Global Automotive Heat Exchanger Market

Automotive heat exchangers are the heat exchangers designed solely for its use in a wide-variety of vehicles and automotive components. Heat exchangers work on the principle of transferring the heat of two or greater fluids. These components are applicable in both applications whether that are for heating or cooling of fluids. Generally, the different fluids are segregated by a physical divider so that they do not come into direct contact with each other.

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The main factors boosting the market are:

• Increasing production of vehicles: One of the most obvious trends that are enhancing the demands for automotive heat exchanger is the increasing levels of development of automotive globally. The vehicles utilize heat exchanger systems to ensure that the vehicle system does not overheat and result in failure of operations. These systems ensure that appropriate transfer of energy is carried out throughout the vehicle and no single component is overheated. The major application of these systems in radiators of vehicles
• Increasing adoption of HVAC system in high-end CV and OHV: With the usage of modern and advanced heating, ventilation and air conditioning systems in commercial vehicles as well as off-highway vehicles the need for having an appropriate and compatible heat exchanger systems is of utmost importance to ensure that the HVAC systems provide highest levels of effectiveness and efficiency in operations. The heat exchanger systems also provide better fuel efficiency while the HVAC systems are in use as it promotes easier exchange of energy

The market is segmented on the basis of design type as plate bar, tube fin, others; vehicle type as passenger car, light commercial vehicle, heavy commercial vehicle; electric vehicle as BEV, HEV, PHEV; off-highway vehicle type as agricultural equipment, construction equipment; application as radiators, oil coolers, intercoolers, air conditioning, exhaust gas heat exchanger, others.

Some of the recent market developments are as follows:

• In August 2019, Modine Manufacturing Company announced that they had agreed for the sale of their stake in the joint venture established with Nikkei Heat Exchanger Company, Ltd. The joint venture “Nippon Light Metal Company, Ltd. will be expected to benefit from this agreement as it can experience better management due to the core expertise of Nikkei Heat Exchanger Company, Ltd. This agreement also aligns with the strategy of Modine Manufacturing Company for focusing on core business operations
• In October 2018, Conflux Technology announced that they had developed an innovative method of developing heat exchangers with the help of 3D printing. This method ensures that the products developed are lighter in weight as well as being smaller in size than their conventional counterparts. The company adopted additive manufacturing to ensure that the development process can be simplified and the light-weighting of products of heat exchangers can be achieved in a more efficient manner

“According to Data Bridge Market Research, global automotive heat exchanger market is expected to be growing at a substantial CAGR of 7.10% during the forecast period of 2019 to 2026”

Some of the major players operating in the market are AKG Thermal Systems, Inc., American Industrial Heat Transfer, Inc., Banco Products (I) Ltd, Climetal S.L. - Heat Exchanger, Constellium, DENSO CORPORATION., G&M Radiator Mfg Ltd, HRS Process Systems Ltd., MAHLE GmbH, MODINE MANUFACTURING COMPANY, Nippon Light Metal Co.,Ltd, Precision Micro, Valeo, T.RAD Co., Ltd, Calsonic Kansei Corporation, Hanon Systems., Radiant Heat Exchanger Pvt. Ltd., HRS Process Systems Ltd., Universal Heat Exchangers Limited, AIC.

With the advent of electric vehicles worldwide, the usage of automotive heat exchanger has expanded as their applications are not just limited to radiators and HVAC components, they are being utilized for the management of battery management to ensure that they do not overheat and subsequently result in failure. This management is enhancing the opportunities available for the market players to target potential customers.