HVAC systems in budget cars are driving the automotive heat exchanger market. COVID-19 affected supply chains, but PHEVs and China's market offer growth opportunities.
Optimising thermal management systems has become essential as automakers must improve their fuel economy to comply with tougher norms. This has been observed across the globe as most countries have signed the Paris Agreement. A primary method of lowering carbon emissions is through automotive heat exchangers. Carmakers have invested massive sums to maximize thermal efficiency with radiators, intercoolers, and oil coolers being some common examples available in the global automotive heat exchanger market.
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Trickle Down of HVAC Systems Into Budget Cars Aids Automotive Heat Exchanger Market
Rapidly rising purchasing power coupled with the desire for personal mobility is expected to benefit the automotive heat exchanger market. As HVAC systems become commonplace on entry-level vehicles, it is likely to spur demand for automotive heat exchangers. Automakers seek to differentiate themselves from their competitors by offering a superior driving experience. Analysts estimate that luxury cars with sophisticated cooling systems will spur demand in the global automotive heat exchanger market.
COVID-19 Remote Working Has Led to Decline in Automotive Heat Exchangers Market
COVID-19 laid bare the weaknesses of the global supply chain industry and automotive heat exchangers are the norm and not exception to this reality. Material suppliers faced international bans on shipments and logistics. Some automakers suspended production during the height of the pandemic. The work-from-home mandates led to a seismic shift in working overnight as it eliminated the need to commute to office. This is predicted to have a significant impact on the automotive heat exchanger market, especially in the short-term.
PHEV Segment of Electric Vehicles Sparks Demand For Automotive Heat Exchangers
The demand for automotive heat exchangers in plug-in hybrid electric vehicles (PHEV) has been noteworthy recently. PHEVs should supercharge growth in the EV segment even though they sell less in absolute volumes than either hybrid electric vehicles (HEV) or battery electric vehicles (BEV). The demand for original equipment and aftermarket sales has skyrocketed, particularly in emerging economies and this is likely to continue for the forecast period. As the replacement time for new vehicles extends, the preowned vehicle market is projected to boost the aftermarket segment of the automotive heat exchanger market.
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China’s Automotive Market Dwarfs Western Ones
In the 21st century, APAC is the global manufacturing hub with China’s automotive market being larger than the U.S, Germany, and France combined. Western giants have invested heavily in the region with to take advantage of favourable policies, cheaper labour, abundant resources, and lower CAPEX. As this trend accelerates in the coming years, it is likely to benefit the APAC automotive heat exchanger market.
Companies Profiled
The automotive heat exchanger market is fragmented and companies have formed alliances to broaden their customer base. In October 2017, Mahle and Faurecia unveiled a thermal management system in the automotive heat exchanger market. Other companies playing a role in the automotive heat exchanger market are Denso, AKG Thermal Systems, Inc, Danfoss, Valeo, American Industrial Heat Transfer Inc., Dana, T.Rad, Constellium N.V., Nippon Light Metal, AKG, Clizen, Climetal Heat Exchangers, Sanden, Calsonic Kansei, G&M Radiator, aand Banco Products Ltd.
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The article discusses the impact of HVAC systems in budget cars on the automotive heat exchanger market.
COVID-19 disrupted supply chains and reduced demand due to remote working.
China's large automotive market significantly influences the APAC region's growth.
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