Press release
Global Automotive Heat Exchanger Market Worth $40.42 Billion by 2029, Growing at 7.9% CAGR
Automotive Heat Exchanger Market
Automotive Heat Exchanger Market Outlook: What Size And CAGR Are Anticipated By 2025?
The size of the automotive heat exchanger market has seen robust growth over the past few years. The market size is expected to increase from $28.11 billion in 2024 to $29.79 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 6.0%. The notable growth during the historic period is due to factors such as increased automotive production, advancements in internal combustion engines, growing acceptance of radiator technology, developments in heat exchanger materials, and increased demand for enhanced vehicle performance.
What Is the Expected CAGR for the Automotive Heat Exchanger Market Growth Through 2029?
In the coming years, the market size for automotive heat exchangers is anticipated to experience substantial growth, expanding to a size of $40.42 billion by 2029 with a compound annual growth rate (CAGR) of 7.9%. This predicted growth in the forecast period is due to the transition to hybrid and electric vehicles, heightened focus on energy efficiency, incorporation of innovative cooling systems, prioritization of environmentally-friendly manufacturing, and developments in autonomous vehicle technology. The forecast period is also expected to witness pivotal trends including technological evolution in the automotive industry, integration of intelligent sensors for real-time tracking, emphasis on thermal management for electric vehicles, and the implementation of cutting-edge manufacturing methods.
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What Are the Primary Drivers Behind Automotive Heat Exchanger Market Growth?
The surge in production of both passenger and commercial vehicles is playing a pivotal role in enhancing the growth of the automotive heat exchanger market. Passenger vehicles facilitate the transportation of individuals, while commercial vehicles convey a substantial number of individuals for business related activities. The large-scale production of these vehicles necessitates the requirement of a plethora of automobile parts including automotive heat exchangers. This, in turn, enhances the growth of the automotive heat exchanger market. For instance, as per the August 2024 reports of the Belgium-based European Automobile Manufacturers' Association, there was an increase by 3.9% in new car registrations after seven months into 2024, surpassing 6.5 million units. The largest markets demonstrated moderate but consistent growth with Spain registering an increase of 5.6%, Italy 5.2%, Germany 4.3%, and France at 2.2%. Consequently, this escalation in production of commercial and passenger vehicles is anticipated to inherently propel the growth of the automotive heat exchanger market in the future.
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What Are the Key Segments Driving Automotive Heat Exchanger Market Growth?
The automotive heat exchanger market covered in this report is segmented -
1) By Design Type: Tube Fin, Plate Bar, Other Design Types
2) By Vehicle Type: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Electric Vehicle: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)
4) By Application: Radiators, Oil Coolers, Intercoolers, Air Conditioning Systems, Exhaust Gas Heat Exchangers, Other Applications
Subsegments:
1) By Tube Fin: Round Tube Fin Heat Exchangers, Flat Tube Fin Heat Exchangers, U-Tube Heat Exchangers
2) By Plate Bar: Brazed Plate Heat Exchangers, Gasketed Plate Heat Exchangers
3) By Other Design Types: Shell And Tube Heat Exchangers, Air-Cooled Heat Exchangers, Spiral Heat Exchangers
What Are the Technological Trends Impacting the Automotive Heat Exchanger Market?
In the automotive heat exchanger market, the emergence of product innovations has been identified as a major trend. The focus of prominent businesses in this sector is on crafting innovative heat exchangers to consolidate their standing. For example, in January 2022, Conflux Technology, a leader in additively manufactured heat exchangers based in Australia, has been working on creating the most sophisticated 3D printed heat exchanger designs using metal 3D printing technology, in collaboration with Dallara. This small heat exchanger adheres to strict standards of quality, performance, and cost, and offers significant efficiency with respect to thermal exchange, pressure drop, and weight.
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Who Are the Major Competitors in the Global Automotive Heat Exchanger Market?
Major companies operating in the automotive heat exchanger market include 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
Which Region Dominates the Automotive Heat Exchanger Market Share in 2025?
Asia-Pacific was the largest region in the automotive heat exchanger market in 2024.Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the automotive heat exchanger market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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