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Automotive Heat Exchanger Market Share, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Automotive Heat Exchanger Market Share
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According to The Business Research Company's, The automotive heat exchanger market size has grown strongly in recent years. It will grow from $26.4 billion in 2023 to $28.51 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to rise in automotive production, development of internal combustion engines, adoption of radiator technology, advances in heat exchanger materials, demand for improved vehicle performance.
The automotive heat exchanger market size is expected to see strong growth in the next few years. It will grow to $38.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to transition to electric and hybrid vehicles, increasing focus on energy efficiency, integration of advanced cooling systems, emphasis on sustainable manufacturing, growth in autonomous vehicle technology. Major trends in the forecast period include technological advancements in automotive industry, integration of smart sensors for real-time monitoring, emphasis on thermal management for electric vehicles, adoption of advanced manufacturing techniques.
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Market Drivers and Trends:
The increasing production of commercial and passenger vehicles is significantly contributing to the growth of the automotive heat exchanger market. Passenger vehicles are automobiles that are used to transport passengers, whereas commercial vehicles transport a larger number of people for business purposes. The high production of automobiles requires a large number of automotive parts, including automotive heat exchangers, to be installed in the new vehicle, thereby promoting the automotive heat exchanger market's growth. For instance, according to the China Association of Automobile Manufacturers, the production of passenger vehicles was approximately 21.408 million in 2021, up 7.1% year on year. Therefore, the increasing production of commercial and passenger vehicles is expected to propel the growth of the automotive heat exchanger market going forward.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Nippon Denso Co Ltd., MAHLE GmbH, Valeo SA, Hanon Systems Co Ltd., Dana Ltd., Autokühler-Gesellschaft Group, American Industrial Heat Transfer Inc., Alfa-Laval AB, Banco Products Ltd., Climetal SL, Clizen Inc., Constellium SE, GM Radiator Manufacturing Company Ltd., American Petroleum Institute Heat Transfer, Robert Bosch GmbH, Modine Manufacturing Company, Calsonic Kansei Corporation, Behr Hella Service GmbH, Visteon Corporation, Filterwerk Mann+Hummel GmbH, Tata AutoComp Systems Ltd., Sanden Holdings Corporation, Adrad Pty Ltd., Sondex AS, Cummins Inc., Automotive Cooling Ltd., Genera Corporation, T RAD Co. Ltd., Sunbelt Radiators Inc., Kelvion Holding GmbH
Automotive Heat Exchanger Market 2024 Key Insights:
• The automotive heat exchanger market size is expected to see strong growth in the next few years. It will grow to $38.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%.
• Rising Vehicle Production Fuels Growth In Automotive Heat Exchanger Market
• Innovative 3D Printed Heat Exchanger Developments Drive Automotive Market Advancements
• Asia-Pacific was the largest region in the automotive heat exchanger market in 2023
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