Dublin, July 29, 2022 (GLOBE NEWSWIRE) -- The "Automotive Heater Core Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The market for automotive heater core is expected to expand at a 7.5% CAGR during the forecast period of 2022 to 2030. A specific kind of radiator device called an automotive heater core is used to heat the interior of vehicles. It is a crucial component of a car's cooling system for regulating the temperature inside the car. The heater core, radiator, and fan are the three components of the cooling system.
The heater pipe from the engine is attached to the heater core, which is located under the car's cabin. With the aid of a blower fan, the coolant later emerges from the heater core's coils. Later, the water pump of a car causes coolant to flow over the heater core's fins, which are in charge of transferring heat to the cabin. Increased demand for fuel-efficient automobiles, strict regulatory standards imposed by governing bodies, and increased vehicle production globally are the primary main drivers for the automotive heater core market.
Additionally, during the forecast period, the market expansion is anticipated to be fuelled by fast urbanization and rising human income, which eventually increases human purchasing power.
The automotive heater core market is anticipated to grow during the projected period due to rising demand for fuel-efficient automobiles and strict emission standards set by regulatory authorities. In a similar vein, it is anticipated that during the projected period, a rise in vehicle manufacturing is expected all over the world due to rising purchasing power and rapid urbanization. During the forecast period, the heater core market is anticipated to be driven by an increase in the adoption of electric vehicles as a result of government initiatives and strict environmental regulations.
Covid 19 had an Adverse Impact, Yet the Market is Quickly Rebounding
Due to the worldwide lockdown imposed by governments to contain the virus' transmission, the COVID-19 pandemic had a substantial impact on a number of businesses, including oil & gas, manufacturing, retail, and others. Furthermore, the primary factor influencing market expansion during a pandemic is the interruption in the supply chain of goods and services.
Similar to the COVID-19 pandemic, the lack of auto sales had a substantial negative impact on the growth of the automotive heater core business. For instance, the COVID-19 problem caused a 16 % decline in worldwide auto output in 2020, according to the International Organization of Motor Vehicle Manufacturers. However, the business is rebounding significantly.
Cutting Edge Technologies and Innovations Remains as The Key Market Driver
The heater core market is likely to be driven by an increase in the adoption of electric vehicles due to government initiatives and strict environmental regulations during the projected period. For instance, the International Energy Agency (IEA) reports that sales of electric cars surpassed a record 3 million in 2020, an increase of 40% from 2019. Additionally, it is estimated that by 2050, there will be 300 million electric cars on the road and they would represent over 60% of new auto sales, up from just 5% percent in 2020. Therefore, over the projection period, electric vehicles offer a profitable opportunity for the expansion of the heater core market.
Ceramic PTC components are the main building blocks of this cutting-edge automotive heating technology, which helps decrease energy waste and ensures that HVAC systems in cars operate quietly. The introduction of such technology is probably going to support automakers in creating and building the next generation of effective and clean vehicles. Leading manufacturers are opening new production facilities for the production of high voltage heaters in order to meet the demand for hybrid and battery electric vehicles.
One excellent example of such investments is the new Tianjin production facility for Eberspaecher electric heaters. By building this new production facility, the company aims to strengthen its domestic presence while boosting its capacity to take advantage of the fast-growing Chinese passenger car market, particularly for battery electric vehicles. The plant will produce integral parts for electric heaters such PTC ceramics for the heater core. In the upcoming years, the development and sales of automobile heater core will be considerably influenced by such new installations for automotive heating systems, thereby boosting the market growth.
Focus on Environment-Friendly Solutions Offering Significant Opportunities
The automobile industry has begun to evidence a paradigm shift from traditional IC engines toward environmentally-friendly vehicles such as hybrid and electric cars as a result of regulations on carbon dioxide emissions brought on by the depletion of fossil fuels and global warming. Due to their superior energy efficiency compared to their gasoline and diesel-powered counterparts, electric cars have been deemed the best option for environmentally friendly automobiles. However, the amount of waste heat produced by electric vehicle power engines is insufficient for heating, necessitating the use of additional equipment as the primary heating source.
High-voltage PTC heaters have emerged as the most practical method for achieving the necessary heating efficiency, reliability, and capacity following a significant amount of research on primary heating equipment for electric automobiles, including combustion heaters and heat pumps. More research is being done to increase the heating performance and efficiency of high-voltage PTC heaters, which use PTC ceramics as their heater cores. Examples of this research include creating closed-loop systems and creating prototypes with standardized features. These studies are likely to have a big impact on the high-voltage PTC heater designs that are optimized, which will accelerate their use in electric vehicles in the next years.
Type of Vehicle: Passenger Vehicles Dominate the Global Market
The passenger vehicle and commercial vehicle segments make up the primary market for automotive heaters. Due to increased production of passenger vehicles globally, growing urbanization, rising per capita incomes, and high consumer demand, the passenger vehicle category is expected to grow at a significant rate during the forecast period. Sales of electric vehicles is expected to rise as a result of global government measures to promote green mobility, OEM involvement in the production of electric vehicles, and the accessibility of infrastructure in industrialized nations. The automotive heater core market is expected to be driven by this over the projected period.
