自動車用熱交換器市場 – 2032年までの世界予測

Automotive Heat Exchanger Market - Global Forecast To 2032

自動車用熱交換器市場 - 推進力とコンポーネント(ラジエーター、コンデンサー、チラー、エバポレーター、オイルクーラー、CAC、ヒーター、EGR)、設計、OHVタイプ、車両タイプ、EVタイプ(BEV、HEV、PHEV)、地域別 - 2032年までの世界予測
Automotive Heat Exchanger Market by Propulsion and Component (Radiator, Condenser, Chiller, Evaporator, Oil cooler, CAC, Heater, EGR), Design, OHV Type, Vehicle Type, EV Type (BEV, HEV, and PHEV), and Region - Global Forecast to 2032

商品番号 : SMB-16624

出版社MarketsandMarkets
出版年月2025年7月
ページ数373
図表数470
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

本レポートは、自動車用熱交換器市場を、推進力とコンポーネント(内燃機関(ICE)およびEV)、設計(プレートバー、チューブフィン、プレートタイプなど)、オフハイウェイ車両タイプ、車両タイプ、電気自動車タイプ、および地域の観点から網羅しています。また、主要な自動車用熱交換器市場エコシステムプレーヤーの競争環境と企業プロファイルも網羅しています。この調査には、主要な市場プレーヤーの詳細な競合分析、各社のプロフィール、製品およびビジネス提供に関する主要な観察、最近の動向、主要な市場戦略も含まれています。

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%.

自動車用熱交換器市場は、2025 年の 270.7 億米ドルから 2032 年には 299.4 億米ドルに、年平均成長率 1.5% で成長すると予測されています。

自動車用熱交換器市場 - 2032年までの世界予測
automotive-heat-exchanger-market-new

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.

バッテリー容量が最大 40kWh の EV は通常、冷媒ベースのコールド プレートまたは単純なシングル ループ液体冷却システムを使用して熱負荷を管理しています。バッテリー サイズが約 82kW に大きくなると、効果的な熱調節を確保するために、チラー、コールド プレート、モジュレーティング バルブを統合したマルチ ループ液体冷却システムなどの高度な熱管理ソリューションが必要になります。80kWh を超える大型バッテリー パックの場合、多くの場合、デュアル ループ冷却システム、高容量チラー、コールド プレート、熱管理バルブを組み合わせて、高出力動作と急速充電の要件に対応します。たとえば、フォルクスワーゲン ID.4 には約 82kWh のポーチ セル バッテリーが搭載されており、HVAC システムに統合された間接液体冷却ループと PTC ヒーターを使用してバッテリー温度を調節しています。同様に、バッテリー容量が 63kWh ~ 87kWh の日産アリアは、底部コールド プレートと最適化された冷却剤フロー チャネルを含む 3 層熱交換器を備えた液体冷却システムを使用して、熱を均等に分散させています。対照的に、より小型の 42kWh バッテリーを搭載した BMW i3 は、車両の空調システムを使用してバッテリーの下側の約 23% を冷却する冷媒ベースの蒸発冷却プレートを使用しています。

“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.

自動車用熱交換器市場 - 2032年までの世界予測 region
automotive-heat-exchanger-market-new-region

“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%

The automotive heat exchanger market is dominated by major players, including MAHLE GmbH (Germany), Denso Corporation (Japan), Valeo (France), Hanon Systems (South Korea), and T.RAD Co., Ltd. (Japan). These companies offer advanced automotive heat exchanger solutions that improve thermal efficiency, support the performance of modern powertrains, and comply with evolving regulatory and industry requirements.

自動車用熱交換器市場 - 2032年までの世界予測 ecosystem
automotive-heat-exchanger-market-ecosystem

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              32

1.1           STUDY OBJECTIVES       32

1.2           MARKET DEFINITION   33

1.2.1        INCLUSIONS AND EXCLUSIONS 36

1.3           STUDY SCOPE   37

1.3.1        MARKET SEGMENTATION AND REGIONAL SCOPE                 37

1.3.2        YEARS CONSIDERED      38

1.4           CURRENCY CONSIDERED            38

1.5           STAKEHOLDERS               39

1.6           SUMMARY OF CHANGES               39

2               RESEARCH METHODOLOGY       40

2.1           RESEARCH DATA              40

2.1.1        SECONDARY DATA          41

2.1.1.1    Key secondary sources         42

2.1.1.2    Key data from secondary sources       43

2.1.2        PRIMARY DATA 43

2.1.2.1    Primary interviews: Demand and supply sides                44

2.1.2.2    Key industry insights and breakdown of primary interviews                 44

2.1.2.3    Primary participants             45

2.2           MARKET SIZE ESTIMATION         46

2.2.1        BOTTOM-UP APPROACH              47

2.2.2        TOP-DOWN APPROACH                48

2.3           DATA TRIANGULATION                50

2.4           FACTOR ANALYSIS          52

2.4.1        DEMAND- AND SUPPLY-SIDE FACTOR ANALYSIS                 52

2.5           RESEARCH ASSUMPTIONS           52

2.6           RESEARCH LIMITATIONS             53

2.7           RISK ASSESSMENT           54

3               EXECUTIVE SUMMARY  55

4               PREMIUM INSIGHTS       61

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN AUTOMOTIVE HEAT EXCHANGER MARKET         61

