Automotive Heat Exchanger Market Size - By Product, By Vehicle, By Material, By Design, By Sales Channel, Growth Forecast, 2025 – 2034

Automotive Heat Exchanger Market Size

The global automotive heat exchanger market size was valued at USD 23.5 billion in 2024 and is estimated to register a CAGR of 4.7% between 2025 and 2034.
 

EV adoption rate has been steading growing in the past couple of years. This is mainly due to the improving charging infrastructure and reducing prices of components such as batteries, which reduces the overall cost of vehicle. Li-ion batteries are majorly used in the EVs as they provide improved energy density and lower re-charge times with longer battery life. As per Statista, in 2024, 80% of the li-ion battery demand was generated from the EVs and it is expected to grow more as the demand for the automotive sector will increase in the next 5 years.
 

Ensuring battery life for li-ion batteries depends on a fixed temperature range of 15°C to 35°C. Heat regulators aid in maintaining these temperature ranges to ensure that the batteries are never overheated, thus increasing the operational life of the batteries. In hybrid vehicles, heat exchangers are also important to control the heat generated by both the engines of the vehicle for proper functioning of the hybrid vehicles.
 

Other countries such as UK, US and China have set cap on emission of CO2 and are trying to implement strict regulation to limit the emission by vehicles. To meet these targets, car manufacturers are developing innovative solutions aimed at improving performance and decreasing the overheating problem. Other companies are also using heat exchange EGR systems which help recycle NOX and lower the poisons emitted to the environment.
 

Automotive Heat Exchanger Market Trends

• Companies are developing and manufacturing smart radiators that integrate sensors and IoT technology. The development and adoption of smart heat exchangers is necessary considering the growing number of smart and autonomous vehicles. These radiators help in monitoring the coolant temperature and pressure continuously and thus help in detecting any issues before they occur. This helps to improve the driving experience and reduces the chances of abrupt vehicle issues
   
• Another important trend in the automotive heat exchange market is the improvement in the material used designing and manufacturing heat exchangers. Traditional radiators were manufactured mainly by using copper or aluminum materials. Now, to reduce weight and provide enhanced heat transfer property, manufacturers and developing heat exchangers are made of composite material and lightweight alloys. These materials provide benefits such as improved cooling and durability, helping improve overall vehicle operations
   
• In December 2024, Hyundai Mobis launched pulsating heat pipe technology, which helps improve cooling of electric vehicle batteries. This is especially useful during the ultra-fast charging cases, where there are high chances of battery overheating and damage.
   

Automotive Heat Exchanger Market Analysis

Based on product, the automotive heat exchanger market is segmented into radiators, intercoolers, oil coolers, exhaust gas recirculation system, and others. In 2024, the radiators segment held a market share of over 30% and is expected to cross USD 11 billion by 2034. 

• Radiators hold a significant share of the product segment as they help maintain optimal engine temperatures. As the demand for compact and strong engines grows, the dependence on efficient radiators is expected to increase as they are necessary to ensure timely engine cooling to prevent them from overheating.
   
• Furthermore, radiators are important for fuel economy in ICE engines. Even with the growing use of electric and other alternative fuels, a large segment still prefers petrol and diesel vehicles because of its low cost and availability when compared to other options.
   
• For example, oil marketing companies of India had a total sale of petrol amounting to 37.22 MMT in 2024 which was higher by 6.4% as compared to 2023. Likewise, the consumption of diesel in 2024 was 89.65 MMT compared to 85.9 MMT in 2023 which is an increase of 2.7%.
   

Based on vehicles, the automotive heat exchanger market is segmented into passenger cars, commercial vehicles, and off-highway vehicles. The passenger cars segment dominated in 2024 with a market share of 65%, due to their growing usage and demand.
 

• Passenger cars are the most sold vehicles around the world and in them, heat exchangers are required for proper safety, comfort and vehicle operation. For example, IBEF data shows for the year 2024, India was able to sell 4.3 million units of passenger vehicles which is an increase of 4.2% over 2023.
   
•  The rise in demand for automobiles is primarily sustained by moderate radiation heat management systems, which consist of the radiators, oil coolers, and condensers that aid in regulating higher engine temperatures while also preventing overheating.
   