Sales Channel: After Market Segment to Lead
The automobile heater core market is segmented into aftermarket and OEM in terms of sales channels. The heater core has a six-year lifespan, on average. Lack of sufficient cooling system maintenance, poor coolant performance, and metal erosive corrosion shorten heater core life and necessitate costly heater core replacement. The aftermarket segment is predicted to hold a substantial proportion of the automotive heater core market during the forecast period since players in this market made considerable investments in heater core design and materials at competitive prices.
Geography: APAC Emerges as The Global Leader
As a result of the region's significant production of both passenger and commercial cars, Asia Pacific is predicted to account for a sizable portion of the worldwide automotive heater core market. During the projection period, the Asia Pacific region is anticipated to hold the largest market share. The significant volume of commercial and passenger vehicle production is credited with the area's expansion. China dominates the regional market for the production of passenger and commercial vehicles. For instance, the market analysis estimates that China manufactured around 20 million passenger automobiles and 5 million commercial vehicles in 2020. Further, the region's automotive heater core market expanded as a result of the widespread use of electric vehicles, particularly in China, India, and Japan.
Level of Competition to Raise During the Forecast Period
Many businesses are putting an emphasis on organic growth initiatives, including new launches, product approvals, and others like patents and events. Acquisitions and partnerships & collaborations were examples of inorganic growth tactics that were observed in the market.
These strategies have made it possible for market participants to grow their consumer bases and operations. With the growing demand for the Automotive Heater Core market, market participants are projected to benefit from lucrative growth prospects in the future. The automotive heater core market is dominated by companies such as Delphi Auto Parts, MAHLE GmbH, Spectra Premium, DENSO CORPORATION, and Valeo.
Key questions answered in this report
- What are the key micro and macro-environmental factors that are impacting the growth of the automotive heater core market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the automotive heater core market?
- Which is the largest regional market for the automotive heater core market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving automotive heater core market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the automotive heater core market worldwide?
Key Topics Covered:
1 Preface
2. Executive Summary
3. Automotive Heater Core Market: Business Outlook & Market Dynamics
3.1. Introduction
3.2. Global Automotive Heater Core Market Value, 2020 - 2030, (US$ Mn)
3.3. Key Trends Analysis
3.4. Market Dynamics
3.4.1. Market Drivers
3.4.2. Market Restraints
3.4.3. Key Challenges
3.4.4. Key Opportunities
3.5. Impact Analysis of Drivers and Restraints
3.6. See-Saw Analysis
3.7. Attractive Investment Proposition
3.8. Porter's Five Force Model
3.8.1. Supplier Power
3.8.2. Buyer Power
3.8.3. Threat of Substitutes
3.8.4. Threat of New Entrants
3.8.5. Competitive Rivalry
3.9. PESTEL Analysis
3.9.1. Political Landscape
3.9.2. Economic Landscape
3.9.3. Technology Landscape
3.9.4. Legal Landscape
3.9.5. Social Landscape
3.10. Competitive Landscape
3.10.1. Market Positioning of Key Automotive Heater Core Market Vendors
3.10.2. Strategies Adopted by Automotive Heater Core Market Vendors
4. Automotive Heater Core Market: By Metal, 2020-2030, USD (Million)
4.1. Market Overview
4.2. Growth & Revenue Analysis: 2021 Versus 2030
4.3. Market Segmentation
4.3.1. Aluminum
4.3.2. Brass
5. Automotive Heater Core Market: By Application, 2020-2030, USD (Million)
5.1. Market Overview
5.2. Growth & Revenue Analysis: 2021 Versus 2030
5.3. Market Segmentation
5.3.1. Passenger Cars
5.3.2. Commercial Vehicles
6. Automotive Heater Core Market: By Input, 2020-2030, USD (Million)
6.1. Market Overview
6.2. Growth & Revenue Analysis: 2021 Versus 2030
6.3. Market Segmentation
6.3.1. Fuel
6.3.2. Electric vehicles
6.3.3. Hybrid vehicles
7. Automotive Heater Core Market: By Sales Channel, 2020-2030, USD (Million)
7.1. Market Overview
7.2. Growth & Revenue Analysis: 2021 Versus 2030
7.3. Market Segmentation
7.3.1. Aftermarket
7.3.2. OEM
8. North America Automotive Heater Core Market, 2020-2030, USD (Million)
9. UK and European Union Automotive Heater Core Market, 2020-2030, USD (Million)
10. Asia Automotive Heater Core Market, 2020-2030, USD (Million)
11. Latin America Automotive Heater Core Market, 2020-2030, USD (Million)
12. Middle East and Africa Automotive Heater Core Market, 2020-2030, USD (Million)
13. Company Profiles
13.1. BorgWarner
13.2. Eberspaecher
13.3. Delphi Auto Parts
13.4. MAHLE GmbH
13.5. Spectra Premium
13.6. DENSO CORPORATION
13.7. Valeo
For more information about this report visit https://www.researchandmarkets.com/r/vgdadl