4.2           AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION                 62

4.3           AUTOMOTIVE HEAT EXCHANGER MARKET, BY DESIGN                 62

4.4           AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE  63

4.5           AUTOMOTIVE HEAT EXCHANGER MARKET, BY PROPULSION     63

4.6           AUTOMOTIVE HEAT EXCHANGER MARKET, BY ELECTRIC VEHICLE TYPE             64

4.7           AUTOMOTIVE HEAT EXCHANGER MARKET, BY OFF-HIGHWAY VEHICLE TYPE             64

5               MARKET OVERVIEW       65

5.1           INTRODUCTION              65

5.2           MARKET DYNAMICS       67

5.2.1        DRIVERS               67

5.2.1.1    Increased cooling needs in high-performance and large-battery vehicles  67

5.2.1.2    Technological advancements in materials and design    69

5.2.2        RESTRAINTS      70

5.2.2.1    Decline in ICE vehicle sales                70

5.2.3        OPPORTUNITIES              70

5.2.3.1    Development of advanced nanoparticle-based coolants 70

5.2.3.2    Innovations in microchannel and lattice heat exchanger designs                 71

5.2.4        CHALLENGES    71

5.2.4.1    Flow and distribution challenges with nanofluids           71

5.2.4.2    Material compatibility and corrosion issues     71

5.2.5        IMPACT ANALYSIS OF MARKET DYNAMICS          72

5.3           INDICATIVE PRICING ANALYSIS                72

5.3.1        AVERAGE SELLING PRICE TREND, BY COMPONENT, 2022–2024              73

5.3.2        AVERAGE SELLING PRICE TREND, BY REGION, 2022–2024                 74

5.3.2.1    Asia Pacific            74

5.3.2.2    Europe   75

5.3.2.3    North America      76

5.3.2.4    Rest of the World 77

5.3.3        AVERAGE SELLING PRICE TREND OF COMPONENTS, BY PROPULSION, 2024           78

5.4           ECOSYSTEM ANALYSIS  78

5.4.1        RAW MATERIAL SUPPLIERS         79

5.4.2        COMPONENT MANUFACTURERS              79

5.4.3        AUTOMOTIVE HEAT EXCHANGER MANUFACTURERS / TIER 1 SUPPLIERS            79

5.4.4        OEMS    79

5.5           SUPPLY CHAIN ANALYSIS             80

5.6           CASE STUDY ANALYSIS 82

5.6.1        CONFLUX’S 3D-PRINTED WATER CHARGE AIR COOLER                 82

5.6.2        TRANSFORMING THERMAL SYSTEMS WITH SERVICEABLE CARTRIDGE HEAT EXCHANGER  83

5.6.3        COST-EFFICIENT HEAT EXCHANGER PLATE MANUFACTURING WITH PHOTO CHEMICAL ETCHING 84

5.6.4        ACCELERATING PLATE HEAT EXCHANGER INNOVATION THROUGH SIMULATION-DRIVEN DESIGN                 85

5.7           INVESTMENT AND FUNDING SCENARIO               85

5.8           PATENT ANALYSIS          87

5.9           TECHNOLOGY ANALYSIS             90

5.9.1        INTRODUCTION              90

5.9.2        KEY TECHNOLOGIES     90

5.9.2.1    Waste heat recovery systems (WHRS)              90

5.9.2.2    Phase-change materials (PCMs)       91

5.9.2.3    Novel cooling fluids              92

5.9.3        COMPLEMENTARY TECHNOLOGIES       93

5.9.3.1    Battery thermal management system                93

5.9.3.2    Indirect charge air cooling  95

5.9.4        ADJACENT TECHNOLOGIES       95

5.9.4.1    Liquid-cooled charge air coolers        95

5.10         HEAT EXCHANGER PLANT LOCATIONS, BY KEY SUPPLIERS          96

5.10.1      DENSO CORPORATION 96

5.10.2      HANON SYSTEMS             98

5.10.3      T.RAD CO., LTD.               99

5.10.4      SANDEN CORPORATION               99

5.10.5      MARELLI HOLDINGS CO., LTD. 100

5.10.6      BANCO PRODUCTS (I) LTD.        100

5.10.7      NIPPON LIGHT METAL CO., LTD               100

5.11         TRADE ANALYSIS             101

5.11.1      IMPORT DATA FOR HS CODE 870891       101

5.11.2      EXPORT DATA FOR HS CODE 870891       103

5.11.3      IMPORT DATA FOR HS CODE 841520       104

5.11.4      EXPORT DATA FOR HS CODE 841520       106

5.12         TARIFF AND REGULATORY LANDSCAPE               108

5.12.1      TARIFF DATA    108

5.12.2      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             109

