The Global Automotive Heat Exchanger Market is estimated to reach USD 35.2 Billion by 2027 at a CAGR of 7.3 %, says forencis research (FSR). A heat exchanger is a device used for allowing the transfer of heat from one medium to another at dissimilar temperatures. The heat exchanger medium consists of two fluids which flow close to each other but they are separated by material or metals which have good thermal properties. The automotive heat exchanger plays a vital role in maintaining the temperature of the engine and other vehicle components. Moreover, it is also used in cooling applications such as air conditioners. This device is used in the engine bay, exhaust gas, heating, ventilation, and air conditioning system.
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Automotive Heat Exchanger Market: Drivers & Restraints
- Growing HVAC Usage in Commercial Vehicles
Automotive heating, ventilation, and air conditioning (HVAC) are used to maintain the internal climate of the vehicle as well as heating and controlling system of engine and other components. In commercial vehicles, the need for HVAC systems is high because the engine generates high power which would need a cooling system. Commercial vehicles are used to transport perishable goods, sensitive chemicals, medical drugs and others which would need the HVAC system to maintain the life of the goods.
Thus, growing HVAC usage in commercial vehicles is expected to drive the automotive heat exchanger market during the forecast period.
- Growing Adoption of Electric Vehicles
Automotive manufacturers are engaged in developing innovative technologies that would provide better connectivity solutions. The development of innovative technologies is an outcome of the growing demand for luxurious and smart vehicles. Rise in demand for electric and hybrid vehicles has boosted the demand for heat exchanger, owing to EVs require better battery thermal management system. Heat exchangers such as plate-to-plate, liquid-cooled plate, are used in the electric vehicles for cooling and improving the battery life. As per the data shared by the Edison Electric Institute, in 2018, the total sales of electric vehicles in the United States raised 81%, when compared to 2017.
Thus, the growing adoption of electric vehicles has expected to drive the automotive heat exchanger market during the forecast period.
- High Initial Cost
The initial cost of heat exchangers is high and in addition to it the operational, installation and maintenance cost increases the overall expenditure of this device which acts as a restraint to the market growth. Heat exchangers being a pre-requisite in the automotive applications, the overall cost of these parts is also a deciding factor to determine the overall investment returns. For instance, a premium heat exchanger system would result in low service cost and high durability which results in high service life. On the contrary, low-cost heat exchanger would result in low investments however, the overall maintenance and replacements intervals would be higher.
Thus, the high initial cost of the heat exchanger is a restraining factor for the global market growth during the forecast period.
Automotive Heat Exchanger Market: Key Segments
- Based on Type: Radiator, Oil Coolers, Intercoolers,and
- Based on Design: Shell and Tube, Tube-Fin, Plate Bar, Double Pipe, and
- Based on Application: Engine Bay, Exhaust Gas, Heating, Ventilation, and Air Conditioning (HVAC), and
- Based on Vehicle Type:Internal Combustion Engine (ICE), Electric Vehicles (EVs), and
- Key Regions Covered: North America, South America, Europe, Asia-Pacific, Middle East & Africa, and South America with individual country-level analysis.
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Automotive Heat Exchanger Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Automotive Heat Exchanger Market, by Type
- Oil Coolers
Automotive Heat Exchanger Market, by Design Type
- Shell and Tube
- Plate Bar
- Double Pipe
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Automotive Heat Exchanger Market, by Application
- Engine Bay
- Exhaust Gas
- Heating, Ventilation, and Air Conditioning (HVAC)
Automotive Heat Exchanger Market, by Vehicle Type
- Internal Combustion Engine (ICE)
- Electric Vehicles (EVs)
- Battery Electric Vehicles (BEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEV)
Automotive Heat Exchanger Market, by Region
- South Korea
- Rest of Asia-Pacific
- North America
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
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