North America Automotive Heat Exchanger Market – Industry Trends and Forecast to 2029

North America Automotive Heat Exchanger Market Analysis and Insights

In the analysis of heat exchangers, it is often convenient to work with an overall heat transfer coefficient, known as a U-factor. Heat exchangers are typically classified according to flow arrangement and type of construction. The different types of heat exchangers are parallel-flow arrangements and counter-flow arrangements. 

An increase in population, rapid urbanization and industrialization have a propositional impact on the growth and adoption of the automotive heat exchanger, as current automotive heat exchanger systems are widely used in improving vehicle dynamics and safety features. Data Bridge Market Research analyses that North America automotive heat exchanger market will grow at a CAGR of 5.8% during the forecast period of 2022 to 2029.

Market Definition

A heat exchanger is a heat transfer device that exchanges heat between two or more process fluids. Heat exchangers have widespread industrial and domestic applications. Many heat exchangers have been developed in steam power plants, chemical processing plants, building heat and air conditioning systems, transportation power systems, and refrigeration units. Heat transfer in a heat exchanger usually involves convection in each fluid and thermal conduction through the wall separating the two fluids.

North America Automotive Heat Exchanger Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:

Drivers

• INCREASE IN POPULATION, RAPID URBANIZATION, AND INDUSTRIALIZATION

Over a decade, industrialization and urbanization have played a significant role in the emergence and growth of the automotive industry. With a growing population across the globe and the majority of the population shifting towards urban areas for better opportunities and living standards, it plays a vital role in shaping the automotive industry sector.

• EMERGENCE OF ELECTRIC VEHICLES (EV’S)

The automotive industry has grown enormously due to the rising demand for luxurious electric vehicles. All-electric vehicles (EVs) are called battery electric vehicles, which use a battery to store the electrical energy that powers the vehicles. Some of the factors driving the sales of electric vehicles include stringent government regulations towards vehicle emissions and increasing demand for fuel-efficient, high-performance, and low-emission vehicles. This adds to the adoption of all-electric vehicles as zero-emission, effectively minimizing carbon emissions.

• GROWTH IN THE DEMAND FOR ADAS VEHICLES AND ITS SUBSCRIPTION MODEL

Advanced driver-assistance systems (ADAS) are electronic systems implanted in automobiles to assist driving vehicles or self-driving cars. This system uses sensors such as radars and cameras for analysis and takes automatic action based on the vehicle's surroundings. This system implemented in automobiles enables enhancement of safety systems in terms of driving by avoiding collisions, adopting cruise control, anti-locking of brakes, automation in lighting, pedestrian crash avoidance mitigation (PCAM), and many others.

• UPSURGE IN DEMAND FOR LUXURY AND PERFORMANCE VEHICLES

A luxury vehicle is one with advanced luxury features such as higher-quality interior materials, efficient engines, transmissions, sound systems, telematics, and safety features. These vehicles have features that aren't available on lower-priced models of vehicles.

Opportunity

• EMERGENCE OF SMART CONNECTED AUTOMOTIVE

A connected vehicle is capable of connecting wireless networks to nearby devices. The concept of connected vehicles is possible due to technological advancements such as AI, Big Data, advanced network connectivity, and IoT. The connected vehicle is becoming popular among consumers for various applications and uses cases. One such use case can be for connected entertainment systems, which allow the consumers' mobile phones to Internet-connected vehicles with bi-directional communication with various other vehicles and mobile devices.

Restraint/Challenge

• HIGH CARBON FOOTPRINT OF THE AUTOMOTIVE SECTOR AND DESIGN COMPLEXITIES, AND HIGH UPFRONT COST

However, the high carbon footprint of the automotive sector will force government bodies to take strict government actions and regulations to control emission levels, which may reduce the adoption of automotive heat exchanger solutions. Moreover, design complexities and high upfront costs directly correlate with the sales and availability of new automotive heat exchanger systems.

Covid-19 Impact on North America Automotive Heat Exchanger Market

COVID-19 has negatively affected the market. As North America automotive heat exchanger systems were in high demand, companies such as Marelli Holdings Co., Ltd., Hanon Systems, Nissens, Griffin Thermal Products, TYC Brother Industrial Co., Ltd., Dana Limited, and others in North America faced absolute difficulty in providing advanced systems for new vehicles and old vehicles due to shortage of semiconductor control chips and controllers. This was due to strict regulations imposed by the government. Moreover limited supply of semiconductor chips and gadgets has significantly affected the supply of vehicles in the market.

Recent Development

• In March 2022, T.RAD Co., Ltd. launched non-domestic cooling and ventilation equipment (NACE2 2825) in North America. The key feature of such products in the region was to launch its multiple products, for instance, radiator, oil-cooler, inter-cooler, EGR-cooler, evaporator, condenser, water-coils, and recuperator. Through this company expanded its revenue and its sales in the region.

North America Automotive Heat Exchanger Market Scope

The North America automotive heat exchanger market is segmented based on application, design type, material, propulsion type, and vehicle type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Application

• Intercooler
• Radiator
• Air Conditioning
• Oil Cooler
• Others

On the basis of application, North America automotive heat exchanger market is segmented into intercooler, radiator, air conditioning, oil cooler, and others.

Design Type

• Tube Fin
• Plate Bar
• Others

On the basis of design type, North America automotive heat exchanger market is segmented into tube fin, plate bar, and others.

Material

• Aluminum
• Copper
• Others

On the basis of material, North America automotive heat exchanger market is segmented into aluminium, copper, and others.

Propulsion Type

• Internal Combustion Engine (ICE)
• Electric Vehicle (EV)

On the basis of propulsion type, North America automotive heat exchanger market is segmented into internal combustion engine (ICE) and electric vehicle (EV).

Vehicle Type

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle

On the basis of vehicle type, North America automotive heat exchanger market is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle.

North America Automotive Heat Exchanger Market Regional Analysis/Insights

North America automotive heat exchanger market is analyzed, and market size insights and trends are provided by country, application, design type, material, propulsion type, and vehicle type, as referenced above.

The countries covered in North America automotive heat exchanger market report are U.S., Canada, and Mexico.

U.S. dominates in the North America region due to increased government regulations for efficient fuel and energy use, which is boosting the market growth.

The country section of the report also provides individual market-impacting factors and changes in regulations in the market domestically that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.

Competitive Landscape and North America Automotive Heat Exchanger Market Share Analysis

North America automotive heat exchanger market competitive landscape provides details of competitors. Details include company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, solution launch, product width and breadth, and application dominance. The above data points are only related to the companies' focus on North America automotive heat exchanger market.

Some of the major players operating in North America automotive heat exchanger market are Nippon Light Metal Company, Ltd., T.RAD Co., Ltd, Marell Holdings Co., Ltd., Nissens Automotive A/S, Griffin Thermal Products, Valeo, Dana Limited., Hanon Systems, MODIN MANUFACTURING COMPANY, DENSO Corporation, MAHLE GmbH, Constellium, SANDEN CORPORATION., Mishimoto Automotive, AKG Group, PWR Corporate.

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