5.13         KEY REGULATIONS IMPACTING AUTOMOTIVE HEAT EXCHANGER MARKET   112

5.13.1      US           112

5.13.2      EUROPEAN UNION          113

5.13.3      JAPAN   113

5.13.4      INDIA    113

5.13.5      CHINA  114

5.14         KEY CONFERENCES AND EVENTS, 2025–2026        116

5.15         KEY STAKEHOLDERS AND BUYING CRITERIA     117

5.15.1      KEY STAKEHOLDERS IN BUYING PROCESS           117

5.15.2      BUYING CRITERIA           118

5.16         TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            119

5.17         IMPACT OF AI/GENERATIVE AI 120

5.17.1      DESIGN                120

5.17.2      MANUFACTURING          120

5.17.3      MAINTENANCE 120

5.18         MNM INSIGHTS ON ADVANCEMENTS IN AUTOMOTIVE HEAT EXCHANGERS       121

5.18.1      GEOMETRIES AND ARCHITECTURES      121

5.18.1.1  Microchannel cores              121

5.18.1.2  Plate-fin and advanced fin designs    122

5.18.1.3  Additive manufacturing (3D printing)              122

5.18.1.4  Multi-mode/Adaptive features           122

5.18.2      SURFACE TREATMENTS AND COATINGS              122

5.18.2.1  Anti-corrosion coatings       122

5.18.2.2  Hydrophobic/Hydrophilic surface engineering                123

5.18.2.3  Thermal-enhancing surface coatings                 123

5.18.3      MATERIAL           123

5.18.3.1  Advancement in materials  123

5.18.3.1.1                Lightweight aluminum alloys              123

5.18.3.1.2                Polymer and plastic composites         124

5.18.3.1.3                High-conductivity metals and coatings             124

5.18.3.1.4                Other materials     124

5.18.3.2  Sustainability and eco-friendly materials          124

5.19         FUTURE OF AUTOMOTIVE HEAT EXCHANGERS FOR ALTERNATIVE FUEL TECHNOLOGIES    126

5.19.1      FUEL CELL VEHICLE (FCEV) COOLING  126

5.19.2      BATTERY ELECTRIC (BEV) AND SOLID-STATE BATTERY (SSB) COOLING 127

5.20         KEY OEM REFRIGERANT TREND, BY COUNTRY/REGION                 128

5.20.1      EUROPE               128

5.20.2      NORTH AMERICA             129

5.20.3      CHINA  130

5.21         MNM INSIGHTS ON FUTURE HEAT EXCHANGER PRODUCTS         131

5.21.1      EV COOLING SYSTEMS  131

5.21.2      A/C HEAT PUMP SYSTEMS           131

5.21.3      FUEL CELL SYSTEMS      132

5.21.4      HEAT EXCHANGER TECHNOLOGY TRENDS        133

6               AUTOMOTIVE HEAT EXCHANGER MARKET, BY PROPULSION AND COMPONENT              134

6.1           INTRODUCTION              135

6.2           INTERNAL COMBUSTION ENGINE (ICE)                137

6.2.1        INCREASING ADOPTION OF TURBOCHARGING AND DOWNSIZED POWERTRAINS TO DRIVE MARKET               137

6.2.2        ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY COMPONENT    139

6.2.2.1    Engine radiator     139

6.2.2.2    Condenser              141

6.2.2.3    Evaporator             142

6.2.2.4    Oil cooler               144

6.2.2.5    Heater    146

6.2.2.6    Charge air cooler  147

6.2.2.7    Exhaust gas heat exchanger                 149

6.3           ELECTRIC VEHICLE (EV)               151

6.3.1        ADVANCEMENTS IN BATTERY THERMAL MANAGEMENT SYSTEMS TO DRIVE MARKET     151

6.3.2        ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY COMPONENT    152

