Market Size of China Automotive Heat Exchanger Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 9.13 Billion |
| Market Size (2029) | USD 11.46 Billion |
| CAGR (2024 - 2029) | 3.85 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Automotive Heat Exchanger Market Analysis
The China Automotive Heat Exchanger Market size is estimated at USD 9.13 billion in 2024, and is expected to reach USD 11.46 billion by 2029, growing at a CAGR of 3.85% during the forecast period (2024-2029).
An automotive heat exchanger is used to transfer heat between two mediums at different temperatures that are in thermal contact with each other. For example, in an internal combustion engine, the coolant flows in a circular motion through the radiator coils, and air flows past these coils to cool the engine. Moreover, the increased adoption of comfort and convenience features such as HVAC systems in the vehicle is one of the major driving factors in the market.
China continues to be the world's largest automobile vehicle market by both annual sales and manufacturing output, with domestic production expected to reach 35 million vehicles by 2025. Based on data from the China Association of Automobile Manufacturers, over 26.9 million vehicles were sold in 2022, an increase of 3.46% from 2021. These increasing domestic sales of motor vehicles are anticipated to boost the Chinese automotive heat exchanger market in the forecast period.
- As these motor vehicle sales are increasing in the country, the heat exchanger market is experiencing rapid growth. The country increased its market share significantly since the early 2000s and today holds the highest market share of more than 30% in automotive heat exchangers in the world and 50% in Asia respectively.
The country is also home to more than 500 heat exchanger manufacturers. The increasing demand for a reduction in the weight of automobiles made original equipment manufacturers replace heavier materials such as iron and steel with lighter materials like plastics and aluminum. This trend is also followed in the automotive heat exchanger market.
Moreover, previous designs and structures of the heat exchanger caused corrosion, decomposition, and settlement of sludge and dust particles. It leads to fouling, which results in reduced heat transfer and restricted throughput, and this leads to higher fuel consumption. Increasing innovation and developments in material science technologies and rising sales of passenger cars and light commercial vehicles in the country are expected to grow the market over the forecast period.
