NEW YORK, April 10, 2024 /PRNewswire/ -- The global automotive heat exchanger market size is estimated to grow by USD 8,300.06 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 6.41% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 54%.
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APAC is expected to play a pivotal role in propelling the global automotive heat exchanger market
Geographic Landscape:
The Automotive Heat Exchanger Market in APAC is experiencing significant growth due to the increasing sales of passenger vehicles in China, India, and Japan. With rising disposable incomes and the launch of new luxury models, there is a growing demand for interior materials, efficient engines, transmissions, sound systems, telematics, and connected vehicles. Advanced network connectivity, AI, and Big Data are driving the development of connected entertainment systems and car technologies. However, concerns over carbon footprint and regulations are increasing design complexities and upfront costs. Radiators, oil-coolers, inter-coolers, EGR-coolers, evaporators, condensers, water-coils, and recuperators are essential components in this market. Supply chain activities and large-scale manufacturing are key to meeting the rising demand for automotive heat exchangers. However, restrictions on travel and declining sales of light and medium-term production vehicles may inhibit growth in the short term. Additionally, the shift towards electric vehicles and zero-emission standards is a significant trend that will impact the market in the long term.
Research Analysis
In the context of supply chain activities for large-scale manufacturing, the automotive heat exchanger market is experiencing significant changes. With restrictions on travel and declining sales, particularly in the light vehicle segment, medium-term production of passenger vehicles is being affected. However, rising demand for electric vehicles and a focus on engine downsizing and lightweight automotive materials are inhibiting factors driving market growth. Heat exchangers, a crucial component in vehicle systems, are essential for maintaining optimal vehicle dynamics and ensuring safety features. Their construction type, flow arrangement, and use of heat transfer devices and process fluids vary depending on the application. Additionally, heat exchangers find extensive use in steam power plants and chemical processing plants.
Market Drivers
In the automotive industry, emerging markets like India and China witness a significant preference for road transport due to limited rail services and the extensive use of internal combustion engines in commercial vehicles. This trend is observed in the production of luxury vehicles, where efficient engines, transmissions, interior materials, sound systems, telematics, and connected vehicles are prioritized. Advanced network connectivity, AI, big data, and carbon footprint regulations add to the design complexities and upfront costs. Automotive heat exchangers play a crucial role in this context. These components, including radiators, oil-coolers, inter-coolers, EGR-coolers, evaporators, condensers, water-coils, recuperators, and supply chain activities, are integral to maintaining efficient engine performance and reducing carbon emissions. However, the increasing focus on electric vehicles and zero-emission standards may inhibit the growth of the automotive heat exchanger market in the medium term. Production of light vehicles and passenger cars is on the rise, with engine downsizing and the use of lightweight automotive materials becoming essential to meet regulations. The market's product portfolio will need to adapt to these trends while addressing the challenges of rising demand, production restrictions, and declining sales in the light vehicle segment.
Market Overview
The Automotive Heat Exchanger market is experiencing significant growth due to the increasing demand for advanced cooling systems in vehicles. These exchangers play a crucial role in maintaining optimal engine temperature and enhancing fuel efficiency. The market is driven by factors such as stringent emission norms, rising consumer preferences for comfort, and the adoption of electric and hybrid vehicles. Key players in the market include Calsonic Kansei, Magna International, and Sanden Holdings. The European and Asian markets are expected to dominate the market, with China and India showing promising growth. The market is segmented based on vehicle type, cooling system type, and region. Producers are focusing on innovations such as lightweight materials and compact designs to cater to the evolving market trends. The future of the Automotive Heat Exchanger market looks promising, with advancements in technology and growing demand for sustainable transportation solutions.
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About Technavio
Technavio 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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Website: www.technavio.com/
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Automotive Heat Exchanger Market, 54% of Growth to Originate from APAC, Technavio - PR Newswire
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