• Gasoline and diesel are major contributors to global air pollution levels globally and it is estimated that around 31% of the CO2 emission levels come from vehicles in the U.S. according to IEA. To reduce these issues, governments across the world are implementing stringent emission-related regulations. This has led to improvements in thermal management and heat exchanger systems in vehicles and thus its increasing adoption to meet these changing regulations
   

Based on material, the automotive heat exchanger market is segmented into aluminum, copper, and others. The aluminum segment led the market in 2024, majorly because it is cheaper and due to its high thermal conductivity feature
 

• There is a rising trend of adopting lightweight materials for the car parts and components. To meet these requirements, aluminum is preferred as it is durable, lightweight and provides good thermal conductivity. The automotive industry is prioritizing fuel efficiency and improved vehicle performance and aluminum being an affordable and equally efficient alternative to other materials is gaining preference
   
• Aluminum is corrosion resistant, which makes it suitable for its adoption in heat exchanger components, which are generally exposed to high temperatures and moisture. This quality helps in extending the component life and reduces costs in the longer term, thus adding to the user benefits
   

Based on sales channel, the automotive heat exchanger market is divided into OEMs and aftermarket. OEMs held a major market share in this segment in 2024.
 

• Automotive manufacturers and the heat exchanger manufacturers are usually in direct contact, and the heat exchange manufacturers can provide standard or custom components according to the vehicle design and requirements, thus increasing the preference for OEM
   
• Also, as the demand for EVs and hybrid vehicles increases, automakers are often partnering with these OEM such that they can collectively develop heat exchange components directly at the assembly lines, streamlining the assembly processes
   

Asia Pacific dominated the global automotive heat exchanger market with a major share of over 37% in 2024 and China leads the market in the region and is projected to reach 3 billion by 2034.
 

• Countries in this region such as China, Japan, South Korea, and India are some of the countries with highest automobile production globally. According to OICA, in 2023, China manufactured a total of 26.12 million units of passenger cars, followed by Japan and India, manufacturing 7.77 million and 4.78 million in the same year. This high production also leads to high demand for heat exchanger components, thus making this region a major region in this market
   
• Additionally, due to factors such as low production and labour costs, many international automotive companies are setting up their manufacturing plants in these countries, resulting in high production levels of components such as radiators, oil coolers, inter coolers, and other such heat exchanger components
   
• Besides, the aftermarket demand for these components is also high in this region as it is cheaper and easy to fit these components in the legacy and older models. Also, considering the high population and high vehicle usage in this region, there is constant demand for replacements products, which also creates demand for aftermarket segment
   

The growth forecast for the automotive heat exchanger market in Germany from 2025 to 2034 is highly encouraging.
 

• Germany is home to some of the major automobile brands such as Volkswagen, BMW, Audi, and Mercedes Benz. Also, it is one of the major hubs for automotive development and research, which leads to both the development and production of vehicle and vehicle components such as heat exchangers
   
• Additionally, being part of the European Union, the country has strict environmental norms. This has led to high investments and research for developing energy efficient and low-emission auto components and technologies
   
• Also, the adoption of EVs and hybrid vehicles is steadily growing in the country which is also contributing to the manufacturing of thermal management systems suitable for these vehicles
   

U.S. is expected to show remarkable and promising development in the automotive heat exchanger market from 2025-2034.
 

• U.S. is one of the major companies in terms of both researching and developing vehicles and their components due to the presence of all major automobile companies in the country. Also, the country is at the forefront of developing and adhering to major environmental norms which increase the demand for efficient thermal management parts
   
• Ford, Stellantis, and General Motors are also major auto industry players in the country which results in substantial automobile output. The OICA reports that total U.S. vehicle production expanded from 10.06 million units in 2022 to 10.61 million units in 2023, which shows growth in the value of domestically produced vehicles within the country.
   
• Increased vehicle production also results in the growth in demand for other ancillary integrated systems such as thermal management systems which results in heavy reliance and production of radiators, coolers, EGRs, and other related components and products.
   

The automotive heat exchanger market in Mexico is expected to experience significant and promising growth from 2025 to 2034.
 

