Europe Automotive Heat Exchanger Market Forecast 2018-2026
KEY FINDINGS The Europe automotive heat exchanger market is expected to nearly $30 billion by 2026, exhibiting a CAGR of 7.16% over the forecast period of 2018-2026.
MARKET INSIGHTS Europe has traditionally been the hub of world class automobile production. Europe produces 21.7% of total cars produced worldwide, this makes the European Union is the world’s second largest producer after China.
The upcoming growth in the European automotive industry gives a huge growth opportunity for the automotive heat exchanger market to grow in this region. There is an increased demand for premium and luxury passenger vehicles and a huge emphasis on the adoption of energy-efficient components in manufacturing, which further increases the usage of heat exchangers. Major automotive heat exchanger vendors have introduced systems especially to cater the European market’s needs. Germany dominated the European market by accounting more than 30% share of passenger cars manufactured in Europe and is expected to grow at a CAGR of 7.79% over the forecast period. Poland, with its growing sales of passenger cars, is also likely to grow as one of the promising automotive markets in the European Union over the forecasted period.
COMPETITIVE INSIGHTS Companies like G&M Radiator, Mahle Behr GmbH & Co, Novellis, AKG Thermal Systems Inc, Climetal Heat Exchangers, Precision Micro, etc. are dominating this region.