NEW YORK, April 11, 2016 /PRNewswire/ -- The global automotive heat exchanger market is expected to reach $68 billion by 2017, growing at a CAGR of 7.81% tiill 2020. An automotive heat exchanger is specifically used to transfer heat between two mediums at different temperatures, which are in thermal contact with each other. For instance, in an internal combustion engine the engine coolant flows in a circular motion through the radiator coils and air flows past these coils to cool the engine. The automotive segment in a global heat exchanger market acquired more than 25% by the end of 2014.
The global automotive heat exchanger market is expected to grow at a considerable rate during the coming 5 years.. The majority of the market's growth stems from Mexico, US and China, which is closely followed by Japan and India. The major drivers of market is the growth of the automotive aftermarket components market especially in the APAC region. The increasing demand for automotive components has a direct positive influence on the demand for automotive heat exchangers. Furthermore, the increasing demand for automatic transmission and turbocharged engines especially in the US, and Japan market, would propel the demand for automotive heat exchangers, resulting in the growth of the automotive heat exchanger market, during the forecast period. In addition, the increased demand and production of passenger and commercial vehicles, would also propel the growth of the global automotive heat exchanger market. However, the main challenge in this market is the increase in complexity of automotive heat exchangers, which is affecting the profit margin of the manufacturers to produce automotive heat exchanger at low competitive price. Despite the presence of the challenges, the market is witnessing several dynamics such as increased adoption of lightweight materials in the making of automotive heat exchangers. In addition, the implementation of stringent emission norms in European and North American has resulted in OEMs to push for technologies that assist in complying with the standards. Thereby, the planned revisions in the emission standards, complying with the Euro V norms, would lead to increased usage of heat exchangers useful for exhaust gas circulation, as well as for coolers used in the turbochargers.
The market is segmented on the basis of application, design type, vehicle type, and country. The automotive radiator leads the market with a share of more than 52% in the application type. Similarly the market for plate fin heat exchanger would dominate the market in 2020, with tube-fin generating the highest CAGR during the forecast period.The growth in the electric vehicle segment with its increased application of heat exchangers, would emerge as the most prominent segment among the vehicle types. The automotive heat exchanger market is fragmented and highly competitive with the presence of a large number of vendors across the globe. However, because of the international players increasing their hold in the automotive heat exchanger market, the regional and new vendors finds it difficult to compete with them, especially on quality, features, safety, and price. Thereby, it is expected that international players will grow inorganically during the forecast period by acquiring regional or local players in the APAC market. The regional vendors provide cost-effective products with limited features and functionalities. Denso, Mahle, Valeo, Visteon are the dominant players in the market.
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