6.3.2.1    Battery cooling system         152

6.3.2.2    Engine radiator     154

6.3.2.3    Chiller    156

6.3.2.4    Water-cooled condenser      157

6.3.2.5    AC condenser        159

6.3.2.6    Evaporator             160

6.3.2.7    Oil cooler               162

6.3.2.8    Heater    163

6.3.2.9    Charge air cooler  165

6.3.2.10  Exhaust gas heat exchanger                 166

6.4           KEY INDUSTRY INSIGHTS             168

7               AUTOMOTIVE HEAT EXCHANGER MARKET, BY DESIGN                 169

7.1           INTRODUCTION              170

7.2           TUBE AND FIN  172

7.2.1        MASS PRODUCTION OF ICE VEHICLES TO DRIVE MARKET               172

7.3           BAR AND PLATE               174

7.3.1        GROWING DEMAND FOR DURABLE AND COMPACT THERMAL SYSTEMS TO DRIVE MARKET                174

7.4           PLATE TYPE       175

7.4.1        GROWING FOCUS ON VEHICLE LIGHTWEIGHTING AND THERMAL EFFICIENCY TO DRIVE MARKET          175

7.5           OTHERS                177

7.6           KEY INDUSTRY INSIGHTS             179

8               AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE  180

8.1           INTRODUCTION              181

8.2           PASSENGER CAR               183

8.2.1        RISING USE OF TURBOCHARGED ENGINES TO DRIVE MARKET               183

8.3           LIGHT COMMERCIAL VEHICLE 185

8.3.1        FOCUS ON CLEANER AND MORE EFFICIENT VEHICLE OPERATIONS TO DRIVE MARKET             185

8.4           TRUCK  187

8.4.1        STRICTER EMISSION REGULATIONS TO DRIVE MARKET                 187

8.5           BUS        189

8.5.1        RISING ADOPTION OF LOW-EMISSION TECHNOLOGIES TO DRIVE MARKET         189

8.6           KEY INDUSTRY INSIGHTS             191

9               AUTOMOTIVE HEAT EXCHANGER MARKET, BY ELECTRIC VEHICLE TYPE             192

9.1           INTRODUCTION              193

9.2           BATTERY ELECTRIC VEHICLE (BEV)       195

9.2.1        GROWING DEMAND FOR FAST CHARGING TO DRIVE MARKET               195

9.3           PLUG-IN HYBRID ELECTRIC VEHICLE (PHEV)    198

9.3.1        GROWING NEED TO MANAGE MULTIPLE THERMAL ZONES IN PHEVS TO DRIVE MARKET      198

9.4           HYBRID ELECTRIC VEHICLE (HEV)          200

9.4.1        INCREASING FOCUS ON BETTER FUEL ECONOMY TO DRIVE MARKET 200

9.5           KEY INDUSTRY INSIGHTS             202

10            AUTOMOTIVE HEAT EXCHANGER MARKET, BY OFF-HIGHWAY VEHICLE TYPE             203

10.1         INTRODUCTION              204

10.2         AGRICULTURAL EQUIPMENT    206

10.2.1      ADOPTION OF PRECISION FARMING AND SUSTAINABLE PRACTICES TO DRIVE MARKET   206

10.3         CONSTRUCTION EQUIPMENT   208

10.3.1      EXPANSION OF LOCAL MANUFACTURING CAPABILITIES AND OEM INVESTMENTS IN ASIA PACIFIC TO DRIVE MARKET 208

10.4         KEY PRIMARY INSIGHTS                210

11            AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION                 211

11.1         INTRODUCTION              212

11.2         ASIA PACIFIC     214

11.2.1      MACROECONOMIC OUTLOOK  217

11.2.2      CHINA  220

11.2.2.1  Growing popularity of hybrid-turbocharged engines to drive market    220

11.2.3      INDIA    222

11.2.3.1  Sustained ICE vehicle demand to drive market                222

11.2.4      JAPAN   224

11.2.4.1  OEMs’ focus on developing ICE engine technologies to drive market    224

11.2.5      SOUTH KOREA  226

11.2.5.1  Increasing demand for premium vehicles to drive market                 226

11.2.6      REST OF ASIA PACIFIC   228

11.3         EUROPE               230

11.3.1      MICROECONOMIC OUTLOOK   233

11.3.2      GERMANY           236

11.3.2.1  Presence of key OEMs to support long-term market growth                 236

11.3.3      FRANCE                238

11.3.3.1  Government push for sustainable transport solutions to drive market    238

11.3.4      UK          240

11.3.4.1  Growing demand for LCVs due to booming e-commerce and logistics industries to drive market    240

11.3.5      SPAIN    242

11.3.5.1  Innovations in synthetic fuels to drive market 242

11.3.6      ITALY    244

11.3.6.1  Industrial collaboration strategy to drive market             244

11.3.7      REST OF EUROPE             246

11.4         NORTH AMERICA             248

11.4.1      MACROECONOMIC OUTLOOK  250

11.4.2      US           253

11.4.2.1  Increased R&D and OEM investments in thermal systems to drive market          253

11.4.3      CANADA               255

11.4.3.1  Focus on energy-efficient and lightweight vehicle production to drive market          255

11.4.4      MEXICO                257

11.4.4.1  Replacement of local transportation with zero-emission vehicles to drive market      257

11.5         REST OF THE WORLD    258

11.5.1      MACROECONOMIC OUTLOOK  261

11.5.2      BRAZIL 263

11.5.2.1  Introduction of locally manufactured hybrid models to drive market    263

11.5.3      RUSSIA 265

11.5.3.1  Surge in domestic OEM output to drive market              265

11.5.4      SOUTH AFRICA 267

11.5.4.1  Strong ICE vehicle production to drive market                267

12            COMPETITIVE LANDSCAPE         269

12.1         OVERVIEW          269

12.2         KEY PLAYER STRATEGIES/RIGHT TO WIN            269

12.3         MARKET SHARE ANALYSIS FOR AUTOMOTIVE HEAT EXCHANGER MANUFACTURERS, 2024     271

12.4         REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS, 2024        274

12.5         COMPANY VALUATION AND FINANCIAL METRICS                 274

12.5.1      COMPANY VALUATION 274

12.5.2      FINANCIAL METRICS      275

12.6         BRAND/ PRODUCT COMPARISON            276

12.7         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2024                 277

12.7.1      STARS   277

12.7.2      EMERGING LEADERS     277

12.7.3      PERVASIVE PLAYERS      277

12.7.4      PARTICIPANTS 277

12.7.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         279

12.7.5.1  Company footprint               279

12.7.5.2  Region footprint   280

12.7.5.3  Component footprint           281

12.7.5.4  Off-highway vehicle type footprint    282

12.7.5.5  Vehicle type footprint          283

12.8         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2024        284

12.8.1      PROGRESSIVE COMPANIES         284

12.8.2      RESPONSIVE COMPANIES            284

12.8.3      DYNAMIC COMPANIES  284

12.8.4      STARTING BLOCKS         284

12.8.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2024                 286

