The automotive heat exchanger market is projected to grow from USD 27.07 billion in 2025 to USD 29.94 billion by 2032 at a CAGR of 1.5%.
EVs with battery capacities of up to 40 kWh typically rely on refrigerant-based cold plates or simple single-loop liquid cooling systems to manage thermal loads. As battery sizes increase to around 82 kW, advanced thermal management solutions are required, including multi-loop liquid cooling systems with integrated chillers, cold plates, and modulating valves to ensure effective heat regulation. For larger battery packs above 80 kWh, often combine dual-loop cooling systems, high-capacity chillers, cold plates, and thermal management valves to support high-power operation and fast charging requirements.
For instance, the Volkswagen ID.4 comes with an ~82 kWh pouch cell battery and uses an indirect liquid cooling loop integrated with the HVAC system and a PTC heater to regulate battery temperature. Similarly, the Nissan Ariya, with a battery capacity between 63 kWh and 87 kWh, uses a liquid cooling system with a three-layer heat exchanger that includes a bottom cold plate and optimized coolant flow channels for even heat distribution. In contrast, the BMW i3, which has a smaller 42 kWh battery, uses a refrigerant-based evaporative cold plate that cools approximately 23% of the battery's underside using the vehicle's air conditioning system.
The growing adoption of BEVs driven by stringent emission norms, government incentives, and progress in battery technologies is significantly boosting the demand for efficient thermal systems. Additionally, the increasing need to support fast charging, extend battery life, and enhance overall vehicle efficiency is prompting automakers to adopt high-performance thermal solutions. To meet space, weight, and performance requirements, BEVs increasingly use aluminum-based materials due to their high thermal conductivity, corrosion resistance, and lightweight properties. Leading suppliers such as MAHLE GmbH and Modine are also introducing aluminum-polymer composites and high-strength aluminum alloys, while compact and efficient designs such as stacked plates, brazed aluminum, and multi-channel laminated structures are gaining traction for their integration ease within EV platforms.
Additionally, the shift toward vehicle electrification, along with stricter emission regulations and the need for improved fuel efficiency, is further boosting the use of efficient thermal management systems. Technological advancements in lightweight materials and the growing prevalence of compact, high-performance heat exchangers are also contributing to the sustained growth of this segment.
Automotive heat exchanger manufacturers such as Mahle GmbH (Germany), Denso Corporation (Japan), Valeo (France), Hanon Systems (South Korea), and T.RAD Co., Ltd. (Japan) cater to passenger car companies. For instance, MAHLE GmbH supplied an engine oil cooler to Audi AG (Germany) for its 2025 Audi A5 vehicle model in Germany. Similarly, T.RAD Co., Ltd. provided a radiator to the Daihatsu for its 2025 Rocky, Rocky HEV, Thor, and Thor Custom vehicle models in Japan.
The increasing emphasis on fuel efficiency and effective thermal management has also raised demand for EGR coolers, charge air coolers, and oil coolers, which help reduce engine temperatures, improve combustion efficiency, and lower NOx and CO₂ emissions. The region's rapid transition toward EVs is accelerating demand for specialized heat exchangers designed to address the unique thermal challenges of EV powertrains.
This includes battery cooling plates, power electronics heat exchangers, integrated thermal modules, and heat pump-based HVAC systems, all of which are critical for maintaining optimal performance, safety, and energy efficiency in EVs. MAHLE GmbH (Germany), Valeo (France), AKG Group (Germany), Nissens Automotive A/S (Denmark), Senior PLC (UK), G&M Radiator (Scotland), Climetal S.L. (Spain), and Constellium SE (France), among others, are some of the leading automotive heat exchanger manufacturers in the region.
In-depth interviews have been conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
EVs with battery capacities of up to 40 kWh typically rely on refrigerant-based cold plates or simple single-loop liquid cooling systems to manage thermal loads. As battery sizes increase to around 82 kW, advanced thermal management solutions are required, including multi-loop liquid cooling systems with integrated chillers, cold plates, and modulating valves to ensure effective heat regulation. For larger battery packs above 80 kWh, often combine dual-loop cooling systems, high-capacity chillers, cold plates, and thermal management valves to support high-power operation and fast charging requirements.
For instance, the Volkswagen ID.4 comes with an ~82 kWh pouch cell battery and uses an indirect liquid cooling loop integrated with the HVAC system and a PTC heater to regulate battery temperature. Similarly, the Nissan Ariya, with a battery capacity between 63 kWh and 87 kWh, uses a liquid cooling system with a three-layer heat exchanger that includes a bottom cold plate and optimized coolant flow channels for even heat distribution. In contrast, the BMW i3, which has a smaller 42 kWh battery, uses a refrigerant-based evaporative cold plate that cools approximately 23% of the battery's underside using the vehicle's air conditioning system.
The battery electric vehicle (BEV) segment is projected to hold the largest share of the automotive heat exchanger market during the forecast period.
Battery electric vehicles (BEVs) hold the largest share of the automotive heat exchanger market due to their high energy density and extensive thermal management needs. BEVs depend entirely on large battery packs, which generate substantial heat during charging and discharging cycles, requiring advanced heat exchanger solutions to protect batteries, power electronics, and electric drivetrains. For instance, MAHLE Anand Thermal Systems Private Limited (India) supplied a battery thermal management system and cooling chiller for Mahindra & Mahindra's 2025 Mahindra BE 6 model.The growing adoption of BEVs driven by stringent emission norms, government incentives, and progress in battery technologies is significantly boosting the demand for efficient thermal systems. Additionally, the increasing need to support fast charging, extend battery life, and enhance overall vehicle efficiency is prompting automakers to adopt high-performance thermal solutions. To meet space, weight, and performance requirements, BEVs increasingly use aluminum-based materials due to their high thermal conductivity, corrosion resistance, and lightweight properties. Leading suppliers such as MAHLE GmbH and Modine are also introducing aluminum-polymer composites and high-strength aluminum alloys, while compact and efficient designs such as stacked plates, brazed aluminum, and multi-channel laminated structures are gaining traction for their integration ease within EV platforms.
The passenger car segment is projected to lead the automotive heat exchanger market during the forecast period.
The passenger car segment is expected to lead the automotive heat exchanger market during the forecast period, largely driven by the sustained production of ICE vehicles across various regions. As automakers continue to optimize combustion engines for performance and efficiency, the demand for reliable and high-capacity thermal management systems is increasing. Modern ICE passenger cars are incorporating more thermally intensive technologies such as turbocharging and exhaust gas recirculation (EGR), which require efficient cooling solutions such as charge air coolers, engine oil coolers, and radiators.Additionally, the shift toward vehicle electrification, along with stricter emission regulations and the need for improved fuel efficiency, is further boosting the use of efficient thermal management systems. Technological advancements in lightweight materials and the growing prevalence of compact, high-performance heat exchangers are also contributing to the sustained growth of this segment.
Automotive heat exchanger manufacturers such as Mahle GmbH (Germany), Denso Corporation (Japan), Valeo (France), Hanon Systems (South Korea), and T.RAD Co., Ltd. (Japan) cater to passenger car companies. For instance, MAHLE GmbH supplied an engine oil cooler to Audi AG (Germany) for its 2025 Audi A5 vehicle model in Germany. Similarly, T.RAD Co., Ltd. provided a radiator to the Daihatsu for its 2025 Rocky, Rocky HEV, Thor, and Thor Custom vehicle models in Japan.
Europe is expected to have a significant share of the automotive heat exchanger market during the forecast period.
Europe is expected to have a significant share of the automotive heat exchanger market during the forecast period. The European automotive heat exchanger market is primarily driven by stringent environmental regulations, such as the EU's Euro 6/7 emission standards, the CO₂ fleet emission targets (95 g/km for passenger cars), and the Fit for 55 packages, which mandates a 100% reduction in CO₂ emissions from new cars and vans by 2035. These regulations have significantly increased demand for advanced heat exchanger materials such as aluminum alloys and composite polymers, as well as lightweight thermal insulation solutions to improve fuel efficiency and reduce greenhouse gas emissions.The increasing emphasis on fuel efficiency and effective thermal management has also raised demand for EGR coolers, charge air coolers, and oil coolers, which help reduce engine temperatures, improve combustion efficiency, and lower NOx and CO₂ emissions. The region's rapid transition toward EVs is accelerating demand for specialized heat exchangers designed to address the unique thermal challenges of EV powertrains.
