Automotive Heat Exchanger Market worth $29.94 billion by 2032 | MarketsandMarkets
DELRAY BEACH, Fla., July 1, 2025 /PRNewswire/ -- The automotive heat exchanger market is projected to grow from USD 27.07 billion in 2025 to USD 29.94 billion by 2032, at a CAGR of 1.5%, according to a new report by MarketsandMarkets. Passenger cars use compact brazed aluminum radiators and charge air coolers (CAC) to save space and deliver high thermal efficiency, driven by the growing adoption of engine downsizing and turbocharging to comply with stringent emission regulations. In contrast, buses rely on multi-layer battery cooling plates and large roof-mounted HVAC condenser units to maintain stable temperatures in electric and hybrid models, as government mandates for zero-emission public transport demand more advanced thermal management systems. Trucks, on the other hand, typically employ bar and plate intercoolers and heavy-duty oil coolers, which are better suited to handle high engine loads, continuous long-distance operation, and harsh terrain conditions common in logistics and construction applications.
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The hybrid electric vehicle (HEV) segment is projected to account for the second-largest share of the automotive heat exchanger market during the forecast period
In HEVs, heat exchangers are essential for managing the heat generated by the ICE and the electric drive systems. Common types include engine radiators, transmission oil coolers, inverter or motor coolers, and evaporators and condensers used in the HVAC system. These components are usually placed in the engine bay, electric drive unit, and climate control system to keep the temperature within optimal limits for smooth operation. Since HEVs often operate under start-stop conditions and varying loads, efficient cooling is important for improving fuel efficiency and extending the life of vehicle components. The growing demand for heat exchangers in HEVs is mainly due to the global focus on better fuel economy, stricter CO2 emission regulations, and the rising popularity of HEVs as a more affordable alternative to fully electric vehicles. Companies such as MAHLE GmbH (Germany), Denso Corporation (Japan), Valeo (France), ESTRA (South Korea), and HANON SYSTEMS (South Korea) provide heat exchangers to key OEMs globally. For instance, Denso International America, Inc. provided a radiator to Honda for its 2025 CR-V Hybrid vehicle model. ESTRA (South Korea) supplied condensers for 2024 models of the Mitsubishi Delica D:2 Hybrid and Suzuki's Solio Bandit Hybrid and Solio Hybrid.
Tube and fin heat exchangers are expected to hold the largest share of the automotive heat exchanger market during the forecast period
Tube and fin heat exchangers are projected to hold the largest share of the automotive heat exchanger market during the forecast period. Tube and fin-type automotive heat exchangers consist of a series of tubes that carry the working fluid, with metal fins attached to increase surface area and enhance heat dissipation through airflow. They offer a good balance of cost, thermal performance, and ease of manufacturing, making them a widely used conventional design. Their growth is driven by the mass production of ICE vehicles, especially in emerging markets, and the continued demand for cost-effective and proven heat exchanger technologies. Additionally, their compatibility with existing vehicle architectures supports their sustained usage. Technological advancements have further improved their performance; for instance, finned aluminum tubes with etched internal microstructures enhance boiling heat transfer in refrigerants such as R-515B and R-134a by up to 172%, with only a modest pressure drop increase of around 20%. This innovation remains compatible with existing extrusion and manufacturing processes. Companies such as Denso Corporation (Japan), Valeo (France), Hanon Systems (South Korea), and AKG Group (Germany) provide tube and fin-type heat exchangers. For instance, Valeo offers radiators that are engineered to enhance cooling performance and reduce energy consumption across combustion, hybrid, and electric vehicles. They feature optimized performance-to-weight ratios and thermal efficiency, with widths ranging from 12 to 34 mm, and fined tube technology.
North America is predicted to hold the second-largest share of the automotive heat exchanger market during the forecast period
North America is expected to be the second-largest automotive heat exchanger market during the forecast period. The US is the largest automotive market in this region. Overall vehicle production in North America grew in 2024, primarily for light trucks. The growth in light truck production boosts the automotive heat exchanger market by increasing demand for larger, high-capacity thermal management systems to support heavier engines and higher towing loads. Innovations in lightweight, high-temperature materials such as aluminum alloys and advanced composites have enabled the production of more heat-resistant heat exchanger modules, critical for efficient thermal management in high-performance and downsized engines. Several major manufacturers, including Dana Limited (US), Modine (US), and BorgWarner Inc. (US), operate in the region. The widespread use of LCVs and the growing shift toward vehicle electrification are key factors shaping the automotive heat exchanger market in the US. As the industry transitions to EVs, manufacturers are developing specialized heat exchanger solutions for battery packs and electric motors. For instance, MAHLE Behr Namestovo s.r.o. provided battery cooling chillers to Mercedes-Benz for its 2024 EQE SUV in the US. Additionally, stricter government emission regulations, such as the EPA's greenhouse gas (GHG) emissions standards and California's Advanced Clean Cars II program, are increasing demand for zero-emission vehicles. This trend is further driving the need for advanced heat exchangers that ensure efficient heat dissipation and thermal control in high-performance vehicles.
Key Market Automotive Heat Exchanger Industry:
Prominent players in the Automotive Heat Exchanger Companies include as MAHLE GmbH (Germany), Denso Corporation (Japan), Valeo (France), Hanon Systems (South Korea), and T.RAD Co., Ltd. (Japan).
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This report provides insights on:
- Analysis of key drivers (increased cooling needs in high-performance and large-battery vehicles and technological advancements in materials and design), restraints (anticipated decline in sales of ice vehicles), opportunities (development of advanced nanoparticle-based coolants, and innovations in microchannel and lattice heat exchanger designs), and challenges (flow and distribution challenges with nanofluids, and material compatibility and corrosion issues)
- Product Development/Innovation: Detailed insight into upcoming technologies and research & development activities in the automotive heat exchanger market
- Market Development: Comprehensive information about lucrative markets (the report analyzes the automotive heat exchanger market across regions)
- Market Diversification: Exhaustive information about untapped geographies, recent developments, and investments in the automotive heat exchanger market
- Competitive Assessment: In-depth assessment of market share, growth strategies, and product offerings of leading players such as Mahle GmbH (Germany), Denso Corporation (Japan), Valeo (France), Hanon Systems (South Korea), and T.RAD Co., Ltd. (Japan) in the automotive heat exchanger market
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