Automotive Heat Exchanger Market Size, Share & Industry Analysis, By Design (Plate Bar., Tube Fin., Others.), By Vehicle Type (Passenger Car., Light Commercial Vehicle., Heavy Commercial Vehicle.), By Electric Vehicle (Battery Electric Vehicle., Hybrid Electric Vehicle., Plug-in Hybrid Electric Vehicle.) And Regional Forecast, 2024-2032

A heat exchanger is an equipment designed to exchange or transfer heat from two different mediums at variable temperatures. The system consists of a minimum of two mediums that are close to each other, and it is further divided by a barrier that can be made up of metal with suitable heat transfer properties. The system primarily consists of fluids that are hot and cold.

The increased adoption of comfort and convenience features such as HVAC systems in passenger cars and luxury vehicles is one of the major factors driving the growth of the market. Additionally, the increased safety concerns of the passengers are expected to drive the market growth. However, the increased adoption of hybrid and fully electric vehicles in the market is expected to eliminate the need for engine cooling features, which is one of the major factors hampering the market's growth.

Market Segmentation:

The global automotive heat exchanger market is segmented by design type, vehicle type, electric vehicle, off-highway vehicle type, application, and geography. Based on design type, the market is further sub-segmented into plate bar, tube fin, and others. The plate bar segment is expected to account for the largest market share in 2020. Factors such as an easy and consistent supply of required raw materials such as stainless steel, EPDM rubber, chloroprene, and nitrile rubber gasket are major factors driving the growth of the segment. Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is expected to hold the largest share of the market during the forecast period. An increase in disposable income of customers in emerging economies and the availability of low-cost models from established manufacturers will drive the growth of this segment. Based on electric vehicle the market is segmented into battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. The plug-in hybrid electric vehicle segment accounted for the largest market share, and it is expected to dominate the market during the forecast period. The increased sales of PHEVs and increased implementation of heat exchangers to improve thermal performance are expected to drive the growth of the segment. Based on off-highway vehicle type, the market is segmented into agricultural equipment and construction equipment. The construction equipment segment accounted for the largest market share in 2020. The implementation of heat exchangers in several constructional equipment and expansion of industrial activities in the developing economies are some of the major factors driving the growth of the segment. Based on application, the market is segmented into radiator, oil cooler, intercooler, air conditioning, exhaust gas, and others. The air conditioning segment accounted for the largest market share in 2020, and it is expected to dominate the market during the forecast period. It is essential to heat or cool the vehicles. It also helps the vehicles maintain temperature, and hence, the motors work more efficiently. These are one of the major factors driving the growth of the segment.

Key Players:

Major players operating in the global automotive heat exchanger market include American Industrial Heat Transfer, Inc., AKG Thermal Systems, Inc., Climetal S.L. - Heat Exchanger, MAHLE GmbH, Constellium SE, Clizen Inc., G&M Radiator Mfg Ltd, DENSO Corporation, Hanon Systems, and Banco Products (India) Ltd.

Key Insights

• New Advancements in Automotive Heat Exchanger Market.


• Number of Products, Key Countries, 2020


• New Product Launches, Key Players

Regional Analysis:

Geographically, the global automotive heat exchanger is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific held the largest share of the market in 2020. Asia Pacific region is recognized as the developed hub for automotive production due to the availability of low-cost labor and low production cost. Additionally, the increased demand for passenger cars in developing countries such as China and India is expected to drive market growth in this region. North America is expected to show significant growth in the market in this region. The increased adoption of PHEV and luxury vehicles are some of the major factors driving the growth of the market. Europe is expected to account for a considerable share in the market, and it is expected to grow rapidly over the forecast period. Factors such as the presence of major market players and increased per capita income of consumers are expected to drive market growth.

Segmentation