Automotive Heat Exchanger Market: Booming With An Expected CAGR of 8.5%, Rising to $41.82 Billion By 2029
21 Jan, 2025
What Is The Past And Present Scenario Of The Automotive Heat Exchanger Market?
The Automotive Heat Exchanger Market has registered healthy growth over the recent past, thanks to several contributing factors.
• In 2024, the market size was valued at $28.11 billion, which saw an increase to $30.18 billion in 2025 with a CAGR of 7.4%.
This vibrant growth is mainly due to a rise in automotive production, development of advanced internal combustion engines, increased adoption of radiator technology, advances in heat exchanger materials and demand for enhanced vehicle performance.
What Is The Projected Market Size and CAGR In Future For The Automotive Heat Exchanger Market?
Substantial growth is projected for the automotive heat exchanger market in the coming years.
• The market size is forecasted to increase to $41.82 billion by 2029 at a CAGR of 8.5%.
The primary drivers of this growth include the transition to electric and hybrid vehicles, an increasing focus on energy efficiency, integration of advanced cooling systems, emphasis on sustainable manufacturing and the growth of autonomous vehicle technology. Additionally, the forecast period will see several major trends such as technological advancements integrating smart sensors for real-time monitoring, emphasis on thermal management for electric vehicles, and adoption of advanced manufacturing practices.
What's Contributing To The Growth Of The Automotive Heat Exchanger Market?
A surge in the production of commercial and passenger vehicles is predicted to contribute significantly to the expansion of the automotive heat exchanger market. Devices such as automotive heat exchangers are in high demand due to the increasing production of new vehicles, thereby accelerating the market's growth. For example, based on a report by the European Automobile Manufacturers' Association in August 2024, seven months into the year, new car registrations increased by 3.9%, crossing over 6.5 million units. Notable growth was observed in various markets, with Spain (+5.6%), Italy (+5.2%), Germany (+4.3%), and France (+2.2%) all reporting increases.
What Are The Main Segments In The Automotive Heat Exchanger Market?
The automotive heat exchanger market detailed in this report is segmented into -
1) By Design Type: Tube Fin, Plate Bar, Other Design Types
2) By Vehicle Type: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Electric Vehicle: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV)
4) By Application: Radiators, Oil Coolers, Intercoolers, Air Conditioning and Exhaust Gas Heat Exchangers, and Other Applications
How Are Trends Influencing The Automotive Heat Exchanger Market?
The emergence of innovative products has become a key trend in the automotive heat exchanger market. Companies in this industry are developing revolutionary designs for heat exchangers, an instance being the partnership of Conflux Technology and Dallara to create efficient and cost-effective, 3D printed heat exchangers using metal 3D printing technology.
Who Are The Key Players In The Automotive Heat Exchanger Market?
Major players operating in the automotive heat exchanger market include -
• Nippon Denso Co Ltd.
• MAHLE GmbH
• Valeo SA
• Hanon Systems Co Ltd.
• Dana Ltd.
• Autokühler-Gesellschaft Group
• American Industrial Heat Transfer Inc.
• Alfa-Laval AB
• Banco Products Ltd.
• Climetal SL
What's The Leading Region In The Automotive Heat Exchanger Market?
Asia-Pacific was the largest region in the automotive heat exchanger market in 2024 and also expected to be the fastest growing region in the forecast period. This report also includes Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.