The Automotive Heat Exchanger Market is projected to grow at a CAGR of 6.61% from 2017 to 2025. The market for automotive heat exchangers is estimated to be USD 19.21 Billion in 2017 and is projected to reach USD 32.05 Billion by 2025. The key growth drivers of this market are the increase in demand for the HVAC system in high-end commercial vehicles and off-highway vehicles and the increase in vehicle production.
The air conditioning system segment is estimated to hold the largest market share in the global heat exchanger market for automotive, by the application. With the growing demand for comfort and convenience, the adoption of these systems is increasing in commercial vehicles. This is prompting the growth of the air conditioning system segment in the market.
The intercooler is estimated to be the fastest-growing segment of the heat exchanger market for automotive, by the application. Rising demand for vehicles with turbocharged and supercharged engines that require intercoolers for functioning is expected to drive the heat exchanger market.
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By vehicle type, the passenger car segment is estimated to hold the largest share of this market. The rise in the production of passenger cars globally, high demand for premium vehicles and SUVs, and the expectation of high performance from personal vehicles are fueling the growth of this market. The global demand for passenger cars is larger than that for commercial vehicles and is expected to grow further in the future. Additionally, factors such as the sizeable number of luxury light-duty vehicles in Europe and North America and the increasing demand for these vehicles in the Asia Pacific region are increasing the demand for automotive heat exchangers.
By design type, the global market for the plate bar heat exchanger segment is estimated to grow at the highest rate during the forecast period. This type is mostly used in commercial and off-highway vehicles, which require a high degree of durability. Factors such as the development of infrastructure and increasing demand for commercial vehicles for freight transport are driving the growth of the plate bar segment.
By electric vehicle type, the passenger car segment is estimated to hold the largest market share. The growing demand for alternative fuel vehicles, increasing the use of batteries as a primary source of energy in vehicles, and rising concern to reduce global carbon footprints are driving the market for electric vehicles.
By off-highway vehicle type, the construction equipment vehicle segment is estimated to be the fastest-growing segment of the market. Infrastructure development, especially in countries such as China and India, is supporting the growth of this market.
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Asia Pacific is estimated to be the largest regional market for automotive heat exchangers. The Asia Pacific region accounts for about 50% of the global automobile production. The region comprises emerging economies such as China and India along with developed nations such as Japan and South Korea. The growth of this market can be attributed to the increase in production and demand for passenger cars and electric vehicles.
• Automotive heat exchanger manufacturers
• Automotive component manufacturers
• Automotive powertrain manufacturers
• Engine cooling system manufacturers
• Battery thermal management system manufacturers
• Exhaust system manufacturers
• Industry associations and experts
• Raw material suppliers for automotive heat exchanger manufacturers
• The Automobile Industry as an end-user, traders, distributors, and suppliers of automotive heat exchangers
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