Global Automotive Heat Exchanger Market has Tremendous Potential to Grow Rapidly
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A heat exchanger is a device designed to efficiently exchange the heat from one medium to another at different temperatures. Heat exchangers such as SIGMA plate and aluminum heat exchangers used in the automotive industry benefits the vehicles by cooling the machine coolants and performing motor test stands, among others. In addition to this, heat exchangers provide high performance, expanded productivity which positively influences the growth of the global automotive heat exchanger market.
Increasing demand for turbochargers is a major factor driving growth of automotive heat exchanger market
The increasing demand for the turbochargers in automated vehicles is a major driver for the automotive heat exchanger market. Using turbochargers in the vehicle enables enhanced high altitude performance, reduced emissions, and reduced fuel consumptions, among others. For instance, according to the Natural Resources Canada (NRC) a turbocharged engine can reduce the fuel consumption and emissions by 2% to 6% compared to the conventional engine. Therefore, increasing the demand for turbochargers in the automated vehicles would positively impact for propelling the growth of automotive heat exchanger market.
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Electric vehicles segment to hold the largest share in the market
The electric vehicles segment held the largest share in 2016 and is projected to retain its dominance throughout the forecast period. The various heat exchangers such as liquid cooled plate, plate-to-plate are used in the electric vehicles for cooling and improving the battery life. Increasing number of electric vehicles will directly impact the automotive heat exchanger market. For instance, according to the International Energy Agency (IEA) analysis, in 2016, the sales of electric cars was pegged at 750 thousand, globally. This positions the segment as the dominant segment in the market.
Automotive Heat Exchanger Market: Regional Analysis
Asia Pacific is expected to have the largest market share in the automotive heat exchanger market. This is attributed to the increasing demand for the turbochargers and increase in number of electric vehicles especially in the China. For instance, according to Coherent Market Insights analysis, China, the world’s fastest-growing automotive market, is expected to increase turbo penetration from 23% in 2014 to 41% in 2019. This would double the number of turbocharged vehicles sold each year to over 13.01 million. In addition to this, according to the International Energy Agency, in 2016, China held the largest share in the electric car market, accounting for over 40% of the global electric cars sold in the country. This in turn increases demand for automotive heat exchangers in the country.
Automotive Heat Exchanger Market: Competitive Background
The major players in the market include Denso, Valeo, Clizen, GEA Group, MAHLE, G&M Radiator, Gunter GmbH & Co. KG, Alfa Laval AB, American Industrial Heat Transfer Inc., AKG Thermal Systems, Inc., G&M Radiator, Constellium N.V., SGL Carbon Technic LLC, Visteon, and Wuxi Guanyun Heat Exchanger.
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