12.8.5.1  List of startups/SMEs          286

12.8.5.2  Competitive benchmarking of startups/SMEs 286

12.9         COMPETITIVE SCENARIO             287

12.9.1      PRODUCT LAUNCHES/DEVELOPMENTS               287

12.9.2      DEALS  288

12.9.3      EXPANSIONS     291

12.9.4      OTHER DEVELOPMENTS              293

13            COMPANY PROFILES      295

13.1         KEY PLAYERS     295

13.1.1      MAHLE GMBH   295

13.1.1.1  Business overview 295

13.1.1.2  Products offered   299

13.1.1.3  Recent developments           300

13.1.1.3.1                Product launches/developments        300

13.1.1.3.2                Deals      300

13.1.1.3.3                Other developments             301

13.1.1.4  MnM view              303

13.1.1.4.1                Key strengths        303

13.1.1.4.2                Strategic choices   303

13.1.1.4.3                Weaknesses and competitive threats 303

13.1.2      DENSO CORPORATION 304

13.1.2.1  Business overview 304

13.1.2.2  Products offered   306

13.1.2.3  Recent developments           307

13.1.2.3.1                Expansions             307

13.1.2.3.2                Other developments             307

13.1.2.4  MnM view              308

13.1.2.4.1                Key strengths        308

13.1.2.4.2                Strategic choices   308

13.1.2.4.3                Weaknesses and competitive threats 308

13.1.3      VALEO  309

13.1.3.1  Business overview 309

13.1.3.2  Products offered   311

13.1.3.3  Recent developments           312

13.1.3.3.1                Product launches  312

13.1.3.3.2                Deals      312

13.1.3.3.3                Other developments             313

13.1.3.4  MnM view              314

13.1.3.4.1                Key strengths        314

13.1.3.4.2                Strategic choices   314

13.1.3.4.3                Weaknesses and competitive threats 314

13.1.4      HANON SYSTEMS             315

13.1.4.1  Business overview 315

13.1.4.2  Products offered   317

13.1.4.3  Recent developments           318

13.1.4.3.1                Deals      318

13.1.4.3.2                Expansions             318

13.1.4.3.3                Other developments             319

13.1.4.4  MnM view              320

13.1.4.4.1                Key strengths        320

13.1.4.4.2                Strategic choices   320

13.1.4.4.3                Weaknesses and competitive threats 320

13.1.5      T.RAD CO., LTD.               321

13.1.5.1  Business overview 321

13.1.5.2  Products offered   324

13.1.5.3  Recent developments           325

13.1.5.3.1                Other developments             325

13.1.5.4  MnM view              326

13.1.5.4.1                Key strengths        326

13.1.5.4.2                Strategic choices   326

13.1.5.4.3                Weaknesses and competitive threats 326

13.1.6      SANDEN CORPORATION               327

13.1.6.1  Business overview 327

13.1.6.2  Products offered   328

13.1.6.3  Recent developments           329

13.1.6.3.1                Product launches  329

13.1.6.3.2                Deals      329

13.1.6.3.3                Expansions             330

13.1.7      MARELLI HOLDINGS CO., LTD. 331

13.1.7.1  Business overview 331

13.1.7.2  Products offered   333

13.1.7.3  Recent developments           334

13.1.7.3.1                Product launches  334

13.1.7.3.2                Deals      334

13.1.7.3.3                Other developments             335

13.1.8      DANA LIMITED 336

13.1.8.1  Business overview 336

13.1.8.2  Products offered   337

13.1.8.3  Recent developments           338

13.1.8.3.1                Expansions             338

13.1.8.3.2                Other developments             339

13.1.9      BANCO PRODUCTS (INDIA) LTD.             340

13.1.9.1  Business overview 340

13.1.9.2  Products offered   341

13.1.9.3  Recent developments           342

13.1.9.3.1                Deals      342

13.1.9.3.2                Other developments             342

13.1.10   NIPPON LIGHT METAL HOLDINGS CO., LTD.     343

13.1.10.1                 Business overview 343

13.1.10.2                 Products offered   344

13.1.11   MODINE               345

13.1.11.1                 Business overview 345

13.1.11.2                 Products offered   346

13.1.11.3                 Recent developments           346

13.1.11.3.1             Product Launches 346

13.1.11.3.2             Deals      347

13.1.11.3.3             Expansions             347

13.1.11.3.4             Other developments             347

13.1.12   AKG GROUP       348

13.1.12.1                 Business overview 348

13.1.12.2                 Products offered   348

13.1.13   ESTRA   350

13.1.13.1                 Business overview 350

13.1.13.2                 Products offered   351

13.2         OTHER PLAYERS              352

13.2.1      S.M. AUTO           352

13.2.2      NISSENS AUTOMOTIVE A/S         353

13.2.3      G&M RADIATOR               354

13.2.4      BORGWARNER INC.        354

13.2.5      TYC BROTHER INDUSTRIAL CO., LTD.   355

13.2.6      TATA AUTOCOMP SYSTEMS       355

13.2.7      SIAM CALSONIC CO., LTD.           356

13.2.8      SENIOR PLC        356

13.2.9      CONFLUX            357

13.2.10   CLIMETAL S.L.  357

13.2.11   CONSTELLIUM SE            358

13.2.12   SUBROS LIMITED             359

14            RECOMMENDATIONS BY MARKETSANDMARKETS                 360

14.1         SHIFTING MOBILITY TRENDS INFLUENCING AUTOMOTIVE HEAT EXCHANGER DEMAND IN KEY MARKETS                 360

14.2         ADOPTION OF LIGHTWEIGHT AND SUSTAINABLE MATERIALS FOR NEXT-GEN MOBILITY 360

14.3         INNOVATION OF HEAT EXCHANGER DESIGNS FOR HIGH-EFFICIENCY           361

14.4         CONCLUSION    362

15            APPENDIX           363

15.1         KEY INSIGHTS FROM INDUSTRY EXPERTS            363

15.2         DISCUSSION GUIDE        364

15.3         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                368

