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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 the growth of automotive heat exchanger market

The increasing demand for 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 consumption, among others. For instance, according to Natural Resources Canada (NRC) a turbocharged engine can reduce 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.

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. The 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 were pegged at 750 thousand, globally. This positions the segment as the dominant segment in the market.

Global Automotive Heat Exchanger Market: Taxonomy

On the basis of design type, the global automotive heat exchanger market is segmented into:

  • Shell and Tube
  • Plate and Frame
  • Others

On the basis of application, the global automotive heat exchanger market is segmented into:

  • Radiators
  • Inter-Coolers
  • Oil Coolers
  • Air conditioning

On the basis of vehicle type, the global automotive heat exchanger market is segmented into:

  • Conventional Vehicles
  • Electric Vehicles
  • Others

On the basis of geography, the global automotive heat exchanger market is segmented into:

  • North America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

Global Automotive Heat Exchanger Market: Regional Insights

Asia Pacific is expected to have the largest market share in the automotive heat exchanger market. This is attributed to the increasing demand for 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.

Global Automotive Heat Exchanger Market: Key Players

Major players operating in the global automotive heat exchanger market include 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.

Global Automotive Heat Exchanger Market: Key Developments

  • In August 2018, YOKOHAMA, Japan-based Company, announced a launch of its double-tube internal heat exchanger for use in automotive air-conditioners to improve the cooling efficiency.
  • In August 2018, Gränges AB, Sweden-based Company, announced a Joint Venture with Mitsubishi Aluminum Co., Ltd., Japan-based Company, to form the joint establishment of a new production facility for sheet materials of automotive heat exchangers in North America.
  • In February 2011, DENSO Corporation, one of the automotive components manufacturer, announced a launch of Four Low-cost Heat Exchangers for the Indian Automotive Market.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users