Inc.

      3. 6.2.3 Banco Products (India) Ltd

      4. 6.2.4 Climetal SL - Heat Exchanger

      5. 6.2.5 Clizen Inc.

      6. 6.2.6 Constellium SE

      7. 6.2.7 DENSO Corporation

      8. 6.2.8 G&M Radiator Mfg Ltd

      9. 6.2.9 Hanon Systems

      10. 6.2.10 MAHLE GmbH

      11. 6.2.11 MODINE MANUFACTURING COMPANY

      12. 6.2.12 Nippon Light Metal Holdings Co. Ltd

      13. 6.2.13 Valeo SA

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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