• As stated by the International Trade Administration, Mexico is the seventh largest passenger vehicles manufacturer and the fifth for heavy-duty vehicles. Mexico exported 86% of the vehicles it manufactured, out of which 76% was sent to the United States.
   
• Other automotive companies like Audi, BMW, Kia, Honda, Hyundai, and many more have also made statements declaring their plans to set up production of EV's in the country, which will boost the production and export figures of the country. The increasing manufacturing and investment activities by these big automobile companies creates a need for quality automotive parts such as radiators and other thermosetting auto parts for better vehicle operational excellence and customer satisfaction.
   

Automotive Heat Exchanger Market Share

Top 7 companies leading the automotive heat exchanger industry in 2024 Valeo, Mahle, Hanon Systems, Denso, T.RAD Co., Sanden Corporation, and Spectra Premium. Together, they hold around 24% market share.
 

• Hanon Systems and Denso hold a significant share of the automotive heat exchanger industry. Denso is investing in developing lightweight products with the latest technology and Hanon systems, is especially invested in developing thermal management systems for EVs, helping gain a competitive advantage in the growing EV market.
   
• In August 2024, Hanon systems launched their 4^th generation heat pump system for EVs. It was initially launched for Kia EV3 in South Korea and now plans to extend in countries like the U.S. and European regions. This system helps in maintaining battery temperature and helps in effective heating and cooling processes by utilizing waste heat from motor and battery along with the external heat
   
• TRAD Co. offers a wide variety of heat exchanger products such as radiators, coolers, EGRs, ensuring that they cater to a wider range of customers, thus enhancing their market share. Similarly, Mahle is known for providing innovative products catering to changing market requirements of weight, material, and other such features
   
• Valeo provides a wide range of thermal management products for both passenger and commercial vehicles. Additionally, the company is invested in developing smart thermal management solutions, catering to the demands of smart and autonomous vehicles.
   

Automotive Heat Exchanger Market Companies

Major players operating in the automotive heat exchanger industry include:

• Valeo
• Mahle
• Hanon Systems
• Denso
• T.RAD
• Sanden
• Spectra Premium
• Nissens
• AKG Group
• Ahaus Tools & Engineering
   
• The automotive heat exchanger market is distinguished by several factors including changing customer demands, technological innovation, and evolving regulatory requirements. Various players including established and novel manufacturers are investing and competing to cater to the thermal management demands of both ICE and EV vehicle needs
   
• Innovation is a major distinguishing factor helping companies differentiate their offerings based on features such as product weight, material, and durability. With the changing demand of automotive companies for lighter and smart automotive parts, OEMs are obligated to innovate their products to meet this changing scenario
   

Automotive Heat Exchanger Industry News

• In January 2025, Cooler Master announce the launch of their V-series CPU Air Coolers, inspired by V-engines and features patented 3DPH technology. These coolers are designed to resemble the high-performance automotive engine blocks
   
• In January 2025, Hankook & Company Group acquired Hanon Systems, which is a major player in automotive thermal solutions manufacturing. With this acquisition, the company aims to enhance its products portfolio in the automobile segment
   
• Standard Motor Products acquired Nissens in November 2024, which is a European aftermarket supplier of air conditioning and engine cooling products. Through this acquisition, the Standard Motor Products aims of expanding its presence in the North American and European markets
   
• Modine Manufacturing Company in October 2023 expanded its production capacity in Europe and aims to expand its EVantage thermal management systems product line in Europe. Through this expansion in Italy, the company will manufacture electronics cooling systems and battery thermal management systems for commercial, heavy duty and specialty vehicles
   

The automotive heat exchanger market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and shipments (units) from 2021 to 2034, for the following segments:

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Market, By Product

• Radiators
• Intercoolers
• Oil coolers
• Exhaust gas recirculation (EGR)
• Others

Market, By Vehicle

• Passenger cars
  • Sedan
  • SUV
  • Hatchback
• Commercial vehicle
  • LCV
  • HCV
• Off highway vehicle

Market, By Material

• Aluminium
• Copper
• Others

Market, By Design

• Plate Bar
• Tube Fin
• Others

Market, By Sales Channel

• OEM
• Aftermarket

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia