Automotive Heat Exchanger Market

Market Leaders - Automotive Heat Exchanger Market

The global automotive heat exchanger market is projected to grow from USD 28.9 billion in 2022 to USD 34.3 billion by 2027, at a CAGR of 3.5%. Parameters such as growth in vehicle production & sales, coupled with the rise in demand for plug-in hybrid and hybrid vehicles will boost the demand for the automotive heat exchangers.

The growth of the market is influenced by the rising adoption of HVAC systems in high-end commercial and off-highway vehicles. Advancements in mobility solutions in conjunction with increase in demand for battery thermal management systems are anticipated to create new opportunities for this market. The automotive heat exchanger market is dominated by key players including MAHLE GmbH (Germany), Denso Corporation (Japan), Hanon Systems (South Korea), Valeo (France), and T.RAD Co., Ltd. (Japan). These companies have strong distribution networks across the globe and offer automotive heat exchangers such as condensers, radiators, oil coolers, evaporators, etc., for end-users.

To know about the assumptions considered for the study download the pdf brochure

Denso Corporation is one of the top suppliers of automotive technologies to OEMs across the globe. Denso was founded in 1949 and is headquartered in Aichi, Japan. The company has geographic presence in North America, South America, Europe, Asia Oceania, and Africa. Denso Corporation had approximately 168,391 employees working worldwide as of March 31, 2021. In addition, the company has approximately 6,450 suppliers across the globe. The company operates through seven business segments, namely, thermal systems, powertrain systems, electrification systems, mobility systems, sensor systems & semiconductors, non-automotive business, and others. The company offers various automotive heat exchangers such as radiators, oil coolers, EGR coolers, and air coolers through its thermal systems division. The thermal systems segment accounted for approximately 23.6% share of the overall sales revenue of Denso Corporation in the year 2020. Denso Corporation is known as an innovation leader in the automotive industry value chain and has R&D centers in Japan and the US.

Valeo designs, produces, and sells components, integrated systems, and modules for the automobile industry. The company was established in 1923 and is headquartered in Paris. Valeo is one of the largest suppliers of automotive products across the globe. It manufactures automotive components for OEMs as well as the aftermarket. As of December 2021, the company had 103,300 employees across 184 production sites and 64 R&D centers. The company operates in 31 countries. Valeo manufactures transmissions, climate control devices, engine cooling devices, lighting systems, electrical systems, wiper systems, motors and actuators, security systems, switches and detection systems, and electronics and connective systems. The company has grouped these components into five main business segments: comfort and driving assistance systems, powertrain systems, thermal systems, visibility systems, and others. Heat exchangers are offered through the thermal systems segment which accounted for approximately 23% of the company’s business revenue in 2021. The company has significant presence in Europe, followed by Asia and North America.

MAHLE GmbH is a leading automotive component manufacturer that offers engine systems, filtration and engine peripherals, thermal management products, and mechatronics. The company was established in 1920 and is headquartered in Stuttgart, Germany. As of December 2020, the company had 72,184 employees at 160 production and development locations across 30 countries. The market in Europe is the highest contributor to the company’s revenue with approximately 46% revenue share in 2020. MAHLE’s business segments include thermal management, engine systems and components, filtration and engine peripherals, electronics and mechatronics, aftermarket, and profit centers and services. The thermal management segment includes engineering services, large and small engine components, industrial thermal management, compressors, control units, and front-end modules. In 2020, MAHLE GmbH invested approximately 762 million in R&D, approximately 6.6% of its total revenue. The thermal management segment is the largest contributor to the company’s revenue with approximately 35% of the company’s total revenue in 2020.

Hanon Systems manufactures and supplies automotive air conditioning systems, modules, compressors, and radiators for the automotive sector. It has the largest share in South Korea for automotive air conditioning systems. Hanon Systems specializes in automotive thermal solutions, automotive powertrain cooling, automotive compressors, automotive fluid transport, and automotive thermal and emission systems. The company was founded in 1986 and is headquartered in Daejeon, South Korea. It operates through three business segments: thermal management, thermal management conventional, and thermal management electrification. Through its thermal management segment, the company offers radiators, charge air coolers, and EGR systems for automotive vehicles. Hanon Systems has presence in South Korea, China, Japan, India, South Africa, Thailand, Bulgaria, the Czech Republic, France, Germany, Italy, the Netherlands, the UK, Brazil, Canada, the US, and Mexico.

Found in November 1936, Toyo Radiator or T.RAD Co. Ltd. specializes in radiators, oil coolers, EGR coolers, charge air cooler, fin coils for air conditioners, and other heat exchangers for automobiles and industrial machinery. The company’s business activities involve manufacturing and marketing of heat exchangers for automobiles, construction and industrial machines, air conditioners, and distributed generators, among others. As of 2021, T.RAD had 4,549 employees headquarters in Japan and joint ventures in Europe, Asia, China and North America. Major customers of T.RAD include Toyota and Honda, with a recorded share of business of 24.6% and 23.3%, respectively, as of March 2021. Other customers include Yamaha, Fuso, Suzuki, Ford, Polaris, Kawasaki, etc.

Related Reports:

Automotive Heat Exchanger Market by Propulsion & Component (ICE, EV), Electric Vehicle Type (BEV, PHEV, HEV), Design (Plate Bar, Tube Fin), Vehicle Type, Off-Highway Vehicle Type (Passenger Car, LCV, Truck, Bus) and Region - Global Forecast to 2027

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Automotive Heat Exchanger Market Size,  Share & Growth Report
Report Code
AT 6152
RI Published ON
Choose License Type

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
©2024 MarketsandMarkets Research Private Ltd. All rights reserved Protection Status