Growing Popularity of Pure Electric Vehicles Will Lead to Expansion of the Global Automotive Heat Exchanger Market
“According to a new market research report published by Inkwood Research, the Global Automotive Heat Exchanger Market is predicted to progress over the forecast period of 2018-2026 by exhibiting a CAGR of 7.82%. The market worth is expected to catapult from $68 million in 2017, and reach $134 million by the end of this projected period.”
“Browse 27 market data Tables and 86 Figures spread over 160 Pages along with an in-depth TOC for the Global Automotive Heat Exchanger Market Forecast 2018-2026.”
A heat exchanger can be described as a mechanical device that can transfer heat energy from one medium to another. An automotive heat exchanger is used to transfer heat energy between two mediums that are at different temperatures but in contact with each other. The internal combustion engine is presently the most popular type of automotive heat exchanger in the market.
Growing automotive aftermarket demand
With the increase in globalization, there is an increased competition among automotive heat exchanger manufacturers across the world to manufacture best-in-class products with increased functional competency. The competition among automotive heat exchanger vendors to attain the maximum possible share of this market is also rising. As a result, vendors have started focusing on the aftermarket segment to cater to OEMs, in an attempt to extend their market presence amongst the end-users. The demand from the automotive aftermarket would be rampant over the forecasted period, driven by the increased wear and tear of the engine components.
Pure electric vehicles to register a healthy CAGR
Growing environmental concerns regarding vehicular emissions have increased the scope of electric vehicles market in the past few years. The recent advancements in electric vehicle technology are helping it match the performance of the internal combustion engines, thus boosting its production and sales. Inkwood Research estimates that over the forecast period of 2018-2026, pure electric vehicles segment of this market will grow with the fastest CAGR than conventional ICEs. If this trend prevails, in time, there would be a significant demand for battery thermal management system.
Asia-Pacific is the most lucrative destination
The automotive industry in the ASIA-Pacific has seen a tremendous transformation in the last few decades. Production of new vehicles in emerging economies of the APAC are increasingly driving the demand for automotive heat exchangers. In 2017, China automotive heat exchanger market accounted for the highest share. The high demand for automotive heat exchangers comes from passenger cars and LCVs in this region. Overall, the prospects of other APAC markets such as India, South Korea and Japan also looks promising because of their improving economies.
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Packaging issues challenging the market
Packaging is crucial for automotive heat exchangers. The material used for the packaging must be of good quality to prevent any damage to the heat exchangers. This increases the packaging cost. Generally, flat-rolled aluminium sheets, with an optimum combination of high strength and low weight are used for packaging automotive heat exchangers. The materials are comparatively costly, which affects the profit margins of manufacturers.
Well-diversified international and regional vendors increasing the market competition
The Global automotive heat exchanger market is highly fragmented and competitive. Many regional players are increasingly competing with international players in terms of product quality, features, safety, and price. Companies like Denso, Hanon System and Valeo are the most preferred tier suppliers. Together they account for the highest market share. Apart from them, some other eminent market companies include Aerican Industrial Heat Transfer Inc., AKG Thermal Systems Inc., Banco Products Ltd, CLizen, Climetal Heat Exchangers, Constellum N.V., G&M Radiotor, HRS Process Systems, Mahle, Modine Manufacturing, Nippon Light Metal Company, and Precision Mic.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals including technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension acknowledging the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.