15.4         CUSTOMIZATION OPTIONS        370

15.4.1      AUTOMOTIVE HEAT EXCHANGER MARKET BY EV TYPE AT COUNTRY LEVEL      370

15.4.2      AUTOMOTIVE HEAT EXCHANGER MARKET BY COMPONENT TYPE AT COUNTRY LEVEL              370

15.4.3      COMPANY INFORMATION           370

15.4.3.1  Profiling of additional market players (up to five)          370

15.5         RELATED REPORTS         370

15.6         AUTHOR DETAILS           372

LIST OF TABLES

TABLE 1                MARKET DEFINITION, BY COMPONENT                 33

TABLE 2                MARKET DEFINITION, BY DESIGN           34

TABLE 3                MARKET DEFINITION, BY PROPULSION                 34

TABLE 4                MARKET DEFINITION, BY OFF-HIGHWAY VEHICLE TYPE  34

TABLE 5                MARKET DEFINITION, BY VEHICLE TYPE                 35

TABLE 6                MARKET DEFINITION, BY ELECTRIC VEHICLE TYPE     35

TABLE 7                INCLUSIONS AND EXCLUSIONS 36

TABLE 8                USD EXCHANGE RATES, 2020–2024            38

TABLE 9                RISK ASSESSMENT           54

TABLE 10              THERMAL PROPERTIES OF DIFFERENT NANOMATERIALS AND BASE FLUIDS     69

TABLE 11              THERMAL PROPERTIES OF NANOPARTICLES                 70

TABLE 12              AVERAGE SELLING PRICE TREND, BY COMPONENT, 2022–2024 (USD) 73

TABLE 13              AVERAGE SELLING PRICE TREND IN ASIA PACIFIC, BY COMPONENT,

2022–2024 (USD)                74

TABLE 14              AVERAGE SELLING PRICE TREND IN EUROPE, BY COMPONENT, 2022–2024 (USD)           75

TABLE 15              AVERAGE SELLING PRICE TREND IN NORTH AMERICA, BY COMPONENT,

2022–2024 (USD)                76

TABLE 16              AVERAGE SELLING PRICE TREND IN REST OF THE WORLD, BY COMPONENT, 2022–2024 (USD)               77

TABLE 17              AVERAGE SELLING PRICE TREND OF COMPONENTS, BY PROPULSION, 2024 (USD)      78

TABLE 18              ROLE OF COMPANIES IN ECOSYSTEM    79

TABLE 19              LIST OF FUNDING, JANUARY 2022–FEBRUARY 2025        86

TABLE 20              PATENT REGISTRATIONS, 2022–2024       88

TABLE 21              DENSO CORPORATION: HEAT EXCHANGER PLANT LOCATIONS        96

TABLE 22              HANON SYSTEMS: HEAT EXCHANGER PLANT LOCATIONS       98

TABLE 23              T.RAD CO., LTD.: HEAT EXCHANGER PLANT LOCATIONS       99

TABLE 24              SANDEN CORPORATION: HEAT EXCHANGER PLANT LOCATIONS        99

TABLE 25              MARELLI HOLDINGS CO., LTD.: HEAT EXCHANGER PLANT LOCATIONS             100

TABLE 26              BANCO PRODUCTS (I) LTD.: HEAT EXCHANGER PLANT LOCATIONS        100

TABLE 27              NIPPON LIGHT METAL CO., LTD: HEAT EXCHANGER PLANT LOCATIONS             100

TABLE 28              IMPORT DATA FOR HS CODE 870891, BY COUNTRY, 2021–2024 (USD MILLION)     101

TABLE 29              EXPORT DATA FOR HS CODE 870891, BY COUNTRY, 2021–2024 (USD MILLION)     103

TABLE 30              IMPORT DATA FOR HS CODE 841520, BY COUNTRY, 2021–2024 (USD MILLION)     104

TABLE 31              EXPORT DATA FOR HS CODE 841520, BY COUNTRY, 2021–2024 (USD MILLION)     106

TABLE 32              IMPORT TARIFFS ON AUTOMOTIVE HEAT EXCHANGERS    108

TABLE 33              NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS 109

TABLE 34              EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  110

TABLE 35              ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  111

TABLE 36              REGULATIONS IMPACTING AUTOMOTIVE HEAT EXCHANGERS       114

TABLE 37              KEY CONFERENCES AND EVENTS, 2025–2026                 116

TABLE 38              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS OF AUTOMOTIVE HEAT EXCHANGERS FOR VEHICLE TYPES (%)           117

TABLE 39              KEY BUYING CRITERIA FOR AUTOMOTIVE HEAT EXCHANGERS, BY VEHICLE TYPE 118

TABLE 40              COMPARISON OF MICROCHANNEL HEAT EXCHANGERS AND TRADITIONAL ROUND-TUBE DESIGNS                 121

TABLE 41              ENVIRONMENTAL IMPACT OF MATERIALS USED IN EV BATTERY THERMAL MANAGEMENT SYSTEMS                 125

