LONDON--(BUSINESS WIRE)--The global automotive heat exchanger market is expected to grow by USD 8.5 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Many developing countries lack effective rail services for logistics. This is forcing freight companies to choose roadways as a reliable mode for transportation. For instance, companies operating in China and India extensively use heavy, medium, and light-duty vehicles for transporting cargo. This is due to the high price of railway freight services, poor last-mile connectivity, and lack of sufficient freight trains in these countries. Hence, the high reliance on IC engine vehicles by the transportation sector will be crucial in driving the growth of the global automotive heat exchanger market.
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As per Technavio, the increasing sales of passenger cars will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Heat Exchanger Market: Increasing Sales of Passenger Cars
Globally, the sale of passenger cars has been witnessing steady growth over the past few years. For instance, the sale of SUVs in 2018 was 3% higher than the previous year. In addition, the lowering of car loan interest rates in countries such as the US has encouraged consumers to inest in high-end and luxury vehicles. Prominent OEMs such as Toyota have announced their plans to expand their production capacities to cater to the growing demand for passenger cars. With the growth in the sale of passenger vehicles, the demand for automotive heat exchangers will significantly increase during the forecast period.
“Increase in the demand for lightweight and compact heat exchangers and the rising popularity of brazed copper heat exchangers will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Heat Exchanger Market: Segmentation Analysis
This market research report segments the automotive heat exchanger market by application (passenger cars, LCVs, and M and HCVs) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the automotive heat exchanger market in 2019, followed by North America, Europe, South America, and MEA. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as the increasing disposable incomes and the launch of new car models by OEMs in the region.
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Some of the key topics covered in the report include:
- Passenger cars
- M and HCVs
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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