This includes battery cooling plates, power electronics heat exchangers, integrated thermal modules, and heat pump-based HVAC systems, all of which are critical for maintaining optimal performance, safety, and energy efficiency in EVs. MAHLE GmbH (Germany), Valeo (France), AKG Group (Germany), Nissens Automotive A/S (Denmark), Senior PLC (UK), G&M Radiator (Scotland), Climetal S.L. (Spain), and Constellium SE (France), among others, are some of the leading automotive heat exchanger manufacturers in the region.
In-depth interviews have been conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: Tier I - 48%, Tier II - 28%, and OEM - 24%
- By Designation: C-Level - 56%, Managers - 28%, and Executives - 16%
- By Region: North America - 25%, Europe - 31%, Asia Pacific - 34%, and RoW - 10%
Research Coverage:
The report covers the automotive heat exchanger market in terms of propulsion and component (ICE and EV), Design (plate bar, tube fin, plate type, and others), off-highway vehicle type, vehicle type, electric vehicle type, and region. It covers the competitive landscape and company profiles of the major automotive heat exchanger market ecosystem players.The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants with information on the closest approximations of revenue numbers for the overall automotive heat exchanger market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
- The report also helps stakeholders understand the current and future pricing trends of the automotive heat exchanger market.
The report provides insights into the following pointers:
- Analysis of key drivers (increased cooling needs in high-performance and large-battery vehicles and technological advancements in materials and design), restraints (anticipated decline in sales of ice vehicles), opportunities (development of advanced nanoparticle-based coolants, and innovations in microchannel and lattice heat exchanger designs), and challenges (flow and distribution challenges with nanofluids, and material compatibility and corrosion issues)
- Product Development/Innovation: Detailed insights into upcoming technologies and research & development activities in the automotive heat exchanger market
- Market Development: Comprehensive information about lucrative markets (the report analyzes the automotive heat exchanger market across regions)
- Market Diversification: Exhaustive information about untapped geographies, recent developments, and investments in the automotive heat exchanger market
- Competitive Assessment: In-depth assessment of market share, growth strategies, and product offerings of leading players such as Mahle GmbH (Germany), Denso Corporation (Japan), Valeo (France), Hanon Systems (South Korea), and T.RAD Co., Ltd. (Japan) in the automotive heat exchanger market
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview
6 Automotive Heat Exchanger Market, by Propulsion and Component
7 Automotive Heat Exchanger Market, by Design
8 Automotive Heat Exchanger Market, by Vehicle Type
9 Automotive Heat Exchanger Market, by Electric Vehicle Type
10 Automotive Heat Exchanger Market, by Off-Highway Vehicle Type
11 Automotive Heat Exchanger Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Analyst's Recommendations
15 Appendix
List of Tables
List of Figures
Companies Mentioned
- Mahle GmbH
- Denso Corporation
- Valeo
- Hanon Systems
- T.Rad Co. Ltd.
- Sanden Corporation
- Marelli Holdings Co. Ltd.
- Dana Limited
- Banco Products (India) Ltd.
- Nippon Light Metal Holdings Co. Ltd.
- Modine
- Akg Group
- Estra
- S.M. Auto
- Nissens Automotive A/S
- G&M Radiator
- Borgwarner Inc.
- Tyc Brother Industrial Co. Ltd.
- Tata Autocomp Systems
- Siam Calsonic Co. Ltd.
- Senior plc
- Conflux
- Climetal S.L.
- Constellium Se
- Subros Limited
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 373 |
| Published | July 2025 |
| Forecast Period | 2025 - 2032 |
| Estimated Market Value in 2025 | 27.07 Billion |
| Forecasted Market Value by 2032 | 29.94 Billion |
| Compound Annual Growth Rate | 1.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 25 |
