According to a market report, published by Sheer Analytics and Insights, The global automotive heat exchanger market was valued at $22.4 billion in 2021 and it is expected to reach $45.7 billion at a CAGR of 6.6% between 2022 and 2032. The market for automotive heat exchangers is predicted to expand during the forecast period as a result of factors such as the expanding use of HVAC systems in luxury off-road vehicles and high-end commercial vehicles. The popularity of electric and hybrid vehicles would make it unnecessary to use traditional engine cooling components, which would restrain the market's expansion. On the other hand, during the next few years, leading companies in the automotive heat exchanger market are projected to benefit significantly from battery thermal management systems. Moreover, the main elements driving demand are anticipated to be increased thermal efficiency, demand for turbocharged engines and automatic transmission, rising commercial and passenger vehicle production, and rising needs for automotive components. These major factors are anticipated to drive the growth of the market during the forecast period from 2022 to 2032.
However, after 2020, the automobile sector began to experience a sustained uptick in revenue growth. In 2021, there was an increase in both the global production and sales of automobiles, including both personal and business vehicles. In the upcoming years, it is anticipated that rules governing car CO2 emissions would become more stringent in nations including the US, Japan, and China. Additionally, automakers are continually concentrating on implementing cutting-edge technologies like the electrification of vehicles. Electric powertrains are anticipated to replace ICE-powered automobiles soon due to the negative environmental effects of vehicle emissions. These rising factors are estimated to create more growth opportunities in the future across emerging nations in several regions.
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The demand for lithium-ion batteries has increased due to the rise in sales of electric vehicles such as BEVs, HEVs, and PHEVs. These batteries have a small-space energy storage capacity. However, the lithium-ion batteries used in electric vehicles come with many issues. For instance, if the charging limit is higher than 4.2 V, the lithium plating may overheat. Additionally, unfavorable weather circumstances could also have an impact on how the cell functions. Additionally, during the winter, the electrolyte in the battery freezes, damaging the cells and shortening battery life. Furthermore, environmental considerations should hasten the use of energy-efficient goods like compact exchangers and closed circuit cooling towers. In chemical production and chemical processing applications, these devices are commonly employed. Strict regulations against increasing water contamination and pollution are anticipated to open up new market opportunities for these wastewater treatment plant technologies.
However, some restraints are projected to hamper the market growth during the forecast period. For instance, the replacement of conventional technology with highly effective substitutes and an increase in exchange complexity are two major barriers to growth that have a direct impact on firms' ability to produce goods at competitive rates. In addition, the demand for engine radiators, intercoolers, and EGR systems, among others, is anticipated to decline throughout the projection period as a result of rising BEV sales. This is expected to, in turn; limit the market for automotive heat exchangers' potential growth in several ways. Multiple key players are focusing on expanding their business growth by implanting new strategies which would help them to hold a strong position in the competitive market. They are using mergers and acquisitions to make innovative productions. Technological advancement is also helping the manufacturing key players to build something new according to consumer preferences. This would create more growth opportunities for the market in the upcoming years.
Some new developments in the global automotive heat exchanger market:
On 1st June, 2022, the performance of a helium heat exchanger for launch vehicles has been assessed by the Korea Aerospace Research Institute. Performance was assessed in the actual engine running circumstances. Designing effective launch vehicles is essential for the space tech sector. Although technology has advanced since the beginning of space flight, the fundamental idea behind a launch vehicle has not changed.
- 6th June, 2022, an automotive water charge air cooler that was 3D printed was the first product offered by CONFLUX Technology. The Water Charge Air Cooler, or "WCAC," developed by Conflux is based on the company's past heat exchanger R&D and is intended to cool the air that enters the turbo used to boost some cars' engines.
According to the study, key players dominating the global automotive heat exchanger market are AKG Verwaltungsges (Germany), Banco Products (India), Clizen Inc (South Korea), Constellium (France), Climetal (Spain), Denso (Japan), G&M (U.K), Hanon Systems (South Korea), MAHLE Stiftung GmbH (Germany), SGL Carbon (Germany), T.RAD (Japan), Visteon (U.S), Valeo (France), Wuxi GuanYun (China), among others.
The Global Automotive Heat Exchanger Market Has Been Segmented Into:
The Global Automotive Heat Exchanger Market – by Product Type:
- Shell and Tube Heat Exchanger
- Plate and Frame Heat Exchanger
- Air-Cooled Heat Exchanger
- And Others
The Global Automotive Heat Exchanger Market – by End-User Type:
- Oil and Gas
- Power Generation
- Pulp and Paper
- Chemical and Petrochemical
- And Others
The Global Automotive Heat Exchanger Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/automotive-heat-exchanger-market-21
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