Automotive Heat Exchanger Market By Application (Air condition system, Intercooler, Oil cooler, & Radiator), Design Type, Electric Vehicle Type, Off Highway Vehicle, Vehicle Type, Region – Global Forecast to 2025
The automotive heat exchanger market is projected to grow at a CAGR of 6.61% from USD 19.21 Billion in 2017 to USD 32.05 Billion by 2025
The high-end commercial vehicle and off-highway vehicles, along with the rising demand for turbocharged and supercharged vehicles which require intercoolers. The growth can therefore be attributed to the increased demand for BEVs and PHEVs, which require battery thermal management systems for battery cooling.
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The rising demand for air conditioning system in commercial vehicles in developing countries as China and India is expected to drive the automotive heat exchanger market. Moreover, stringent emission norms in regions such as North America and Europe have become a challenge for OEMs forcing them to shift their focus to NO reduction, which is driving the market for exhaust gas heat exchangers. Moreover, the trend of engine downsizing in the region is driving the demand for superchargers and turbochargers, fueling the market for intercoolers. This is an automotive heat exchanger market.
Asia Pacific: The Largest regional market for automotive heat exchangers
The Asia Pacific is the largest regional market for automotive heat exchangers. The Asia Pacific region accounts for about 50% of the global automobile production. The region of emerging economies is looking for 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.
Market Dynamics
Drivers
- HVAC system to penetrate in high-end CV and OHV
Restraints
- Increasing demand for electric and hybrid vehicles will eliminate the need for conventional engine cooling component
Opportunities
- Battery thermal management system
challenges
- Upcoming emission norms pose a challenge for EGR and Intercoolers
The key market players Including Denso (Japan), Mahle (Germany), Dana (US), Valeo (France), Hanon (South Korea), Calsonic Kansei (Japan), and Sanden (Japan) are making investments in the development of new technology to stay competitive in the market.
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Critical Questions:
- OEMs are focusing on improving the electric vehicle range.
- How to change vehicle emission standards and improve vehicle fuel efficiency?
- How are the industry players addressing these challenges?
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