Automotive heat exchanger market to grow at a CAGR of 6.41% between 2022 and 2027; Heavy dependence on IC engines to boost market

NEW YORK, Feb. 24, 2023 /PRNewswire/ -- According to Technavio, the global automotive heat exchanger market size is estimated to grow by USD 8,300.06 million from 2022 to 2027. The market is estimated to grow at a CAGR of 6.41% during the forecast period. COVID-19 had the most negative impact on the global automotive industry in recent years, resulting in a steep fall in demand and a large-scale disruption of the supply chain. It has exerted intense pressure on an already-stressed global automotive market. Yet, there are high predictions that few countries are bringing manufacturing facilities and production back on track, indicating that the supply side is on a restoration line. For Insights on covid recovery - Request a sample report

Global Automotive Heat Exchanger Market - Segmentation Assessment

Segment OverviewTechnavio has segmented the market based on 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).

Based on the application, the market will witness significant growth in the passenger cars segment during the forecast period. Automotive OEMs continuously work on improving the efficiency of vehicles to reduce carbon emissions. As a result, there is a growing need for the development of advanced heat exchangers. Besides, some automakers are equipping passenger vehicles with brazed copper heat exchangers to provide a longer life span. Such factors are increasing the growth prospects in the segment.

Geography OverviewBy geography, the global automotive heat exchanger market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global automotive heat exchanger market.

APAC will account for 54% of the market growth during the forecast period. APAC is emerging as the global hub for automobile manufacturing owing to the presence of favorable government policies, easy availability of raw materials, low cost of labor, and high adoption of vehicles. In addition, factors such as rising disposable incomes and the increasing launch of new vehicle models by OEMs are creating significant opportunities for vendors operating in APAC.

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Global Automotive Heat Exchanger Market – Market Dynamics

Key factor driving market growth

The growth of the market is driven by the heavy dependence on IC engines for mobility in emerging countries.

The lack of effective rail services forces freight companies operating in developing countries to choose roadways as a reliable mode of transportation.

The high prices of railway freight services, poor last-mile connectivity, and the lack of enough freight trains are also forcing freight companies to prefer road transportation.

Developing countries such as China and India rely more on internal combustion engine (ICE) vehicles for transportation.

Heavy-, medium-, and light-duty vehicles are extensively used for transporting cargo in these countries.

The high dependence on ICE vehicles for mobility and transporting cargo is increasing the demand for automotive heat exchangers, which is driving the growth of the market.

Leading trends influencing the market

The increasing popularity of brazed copper heat exchangers is a key trend in the market.

Brazed copper heat exchangers offer several advantages over conventional heat exchangers.

The manufacturing process of brazed copper heat exchangers has fewer production steps, higher throughput rates, and lower scrap rates. This is simpler and inexpensive when compared with the manufacture of aluminum heat exchangers.

Brazed copper heat exchangers have thinner fin and tube materials, which significantly reduces the overall weight.

Moreover, brazed copper offers superior thermal conductivity and better resistance to corrosion than conventional heat exchangers.

Many such benefits are resulting in the replacement of aluminum heat exchangers by brazed copper heat exchangers in heavy vehicles.

This trend will have a positive influence on the growth of the market during the forecast period.

Major challenges hindering market growth

Gradual increases in annual wages leading to declining profit margins will reduce the growth potential in the market.

Most automobile manufacturing firms are expanding their operations in low-cost countries such as China, Taiwan, South Korea, and India.

The availability of established raw material supply chains and the easy availability of raw materials have further increased automotive parts manufacturing in these countries.

However, with rising labor costs, these countries are gradually losing their cost advantages.

For instance, the minimum worker wage in most of the major cities in China increased significantly in 2022 due to the growing shortage of workers.

This is compelling automobile manufacturers to explore other means to maintain the low-cost advantage and their profit margins.

These factors are adversely affecting the growth of automotive OEMs, which, in turn, is hindering the growth of the market.

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What are the key data covered in this automotive heat exchanger market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the automotive heat exchanger market between 2023 and 2027

Precise estimation of the size of the automotive heat exchanger market and its contribution to the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the automotive heat exchanger market industry across APAC, North America, Europe, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of automotive heat exchanger market vendors

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Automotive Heat Exchanger Market Scope

Report Coverage

Details

Page number

172

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.41%

Market growth 2023-2027

USD 8,300.06 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

5.88

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 54%

Key countries

US, China, Japan, India, and Germany

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Alfa Laval Corporate AB, API Heat Transfer Inc., Be Cool Radiators, Clizen Inc., Conflux Technology Pty Ltd., Constellium SE, Delphi Technologies Plc, Granges, 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

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global automotive heat exchanger market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 Type Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Passenger cars - Market size and forecast 2022-2027

6.4 LCVs - Market size and forecast 2022-2027

6.5 M and HCVs - Market size and forecast 2022-2027

6.6 Market opportunity by Application

7 Market Segmentation by Type

7.1 Market segments

7.2 Comparison by Type

7.3 Plate bar - Market size and forecast 2022-2027

7.4 Tube fin - Market size and forecast 2022-2027

7.5 Others - Market size and forecast 2022-2027

7.6 Market opportunity by Type

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 Europe - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 US - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Germany - Market size and forecast 2022-2027

9.12 India - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Alfa Laval Corporate AB

12.4 API Heat Transfer Inc.

12.5 Clizen Inc.

12.6 Conflux Technology Pty Ltd.

12.7 Constellium SE

12.8 Granges

12.9 Haugg Kuhlerfabrik GmbH

12.10 Hisaka Works Ltd.

12.11 MAHLE GmbH

12.12 Modine Manufacturing Co.

12.13 Nissens Group

12.14 Senior Plc

12.15 Southwest Radiator Inc.

12.16 Valeo SA

12.17 Vibrant Power Inc.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About UsTechnavio 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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