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The automotive heat exchanger market size is valued to increase by USD 9.13 billion, at a CAGR of 6.63% from 2023 to 2028. Heavy dependence on IC engines for mobility in emerging countries will drive the automotive heat exchanger market.
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In the dynamic automotive industry, heat exchanger innovation continues to drive advancements in thermal management systems. Pressure drop analysis and surface area enhancement are key strategies for optimizing oil cooler design, reducing noise, and improving cooling system efficiency. Fluid dynamics modeling and convection heat transfer analysis enable heat exchanger design that addresses temperature gradients and heat flux distribution, ensuring durability and performance evaluation metrics align with regulatory requirements. CFD simulation analysis and fatigue life prediction are essential for evaluating thermal stress and optimizing heat transfer and airflow. Lightweight materials, such as aluminum, are increasingly adopted for radiator design, contributing to energy efficiency and specific heat capacity improvements. Manufacturing processes, including fin geometry design and thermal conductivity optimization, further enhance heat exchanger performance. Overall, these strategies contribute to the development of compact, efficient, and durable heat exchangers that meet the evolving demands of the automotive industry.
In emerging countries, where there is a heavy reliance on IC engines for mobility, this trend is the primary market driver.
The market trend indicates a growing demand for lightweight and compact heat exchangers. Heat exchangers with reduced weight and dimensions are experiencing heightened market interest.
The gradual rise in annual wages poses a significant challenge for industries, as this trend can lead to narrowing profit margins and hinder growth.
The automotive heat exchanger industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The passenger cars segment is estimated to witness significant growth during the forecast period.
Amidst the global push towards engine efficiency and reduced carbon emissions, the market experiences continuous evolution. OEMs seek advanced heat exchanger solutions, leading manufacturers to innovate. Passenger cars now incorporate brazed copper heat exchangers, boasting a ten-year lifespan and 35% lower weight compared to traditional counterparts. These improvements stem from finer materials and manufacturing processes, such as fewer materials in fins and tubes, and the substitution of heavy lead-based solder with light brazing alloy. Advanced techniques like pressure drop analysis, surface area enhancement through fluid dynamics modeling, and convection heat transfer optimization are integral to oil cooler design, noise reduction, and flow rate control.
Heat exchanger testing, material selection criteria, and performance evaluation metrics are crucial in the development of evaporator design, CFD simulation analysis, fatigue life prediction, and heat dissipation systems. Energy efficiency, specific heat capacity, cooling system efficiency, and durability testing are essential for thermal management systems, corrosion resistance, heat flux distribution, fin geometry design, thermal stress analysis, and heat transfer optimization. Airflow optimization, vibration analysis, and compact heat exchanger design are further advancements in the market. Manufacturing processes and thermal conductivity play a pivotal role in the production of these sophisticated heat exchangers.
The Passenger cars segment was valued at USD 17.82 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 56% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market in the Asia Pacific (APAC) region is experiencing significant growth, driven by the increasing number of potential first-time buyers in China, India, and Japan. These countries are the largest vehicle markets in APAC, with China accounting for approximately 40% of global passenger car sales. The rising disposable incomes and the launch of new car models by Original Equipment Manufacturers (OEMs) are the primary factors fueling this growth. In China and India, the perception of owning a car as a status symbol, despite traffic congestion, government regulations, and rising vehicular pollution, continues to drive the market for passenger cars.
This trend is expected to further boost the demand for automotive heat exchangers, which play a crucial role in maintaining optimal engine temperature and fuel efficiency. The market's growth is also underpinned by the increasing focus on reducing emissions and improving operational efficiency, with automotive heat exchangers offering significant cost savings and compliance benefits.
Customer Landscape of Automotive Heat Exchanger Industry
Companies are implementing various strategies, such as strategic alliances, automotive heat exchanger market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
AKG Thermal Systems Inc. - This company specializes in the design and production of high-performance sports equipment, leveraging innovative materials and technology to enhance athlete experience and optimize performance. Their product range caters to various sports, setting industry benchmarks for quality and durability.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio’s robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Automotive Heat Exchanger Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.63% |
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Market growth 2024-2028 |
USD 9132.5 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.1 |
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Key countries |
US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, and Rest of World (ROW) |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
"Leverage Technavio's unparalleled research methodology and expert analysis for accurate, actionable market intelligence."
The market is experiencing significant growth due to the increasing demand for more efficient and lightweight cooling systems in vehicles. Aluminum and copper are the primary materials used in the manufacturing of automotive heat exchangers, with aluminum gaining popularity due to its lighter weight and superior thermal conductivity. The brazing process is crucial in copper heat exchanger production, ensuring efficient joint formation and seal integrity. In the realm of design optimization, fin design and simulation of heat exchanger performance play pivotal roles in improving efficiency and reducing pressure drop. Thermal stress calculations are essential to ensure the durability of heat exchangers, while lightweight material selection and corrosion resistance testing contribute to extended service life and compliance with stringent industry standards. Compact heat exchanger designs are in high demand for vehicles, necessitating the prediction of heat exchanger fatigue life and vibration analysis to minimize noise and ensure operational reliability. Noise reduction techniques and heat exchanger cleaning and maintenance schedules are also crucial considerations for automotive OEMs and suppliers. Life cycle cost analysis and optimization of heat exchanger surface area are essential for supply chain planning and operational efficiency. Addressing heat exchanger flow maldistribution effects and material compatibility assessment are critical to maintaining system performance and minimizing downtime. The transition to electric vehicles is driving innovation in heat exchanger design, with advanced heat transfer fluids and heat exchanger design optimization for electric vehicles becoming increasingly important. By focusing on these areas, automotive heat exchanger manufacturers can stay competitive in the market and meet the evolving demands of the industry.
What is the expected growth of the Automotive Heat Exchanger Market between 2024 and 2028?
USD 9.13 billion, at a CAGR of 6.63%
What segmentation does the market report cover?
The report is segmented by Application (Passenger cars, LCVs, and M and HCVs), Type (Plate bar, Tube fin, Radiators, Intercoolers, Oil Coolers, Condensers, and Evaporators), Geography (APAC, North America, Europe, South America, and Middle East and Africa), Material (Aluminum, Copper, and Stainless Steel), and Sales Channel (OEM and Aftermarket)
Which regions are analyzed in the report?
APAC, North America, Europe, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Heavy dependence on IC engines for mobility in emerging countries, Gradual increase in annual wages leading to declining profit margins
Who are the major players in the Automotive Heat Exchanger Market?
AKG Thermal Systems Inc., American Industrial Heat Transfer Inc., Banco Products Ltd., Clizen Inc., Constellium SE, Delphi Technologies, Denso Corporation, Hanon Systems, Kale Oto Radyator, Kelvion Holding GmbH, MAHLE GmbH, Modine Manufacturing Company, Nissens Automotive A/S, NRF B.V., Sanden Holdings Corporation, Spectra Premium Industries Inc., T.RAD Co. Ltd., Tata AutoComp Systems Ltd., Valeo SA, and Visteon Corporation
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Market Segmentation by Material
9 Market Segmentation by Sales Channel
10 Customer Landscape
11 Geographic Landscape
12 Drivers, Challenges, and Opportunity/Restraints
13 Competitive Landscape
14 Competitive Analysis
15 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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