TABLE 42              COOLING METHODS FOR FUEL CELLS  127

TABLE 43              EUROPE: REFRIGERANT USE, BY OEM    129

TABLE 44              NORTH AMERICA: REFRIGERANT USE, BY OEM                 130

TABLE 45              CHINA: REFRIGERANT USE, BY OEM        130

TABLE 46              HEAT EXCHANGERS REQUIRED IN EV COOLING SYSTEMS              131

TABLE 47              HEAT EXCHANGERS REQUIRED IN A/C HEAT PUMP SYSTEMS                 132

TABLE 48              HEAT EXCHANGERS REQUIRED IN A/C FUEL CELL SYSTEMS  132

TABLE 49              HEAT EXCHANGER TECHNOLOGY TRENDS                 133

TABLE 50              AUTOMOTIVE HEAT EXCHANGER MARKET, BY PROPULSION,

2021–2024 (THOUSAND UNITS)  135

TABLE 51              AUTOMOTIVE HEAT EXCHANGER MARKET, BY PROPULSION,

2025–2032 (THOUSAND UNITS)  136

TABLE 52              AUTOMOTIVE HEAT EXCHANGER MARKET, BY PROPULSION,

2021–2024 (USD MILLION)            136

TABLE 53              AUTOMOTIVE HEAT EXCHANGER MARKET, BY PROPULSION,

2025–2032 (USD MILLION)            136

TABLE 54              ICE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  137

TABLE 55              ICE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  138

TABLE 56              ICE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            138

TABLE 57              ICE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            138

TABLE 58              ENGINE RADIATOR: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS) 139

TABLE 59              ENGINE RADIATOR: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (THOUSAND UNITS) 139

TABLE 60              ENGINE RADIATOR: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (USD MILLION)                 140

TABLE 61              ENGINE RADIATOR: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION)                 140

TABLE 62              CONDENSER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  141

TABLE 63              CONDENSER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  141

TABLE 64              CONDENSER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            142

TABLE 65              CONDENSER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            142

TABLE 66              EVAPORATOR: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  143

TABLE 67              EVAPORATOR: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  143

TABLE 68              EVAPORATOR: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            143

TABLE 69              EVAPORATOR: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            144

TABLE 70              OIL COOLER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  144

TABLE 71              OIL COOLER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  145

TABLE 72              OIL COOLER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            145

TABLE 73              OIL COOLER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            145

TABLE 74              HEATER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  146

TABLE 75              HEATER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  146

TABLE 76              HEATER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            147

TABLE 77              HEATER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            147

TABLE 78              CHARGE AIR COOLER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS) 148

TABLE 79              CHARGE AIR COOLER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (THOUSAND UNITS) 148

TABLE 80              CHARGE AIR COOLER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (USD MILLION)                 148

TABLE 81              CHARGE AIR COOLER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION)                 149

TABLE 82              EXHAUST GAS HEAT EXCHANGER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET,

BY REGION, 2021–2024 (THOUSAND UNITS)         149

TABLE 83              EXHAUST GAS HEAT EXCHANGER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET,

BY REGION, 2025–2032 (THOUSAND UNITS)         150

TABLE 84              EXHAUST GAS HEAT EXCHANGER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET,

BY REGION, 2021–2024 (USD MILLION)   150

TABLE 85              EXHAUST GAS HEAT EXCHANGER: ICE AUTOMOTIVE HEAT EXCHANGER MARKET,

BY REGION, 2025–2032 (USD MILLION)   150

TABLE 86              ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  151

TABLE 87              ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  151

TABLE 88              ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            152

TABLE 89              ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            152

TABLE 90              BATTERY COOLING SYSTEM: ELECTRIC VEHICLE HEAT EXCHANGER MARKET,

BY REGION, 2021–2024 (THOUSAND UNITS)         153

TABLE 91              BATTERY COOLING SYSTEM: ELECTRIC VEHICLE HEAT EXCHANGER MARKET,

BY REGION, 2025–2032 (THOUSAND UNITS)         153

TABLE 92              BATTERY COOLING SYSTEM: ELECTRIC VEHICLE HEAT EXCHANGER MARKET,

BY REGION, 2021–2024 (USD MILLION)   153

TABLE 93              BATTERY COOLING SYSTEM: ELECTRIC VEHICLE HEAT EXCHANGER MARKET,

BY REGION, 2025–2032 (USD MILLION)   154

TABLE 94              ENGINE RADIATOR: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS) 154

TABLE 95              ENGINE RADIATOR: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (THOUSAND UNITS) 155

TABLE 96              ENGINE RADIATOR: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (USD MILLION)                 155

TABLE 97              ENGINE RADIATOR: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION)                 155

TABLE 98              CHILLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  156

TABLE 99              CHILLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  156

TABLE 100            CHILLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            156

TABLE 101            CHILLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            157

TABLE 102            WATER-COOLED CONDENSER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET,

BY REGION, 2021–2024 (THOUSAND UNITS)         157

TABLE 103            WATER-COOLED CONDENSER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET,

BY REGION, 2025–2032 (THOUSAND UNITS)         158

TABLE 104            WATER-COOLED CONDENSER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET,

BY REGION, 2021–2024 (USD MILLION)   158

TABLE 105            WATER-COOLED CONDENSER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET,

BY REGION, 2025–2032 (USD MILLION)   158

TABLE 106            AC CONDENSER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS) 159

TABLE 107            AC CONDENSER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (THOUSAND UNITS) 159

TABLE 108            AC CONDENSER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (USD MILLION)                 159

TABLE 109            AC CONDENSER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION)                 160

TABLE 110            EVAPORATOR: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  160

TABLE 111            EVAPORATOR: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  161

TABLE 112            EVAPORATOR: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            161

TABLE 113            EVAPORATOR: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            161

TABLE 114            OIL COOLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  162

