Automotive Heat Exchanger Market Report 2022: Increasing Adoption of HVAC Systems in High-End Commercial and Off-Highway Vehicles Driving Growth

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Nov 16, 2022, 09:30 ET

DUBLIN, Nov. 16, 2022 /PRNewswire/ -- The "Automotive Heat Exchanger Market by Propulsion & Component (ICE, EV), Electric Vehicle Type (BEV, PHEV, HEV), Design (Plate Bar, Tube Fin), Vehicle Type, Off-Highway Vehicle Type (Passenger Car, LCV, Truck, Bus) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

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 increase in demand for hybrid and plug-in hybrid vehicles, along with steady increase in vehicle production will increase the demand for the automotive heat exchangers. In addition, the advancements in mobility solutions, paired with increase in demand for battery thermal management systems will create new opportunities for this market.

PHEV segment is expected to grow at a significant rate during the forecast period, by electric vehicle type.

The PHEV segment of the automotive heat exchanger market is projected to grow at the noticeable rate during the forecast period. PHEVs have rechargeable batteries that can be charged by connecting to external power sources. PHEVs share attributes of both electric vehicles and traditional ICE vehicles. PHEVs have a higher electric range than HEVs and lack range anxiety associated with BEVs. Also, PHEVs can cover greater distances than BEVs due to the presence of an ICE. There are two major types of PHEVs: series PHEV and parallel PHEV. In series PHEVs, only the electric motor is connected to the wheels, and the ICE is used to generate power for the electric energy. On the other hand, both the electric motor and ICE are connected to the powertrain in parallel PHEVs.

The increasing number of charging stations in China, the US, and the UK is expected to increase PHEV demand. The demand for PHEVs is also expected to rise due to tax benefits and incentives provided by various governments. For instance, the Japanese government provides subsidies up to USD 8,500 for PHEVs. Countries in Europe, North America, and Asia Pacific have supported PHEV growth through vehicle ownership tax reductions, state incentives, charging-based incentives, and a high fuel price difference.

North America is expected to be the second-largest market during the forecast period.

The North American region is estimated to demonstrate significant growth during the forecast period. North America has presence of several major OEMs such as Ford, General Motors, and Fiat-Chrysler. In addition, presence of key automotive heat exchanger manufacturers such as Dana Incorporated (US), Modine Manufacturing Company (US), BorgWarner Inc. (US), and Griffin Thermal Products (US) will also offer the requisite impetus to the automotive heat exchanger market in North America during the forecast period. The US is estimated to account for the largest share of the North American automotive heat exchanger market. The US automotive industry is highly inclined toward innovation, technology, and the development of safe and comfortable automobiles. The US automotive sector is still highly dependent on ICE vehicles, making it the prominent segment. In 2021, the country produced over 6.3 million passenger cars (including SUVs). The country also has many electric vehicle manufacturing companies such as Tesla, GM, and Nissan.

Market Dynamics
Drivers

Revival of Automotive Industry
Increase in Demand for Hybrid and Plug-In Hybrid Vehicles
Increasing Adoption of HVAC Systems in High-End Commercial and Off-Highway Vehicles

Restraints

Increasing Demand for BEVs
Anticipated Decline in Sales of ICE Vehicles

Opportunities

Increase in Demand for Battery Thermal Management Systems
Advancements in Mobility Solutions

Challenges

Upcoming Emission Norms Pose Challenge for EGR and Intercoolers

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Automotive Heat Exchanger Market, by Propulsion & Component

7 Automotive Heat Exchanger Market, by Design

8 Automotive Heat Exchanger Market, by Vehicle Type

9 Automotive Heat Exchanger Market, by Electric Vehicle Type

10 Automotive Heat Exchanger Market, by Off-Highway Vehicle Type

11 Automotive Heat Exchanger Market, by Region

12 Competitive Landscape

13 Company Profiles

14 Recommendations

15 Appendix

Companies Mentioned