USD 23.55 billion
Automotive Heat Exchanger Market Size, Share, and Growth Analysis
Automotive Heat Exchanger Market By Design Type (Tube Fin, Plate Bar), By Vehicle Type (Passenger Car, Light Commercial Vehicle), By Electric Vehicle, By Application, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20D2287 |
Region:
Global |
Published Date: February, 2025
Pages:
194
|Tables:
114
|Figures:
74
Format -
Automotive Heat Exchanger Market Insights
Automotive Heat Exchanger Market size was valued at USD 23.55 billion in 2023 and is poised to grow from USD 24.8 billion in 2024 to USD 37.48 billion by 2032, growing at a CAGR of 5.3% during the forecast period (2025-2032).
The automotive heat exchanger market is a crucial segment of the automotive industry, which is utilized for playing a vital part in regulating temperatures and ensuring efficient operation of vehicles. The heat exchangers are important components that are utilized in different vehicle systems, such as engine cooling, air conditioning, and powertrain cooling. Furthermore, automotive heat exchangers are devices that have been designed for helping in the transfer of heat from one medium to another. Their main function is to manage and control the temperatures within vehicles, making sure that critical systems operate within optimal temperature ranges. The heat exchangers are used in various applications of automotive systems, such as engine cooling, HVAC (heating, ventilation, and air conditioning), transmission oil cooling, and cooling systems for electric vehicles.
The modern automotive heat exchangers are generally manufactured from aluminum. This material is preferred because of its lightweight properties and excellent thermal conductivity. The common automotive heat exchangers consist of radiators, oil coolers, and intercoolers. Moreover, the maintenance of accurate temperatures for the engine and other vehicle components is highly reliant on automotive heat exchangers. Furthermore, these devices are also utilized in cooling applications, such as air conditioning systems, which is contributing to the automotive heat exchanger market growth. The heat exchangers are also installed in different areas of a vehicle, like the engine bay and exhaust system.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
Passenger Car
Fastest Growth
Light Commercial Vehicle
Growth Rate
5.3% CAGR
Global Automotive Heat Exchanger Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Automotive Heat Exchanger Market Segments Analysis
Global Automotive Heat Exchanger Market is segmented by Design Type, Vehicle Type, Electric Vehicle, Application and region. Based on Design Type, the market is segmented into Tube Fin, Plate Bar and Other Design Types. Based on Vehicle Type, the market is segmented into Passenger Car, Light Commercial Vehicle and Heavy Commercial Vehicle. Based on Electric Vehicle, the market is segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) and Plug-In Hybrid Electric Vehicle (PHEV). Based on Application, the market is segmented into Radiators, Oil Coolers, Intercoolers, Air Conditioning, Exhaust Gas Heat Exchangers and Other Applications. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Analysis by Vehicle Type
Based on vehicle type, the passenger car segment is dominating with the largest automotive heat exchanger market share. This segment is leading in the market because of the increasing demand for efficient heat exchangers in the automotive industry. The OEMs are emphasizing on enhancing engine efficiency and decreasing carbon emissions, which is rapidly increasing the adoption of advanced heat exchangers. One of the new advanced materials that is used in passenger cars is the brazed copper heat exchanger. These materials are used because they have an extended lifespan of up to ten years and lighter weight, which is nearly 35% lower in comparison with conventional heat exchangers. These heat exchangers are manufactured by utilizing fewer materials for their fins and tubes. The manufacturers are also using light brazing alloy instead of heavy lead-based solder in passenger cars because it is a more environmentally friendly product.
The light commercial vehicle segment is expected to witness significant demand growth during the forecast period. The demand for light commercial vehicles is increasing because they are better in urban freight transport. These vehicles offer efficient solutions for local delivery services, small businesses, and tradespeople. Furthermore, the versatility and practicality of light commercial vehicles makes them an ideal choice for urban areas with restricted space and highly congested traffic conditions. Moreover, the market share for heavy commercial vehicles is increasing mainly due to the rapidly growing logistics and transport sectors. With the expansion of e-commerce, the demand for heavy commercial vehicles will continue to increase because it helps in the transportation of goods for longer distances. These vehicles are designed for managing heavy loads and provide better dependability, fuel efficiency, and advanced safety features to ensure smooth operations in the commercial sector.
