(MENAFN- PR Newswire)
NEW YORK, July 3, 2024 /PRNewswire/ -- The global automotive heat exchanger market
size is estimated to grow by USD 9.13 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 6.63%
during the forecast period.
Heavy dependence on IC engines for mobility in emerging countries is driving market growth, with a trend towards increase in demand for lightweight and compact heat exchangers. However, gradual increase in annual wages leading to declining profit margins
poses a challenge. Key market players include Alfa Laval AB, API Heat Transfer Inc., Be Cool Radiators, Clizen Inc., Conflux Technology Pty Ltd., Constellium SE, BorgWarner Inc., Granges AB, Haugg Kuhlerfabrik GmbH, Hisaka Works Ltd., HongDao Automotive Parts Co. Ltd., MAHLE GmbH, Modine Manufacturing Co., Nissens Group, Senior Plc, Southwest Radiator Inc., Spectra Premium Industries Inc., Valeo SA, Vibrant Power Inc., and Vikas Group.
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Technavio has announced its latest market research report titled Global automotive heat exchanger market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies
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| Forecast period |
2024-2028 |
| Base Year |
2023 |
| Historic Data |
2018 - 2022 |
| Segment Covered |
Application (Passenger cars, LCVs, and M and HCVs), Type (Plate bar, Tube fin, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa) |
| Region Covered |
APAC, North America, Europe, South America, and Middle East and Africa |
| Key companies profiled |
Alfa Laval AB, API Heat Transfer Inc., Be Cool Radiators, Clizen Inc., Conflux Technology Pty Ltd., Constellium SE, BorgWarner Inc., Granges AB, Haugg Kuhlerfabrik GmbH, Hisaka Works Ltd., HongDao Automotive Parts Co. Ltd., MAHLE GmbH, Modine Manufacturing Co., Nissens Group, Senior Plc, Southwest Radiator Inc., Spectra Premium Industries Inc., Valeo SA, Vibrant Power Inc., and Vikas Group |
Key Market Trends Fueling Growth
The automotive heat exchanger market is driven by the need for efficient cooling systems in downsized engines. Radiators, a key component of cooling systems, are in high demand due to their role in dissipating excess heat. OEMs face the challenge of reducing radiator size while maintaining cooling efficiency. DENSO, for instance, reduced radiator weight by 40% through size reduction and compact design. The market sees growing demand for lightweight, compact radiators that offer comparable performance to conventional radiators.
The Automotive Heat Exchanger market is experiencing significant growth due to increasing demand for advanced cooling systems in vehicles. Manufacturers are focusing on Radiators, Condensers, Intercoolers, and Heater Cores to enhance vehicle performance and fuel efficiency. Key players are investing in research and development to introduce innovative products like Hybrid Vehicles and Electric Vehicles that require efficient cooling systems. Additionally, the use of lightweight materials and advanced technologies is trending in the market to reduce vehicle weight and improve cooling efficiency. Overall, the Automotive Heat Exchanger market is expected to grow steadily in the coming years.
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Market
Challenges
The automotive heat exchanger market has faced increasing production costs due to wage hikes in low-cost countries like China and Taiwan. This trend, driven by rising labor costs and worker attrition, has led manufacturers to explore new ways to maintain profitability. Regulations on labor conduct and environmental requirements further add to the challenges. As a result, annual wage increases are expected to negatively impact market profitability.
The Automotive Heat Exchanger market faces several challenges. These include the need for lighter and more efficient designs to reduce vehicle weight and improve fuel economy. Cooling systems must also meet stringent emission standards while maintaining optimal engine performance. Additionally, the increasing popularity of electric and hybrid vehicles presents new challenges for heat exchanger technology, as these vehicles require unique cooling solutions. Furthermore, the cost of raw materials and manufacturing processes can impact the profitability of heat exchanger manufacturers. Lastly, the rapid advancement of technology and consumer preferences necessitates continuous innovation and improvement in heat exchanger design and functionality.
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Segment Overview
This automotive heat exchanger market report extensively covers market segmentation by
Application
1.1 Passenger cars
1.2 LCVs
1.3 M and HCVs
Type
2.1 Plate bar
2.2 Tube fin
2.3 Others
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 South America
3.5 Middle East and Africa
1.1
Passenger cars-
The automotive heat exchanger market is experiencing growth due to OEMs' focus on improving engine efficiency and reducing carbon emissions. Advanced heat exchangers, such as brazed copper ones, are in demand. These heat exchangers have longer lifespans, are lighter, and use less material. Companies like DENSO, Valeo, and Mahle are manufacturing smaller, lighter heat exchangers with enhanced cooling features. HVAC systems, which require heat exchangers, are increasingly used in vehicles due to the demand for comfort. In China, stricter emission norms are driving the market, with international manufacturers dominating sales. The challenge is the rise of electric vehicles, but government incentives and emission norms continue to drive demand for heat exchangers.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 - 2022)
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Research Analysis
The Automotive Heat Exchanger market is experiencing significant growth due to the increasing demand for advanced cooling systems in both conventional and alternative fuel vehicles. The leading manufacturers are investing heavily in Research and Development (R&D) to innovate and improve the efficiency of heat exchangers. Strategic alliances and collaborations are also common in the industry to expand product offerings and enhance technological capabilities. The aftermarket segment is also gaining traction as vehicle owners seek to maintain the performance and longevity of their cooling systems. The shift towards Electric Vehicles (EVs) and Hybrid Vehicles (HVs) is driving the demand for new heat exchanger technologies to manage the unique cooling requirements of these vehicles. Overall, the Automotive Heat Exchanger market is poised for continued growth and innovation in the coming years.
Market Research Overview
The Automotive Heat Exchanger market encompasses the production and distribution of heat exchangers utilized in the automotive industry. These components are essential for vehicle cooling systems, enabling efficient engine performance and passenger comfort. Manufacturers produce various types of heat exchangers, including radiators, charge air coolers, oil coolers, and transmission coolers. Strategic locations and advanced technologies are key factors driving the industry's growth. The market also caters to electric and hybrid vehicles, integrating heat exchangers for battery cooling. Additionally, the increasing demand for fuel efficiency and stringent emission norms further boosts the market's expansion. Overall, the Automotive Heat Exchanger market is a significant sector in the automotive industry, providing innovative cooling solutions for diverse vehicle applications.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Passenger Cars
LCVs
M And HCVs
Type
Plate Bar
Tube Fin
Others
Geography
APAC
North America
Europe
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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