Market Overview:
The Global Electric Vehicle Heat Exchanger Market size is expected to grow from USD 28.9 billion in 2022 to USD 38.65 billion by 2030, at a CAGR of 3.7% during the forecast period (2023-2030).
Vehicle emissions can be reduced through various measures such as changes in vehicle dynamics, weight reduction, and the adoption of high-strength steel (HSS) and aluminum in vehicle chassis. Automotive heat exchangers like EGR systems are widely used to reduce NOx emissions by recirculating a regulated portion of the exhaust gas back into the engine. In the electric vehicle (EV) market, advancements include ultra-fast charging, battery swapping, V2V charging, new battery technologies, and the development of components like in-wheel motors and e-axles. Many countries provide incentives for EV buyers, such as the United States offering a USD 7,500 tax credit for battery electric vehicles (BEVs) and a varying reduction for plug-in hybrid electric vehicles (PHEVs). The UK also contributes around 35% of the electric vehicle cost, up to USD 3,600.
Top Key Players in Electric Vehicle Heat Exchanger Market:
- AKG Thermal Systems Inc. (US)
- American Industrial Heat Transfer Inc. (US)
- Banco Products (India) Ltd (India)
- Climetal SL - Heat Exchanger (Spain)
- Constellium SE (Netherlands)
- DENSO Corporation (Japan)
- G&M Radiator Mfg Ltd (Canada)
- Hanon Systems (South Korea)
- MAHLE GmbH (Germany)
- MODINE MANUFACTURING COMPANY (US)
- Nippon Light Metal Holdings Co. Ltd (Japan)
- Valeo SA (France) and Other Major Players
Market Dynamics and Factors:
The increasing demand for battery electric vehicles (BEVs) is a significant driving force behind the growth of the electric vehicle heat exchanger market. As more consumers embrace electric vehicles and governments push for cleaner transportation solutions, the need for efficient thermal management systems in EVs becomes paramount. Electric vehicle heat exchangers play a crucial role in maintaining optimal operating temperatures for key components such as batteries, power electronics, and electric motors. This surge in BEV demand has led to advancements in heat exchanger technologies, with companies investing in research and development to develop compact, lightweight, and high-performance heat exchangers. As a result, the electric vehicle heat exchanger market is experiencing substantial growth, and this trend is expected to continue as the adoption of BEVs continues to rise worldwide.
The high growth opportunity for passenger electric vehicles (EVs) presents significant opportunities in the electric vehicle heat exchanger market. As the demand for passenger EVs continues to soar, driven by factors such as government incentives, environmental concerns, and advancements in EV technology, the need for efficient thermal management systems becomes crucial. Electric vehicle heat exchangers play a vital role in maintaining optimal temperatures for EV components, ensuring their performance, reliability, and longevity. This creates a favorable environment for manufacturers and suppliers of electric vehicle heat exchangers to capitalize on the market opportunity and develop cutting-edge solutions to meet the evolving needs of the passenger EV segment.
Electric Vehicle Heat Exchanger Market Report Highlight:
- By Electric Type, BEV holds a larger market share as compared to PHEV, The battery electric vehicle (BEV) segment plays a significant role in the electric vehicle heat exchanger market. BEVs are fully electric vehicles that rely solely on battery power for propulsion.
- By Design, the plate bar segment is a significant component of the electric vehicle heat exchanger market. Plate bar heat exchangers are compact and efficient, making them well-suited for thermal management in electric vehicles. These heat exchangers consist of a series of plates and fins that enable effective heat transfer between different fluids, such as coolant and air.
- By Vehicle type, the passenger car segment is a crucial part of the electric vehicle heat exchanger market. As the demand for electric passenger cars continues to rise, there is an increasing need for efficient thermal management systems in these vehicles.
- The APAC has experienced significant growth in EV adoption, with countries like China, Japan, and South Korea leading the way. These countries have implemented favorable policies, incentives, and infrastructure development to promote EV usage. The large and growing EV market in APAC drives the demand for efficient thermal management systems like heat exchangers.
Key Industry Development:
- In June 2023, BorgWarner: Introduced its High-Efficiency Multiflow Heat Exchanger, utilizing a unique flow design to optimize cooling for both battery and power electronics under diverse driving conditions. (Image of BorgWarner High-Efficiency Multiflow Heat Exchanger)
- In January 2023, Becker has recently unveiled a groundbreaking smart heat exchanger, a significant advancement in temperature regulation technology. This state-of-the-art device is equipped with integrated sensors and harnesses AI-powered control systems, enabling real-time temperature monitoring and proactive adjustments.
Electric Vehicle Heat Exchanger Market Segmentation:
By Electric Vehicle Type
- BEV
- PHEV
- HEV
By Design
- Plate Bar
- Tube Fin
By Vehicle Type
- Passenger Car
- LCV
- Truck
- Bus
For this report, Introspective Market Research has segmented the Electric Vehicle Heat Exchanger Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