Analysis by Application
Based on application, the radiator segment is dominating the automotive heat exchanger market. Radiators are considered an extremely vital components in managing engine coolant temperature and preventing overheating. This is because overheating is a crucial factor that can impact the vehicle performance and safety. Furthermore, with the growing automotive heat exchanger market trend towards high-performance vehicles, the demand for intercooler type heat exchangers, particularly in turbocharged and supercharged engines have considerably increased. These heat exchangers are playing a vital part in cooling the compressed air before it enters the engine. Therefore, it is helping in enhancing the overall engine efficiency. The demand for this segment is also increasing because of consumer preference for comfort and luxury features in vehicles worldwide.
As per automotive heat exchange market analysis, oil cooler segment is expected to be the fastest growing segment. The demand for oil coolers is increasing rapidly because of the rising adoption of advanced transmission systems and turbocharged engines. These advanced engines need efficient oil cooling for improved performance. Furthermore, the growing demand for electric and hybrid vehicles, which utilizes specialized oil cooling systems for battery and motor thermal management, further boosting the growth of oil cooler segments. The requirements for oil coolers are also increasing because of the advancements in engine technologies, especially for turbocharged engines and electric vehicles, which need efficient cooling solutions for batteries, motors, and transmission systems.
Global Automotive Heat Exchanger Truck Market Analysis by Vehicle Type
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Automotive Heat Exchanger Market Regional Insights
Asia Pacific is dominating with the largest automotive heat exchanger market share. The Asia Pacific region is dominating the automotive heat exchanger market because of the increased adoption of electric vehicles (EVs). This rapid shift towards electrification is being encouraged by rising government initiatives for eco-friendly materials, growing environmental concerns, and technological advancements. With the rising popularity of EVs, the demand for specialized cooling systems is being significantly increased. Furthermore, in countries like China, Japan, and South Korea, the government have set ambitious targets for the adoption of EV adoption. These targets are being supported by a wide range of policies, such as subsidies, tax incentives, and infrastructure development. As a result, the production and sales of EVs are rapidly increasing at an unprecedented rate. This surge in EV manufacturing is directly increasing the demand for advanced automotive heat exchangers.
The region of North America is anticipated to witness the highest growth during the automotive heat exchanger market forecast period. The region has advanced automotive industry, characterized by significant investments in research and development, is fostering innovation in heat exchanger technologies. The adoption of electric and hybrid vehicles, which require efficient thermal management systems, is accelerating market expansion. As per the US Energy Information Administration, in 2023, combined sales of hybrid cars, plug-in hybrid electric vehicles, and battery electric vehicles (BEV) in the United States increased to 16.3% of total new light-duty vehicle (LDV) sales. Moreover, the presence of prominent automotive manufacturers and a robust supply chain network is also increasing the region’s competitive edge. Furthermore, the rising demand for high-performance vehicles and increasing consumer awareness about the advantages of efficient thermal management systems are contributing to the growth of the market.
Global Automotive Heat Exchanger Market By Geography
- Largest
- Fastest
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Automotive Heat Exchanger Market Dynamics
Automotive Heat Exchanger Market Drivers
Rapid Advent of Electric Vehicles
- The automotive industry is growing significantly because of the rising demand for luxurious electric vehicles. Some of the vital factors that are boosting the sales of electric vehicles are strict government regulations towards vehicle emissions and increasing demand for fuel-efficient, high-performance, and low-emission vehicles. This is heavily increasing the adoption of all-electric vehicles as zero-emission and helping in efficiently reducing carbon emissions.
Increasing Demand for ADAS Vehicles
- Advanced driver-assistance systems (ADAS) are electronic systems that are embedded in automobiles to help in driving vehicles or self-driving cars. This system utilizes sensors like radars and cameras for analysis and takes automatic action based on the vehicle's surroundings. This system implemented in automobiles helps in improving the safety systems of driving by avoiding collisions, adopting cruise control, anti-locking of brakes, automation in lighting, pedestrian crash avoidance mitigation (PCAM), and many others.
Automotive Heat Exchanger Market Restraints
Increasing Carbon Footprint of Automotive Sector
- The high carbon footprint of the automotive sector is forcing government bodies to take strict government actions and regulations for controlling emission levels. This can decrease the adoption of automotive heat exchanger solutions. Moreover, the design complexities and high upfront expenses are directly associated with reducing the sales and availability of new automotive heat exchanger systems.
Strict Standards of Emissions
- One of the most vital challenges that the automotive heat exchanger market is dealing with is the ever-increasing stringency of emission standards and evolving regulatory requirements. Governments globally are imposing strict emission regulations for combating air pollution and decreasing greenhouse gas emissions. These regulations require continuous advancements in engine technologies and thermal management systems to meet emission targets.
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Automotive Heat Exchanger Market Competitive Landscape
The prominent players in the automotive heat exchanger market industry are continuously striving to gain a competitive edge by investing in research and development, expanding their product offerings, and forming strategic partnerships. Moreover, these leading automotive heat exchanger market players are emphasizing developing innovative solutions that fulfill the changing requirement of customers and comply with stringent regulations. The automotive heat exchanger market development landscape is characterized by a high level of competition, with established players and new entrants who are trying to increase their market share. The key players are adopting different strategies for gaining a competitive edge such as mergers and acquisitions, joint ventures, and collaborations.
Top Player’s Company Profile
- DENSO Corporation (Japan)
- Valeo SA (France)
- MAHLE GmbH (Germany)
- Hanon Systems (South Korea)
- Modine Manufacturing Company (USA)
- Calsonic Kansei Corporation (Japan)
- Sanden Holdings Corporation (Japan)
- T.RAD Co., Ltd. (Japan)
- Nippon Light Metal Holdings Co., Ltd. (Japan)
- AKG Thermal Systems Inc. (USA)
- American Industrial Heat Transfer Inc. (USA)
- Banco Products (India) Ltd. (India)
- Climetal SL (Spain)
- Constellium SE (France)
- G&M Radiator Mfg Ltd (UK)
- TitanX Engine Cooling Inc. (Sweden)
- Dana Incorporated (USA)
- Sanden Holdings Corporation (Japan)
- Senior plc (UK)
- Vestas Aircoil A/S (Denmark)
Recent Developments
- In February 2023, SANHUA introduced a line of steel Brazed Plate Heat Exchangers (BPHE) in various models. These heat exchangers can increase the use of renewable energy and technologies to save energy and reduce emissions.
- In May 2022, Conflux and GKN Additive made announcement about plans to cooperate in development, design, and production of 3D-printed heat exchanger solutions in Europe. 3D-printed heat exchangers can enhance the cooling of vital components in the automotive industry.
- In March 2022, Eberspaecher came into limelight at Expo Foro 2022 in Mexico, while showing its wide range of highly efficient and eco-friendly AC systems for buses and coaches. The fifth generation AC353 represents an all-purpose inline roof-mounted AC system customized to function in any climate.
Automotive Heat Exchanger Key Market Trends
- Rising Electrification of Vehicles: One of the most changing automotive heat exchanger market trends is the rapid electrification of vehicles. With the growing popularity of electric and hybrid vehicles, the demand for innovative heat exchange solutions is also increasing. Electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs) depend on batteries and power electronics that generate heat during operation. Efficient thermal management is vital for maintaining safe operating temperatures, battery longevity, and overall vehicle performance.
- Increasing Advanced Materials and Lightweight Designs: The automotive industry is constantly looking for improved fuel efficiency and reduced emissions. This has extensively increased the focus on lightweight design. Automotive heat exchangers are no exception to this trend because they are vital components for accomplishing weight reduction goals. Manufacturers are increasingly turning to advanced materials, like aluminum alloys and composite materials, to create heat exchangers that are both lightweight and durable.
Automotive Heat Exchanger Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the automotive heat exchanger industry is witnessing significant growth because of the heavy dependence on internal combustion engines for mobility in emerging economies. The growing demand for lightweight and compact heat exchangers, like fuel coolers and intercoolers for enhancing vehicle performance and fuel efficiency is boosting the market growth. Moreover, the gradual increase in annual wages is also leading to declining profit margins for automotive manufacturers, which is increasing the development of cost-efficient and effective heat exchanger technologies. Air conditioning systems are also becoming increasingly vital in automobiles, particularly in regions with hot climates, further expanding the market opportunities.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 23.55 billion |
| Market size value in 2032 | USD 37.48 billion |
| Growth Rate | 5.3% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Heat Exchanger Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Heat Exchanger Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Heat Exchanger Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Heat Exchanger Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Heat Exchanger Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Heat Exchanger Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Automotive Heat Exchanger Market Report Snapshots
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