Northbrook, IL 60062 -- (SBWIRE) -- 06/17/2022 -- The global Automotive Heat Exchanger Market is projected to grow from USD 28.9 billion in 2022 to USD 34.3 billion by 2027, at a CAGR of 3.5%. Parameters such as growth in vehicle production & sales, coupled with the rise in demand for plug-in hybrid and hybrid vehicles will boost the demand for the automotive heat exchangers.

The growth of the market is influenced by the rising adoption of HVAC systems in high-end commercial and off-highway vehicles. Advancements in mobility solutions and an increase in demand for battery thermal management systems are anticipated to create new opportunities for this market.

The automotive heat exchanger market is dominated by key players including MAHLE GmbH (Germany), Denso Corporation (Japan), Hanon Systems (South Korea), Valeo (France), and T.RAD Co., Ltd. (Japan).

BEV segment is estimated to hold the largest market by 2027

The BEV segment is expected to register the fastest growth during the forecast period and surpass the HEV segment by 2027. BEVs have been witnessing an increasing demand due to growing concerns over emission reduction worldwide. Due to the low availability of charging stations and the high cost of EV batteries, BEVs had a low demand around 4-5 years back. However, the demand for BEVs has been rising significantly due to the decreasing cost of EV batteries at a fast and steady rate coupled with increasing EV range and growing EV charging network worldwide. Most top-selling EVs in the market in 2021 were BEVs. BEV is an emission-free alternative powered by an electric battery stored with chemical energy. The battery used in a BEV is rechargeable and accounts for approximately 70% of the weight of the vehicle. OEMs are investing significantly in R&D to increase the efficiency of BEVs. Tesla (US) and Chevrolet (US) have launched BEVs with a long-range, while several advancements in battery and charging technology have helped improve sales.

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Europe is expected to have a significant share in the automotive heat exchanger market in 2027.

Europe is estimated to account for a share of 20.5% of the global automotive heat exchanger market in 2022 and is projected to register a CAGR of 3.0% in terms of value. The region is among the largest markets for passenger cars, particularly premium cars (C segment and above). The high volume of premium car sales can be attributed to the high purchasing power of European buyers. The demand for premium cars has accentuated the need for fewer emissions and lower vehicle weight, which can be achieved with the help of thermal systems and components like automotive heat exchangers. With the increase in the sales of premium cars, the demand for thermal management is expected to continue to increase, thereby driving the European automotive heat exchanger market. Additionally, the presence of OEMs such as Volkswagen (Germany), Daimler (Germany), Renault (France), and AB Volvo (Sweden) offers growth opportunities for automotive heat exchangers in the region. European automotive enterprises also dominate the global automotive landscape, accounting for almost 50% of the R&D spending, led by BMW, Continental, and Daimler. The region also enjoys the presence of major market players such as Valeo (France), MAHLE GmbH (Germany), and AKG Group (Germany).

The Asia Pacific is expected to be the fastest-growing market in the forecast period.

The Asia Pacific is home to economies such as China, India, and Japan, which are few of the largest automobile manufacturers across the globe. In recent years, the region has emerged as a hub for automobile production. The growing purchasing power has triggered the demand for automobiles in the region. Cost advantages for OEMs and increased vehicle population in this region offer attractive opportunities for automobile manufacturers and automotive component suppliers. The region is the largest manufacturer of passenger vehicles and based on OICA estimates, approximately 39 million passenger cars were manufactured in the Asia Pacific in 2021, which was 7% higher than in 2020. The Asia Pacific is also home to major automobile manufacturers such as Toyota (Japan), Honda (Japan), Maruti (India), Hyundai (South Korea), and others.

China is the largest contributor in terms of vehicle production, with around 55.8% share in 2021. China, South Korea, and Japan are the leading vehicle-producing countries in the region, collectively producing ~90% of total vehicles. At the same time, the demand for luxury cars has increased in the region. Thus, with an increase in demand for premium passenger cars, the automotive heat exchanger market in the Asia Pacific is expected to witness robust growth during the forecast period. Asia Pacific is home to key suppliers of automotive heat exchangers such as Denso (Japan), Hanon (South Korea), Nippon Light Metal (Japan), T.RAD Co. Ltd. (Japan), and Motherson Automotive Technologies & Engineering (India), which will also play a key role in driving the market.

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Recent Developments:

1. In September 2021, MAHLE developed a battery cooling system for faster charging of electric vehicles. The company used immersion cooling technology to shorten the charging time for electric car batteries.
In September 2021, Hanon Systems inaugurated two sites in Hungary: a new greenfield production facility in Pecs city and a building expansion in Rettig.
2. In April 2021, Marelli Corporation presented for the first time at Auto Shanghai 2021 since the integration of Calsonic Kansei and Magneti Marelli. High-performance radiators were showcased at Auto Shanghai.
3. In March 2021, Valeo expanded its product offering with the launch of two condenser references for the Mercedes ML series and Renault Duster 110 BHP.
4. In February 2021, MAHLE announced that it has taken over the air conditioning business in Japan, Thailand, and the US from the former Keihin Corporation (now Hitachi Astemo, Ltd.). A total of four production sites and one development centre are integrated into the MAHLE GmbH.