TABLE 115            OIL COOLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  162

TABLE 116            OIL COOLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            162

TABLE 117            OIL COOLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            163

TABLE 118            HEATER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  163

TABLE 119            HEATER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)                164

TABLE 120            HEATER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            164

TABLE 121            HEATER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            164

TABLE 122            CHARGE AIR COOLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS)      165

TABLE 123            CHARGE AIR COOLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (THOUSAND UNITS)      165

TABLE 124            CHARGE AIR COOLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (USD MILLION)            165

TABLE 125            CHARGE AIR COOLER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION)            166

TABLE 126            EXHAUST GAS HEAT EXCHANGER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS)      166

TABLE 127            EXHAUST GAS HEAT EXCHANGER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (THOUSAND UNITS)      167

TABLE 128            EXHAUST GAS HEAT EXCHANGER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (USD MILLION) 167

TABLE 129            EXHAUST GAS HEAT EXCHANGER: ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION) 167

TABLE 130            AUTOMOTIVE HEAT EXCHANGER MARKET, BY DESIGN,

2021–2024 (THOUSAND UNITS)  170

TABLE 131            AUTOMOTIVE HEAT EXCHANGER MARKET, BY DESIGN,

2025–2032 (THOUSAND UNITS)  171

TABLE 132            AUTOMOTIVE HEAT EXCHANGER MARKET, BY DESIGN, 2021–2024 (USD MILLION)          171

TABLE 133            AUTOMOTIVE HEAT EXCHANGER MARKET, BY DESIGN, 2025–2032 (USD MILLION)          171

TABLE 134            TUBE AND FIN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  172

TABLE 135            TUBE AND FIN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  172

TABLE 136            TUBE AND FIN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            173

TABLE 137            TUBE AND FIN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            173

TABLE 138            BAR AND PLATE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  174

TABLE 139            BAR AND PLATE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  174

TABLE 140            BAR AND PLATE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            175

TABLE 141            BAR AND PLATE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            175

TABLE 142            PLATE TYPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  176

TABLE 143            PLATE TYPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  176

TABLE 144            PLATE TYPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            177

TABLE 145            PLATE TYPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            177

TABLE 146            OTHERS: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  178

TABLE 147            OTHERS: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  178

TABLE 148            OTHERS: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            178

TABLE 149            OTHERS: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            179

TABLE 150            AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2021–2024 (THOUSAND UNITS)  182

TABLE 151            AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2025–2032 (THOUSAND UNITS)  182

TABLE 152            AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            182

TABLE 153            AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)            183

TABLE 154            PASSENGER CAR: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  184

TABLE 155            PASSENGER CAR: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  184

TABLE 156            PASSENGER CAR: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            184

TABLE 157            PASSENGER CAR: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            185

TABLE 158            LIGHT COMMERCIAL VEHICLE: AUTOMOTIVE HEAT EXCHANGER MARKET,

BY REGION, 2021–2024 (THOUSAND UNITS)         186

TABLE 159            LIGHT COMMERCIAL VEHICLE: AUTOMOTIVE HEAT EXCHANGER MARKET,

BY REGION, 2025–2032 (THOUSAND UNITS)         186

TABLE 160            LIGHT COMMERCIAL VEHICLE: AUTOMOTIVE HEAT EXCHANGER MARKET,

BY REGION, 2021–2024 (USD MILLION)   186

TABLE 161            LIGHT COMMERCIAL VEHICLE: AUTOMOTIVE HEAT EXCHANGER MARKET,

BY REGION, 2025–2032 (USD MILLION)   187

TABLE 162            TRUCK: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  188

TABLE 163            TRUCK: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  188

TABLE 164            TRUCK: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            188

TABLE 165            TRUCK: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)          189

TABLE 166            BUS: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  190

TABLE 167            BUS: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  190

TABLE 168            BUS: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            190

TABLE 169            BUS: AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            191

TABLE 170            AUTOMOTIVE HEAT EXCHANGER MARKET, BY ELECTRIC VEHICLE TYPE,

2021–2024 (THOUSAND UNITS)  193

TABLE 171            AUTOMOTIVE HEAT EXCHANGER MARKET, BY ELECTRIC VEHICLE TYPE,

2025–2032 (THOUSAND UNITS)  194

TABLE 172            AUTOMOTIVE HEAT EXCHANGER MARKET, BY ELECTRIC VEHICLE TYPE,

2021–2024 (USD MILLION)            194

TABLE 173            AUTOMOTIVE HEAT EXCHANGER MARKET, BY ELECTRIC VEHICLE TYPE,

2025–2032 (USD MILLION)            194

TABLE 174            BATTERY ELECTRIC VEHICLE LAUNCHES, 2025                 195

TABLE 175            BATTERY ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  196

TABLE 176            BATTERY ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  197

TABLE 177            BATTERY ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            197

TABLE 178            BATTERY ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            197

TABLE 179            PLUG-IN HYBRID ELECTRIC VEHICLE LAUNCHES IN 2025           198

TABLE 180            PLUG-IN HYBRID ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS) 199

TABLE 181            PLUG-IN HYBRID ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (THOUSAND UNITS) 199

TABLE 182            PLUG-IN HYBRID ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (USD MILLION)                 199

TABLE 183            PLUG-IN HYBRID ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION)                 200

TABLE 184            HYBRID ELECTRIC VEHICLE LAUNCHES IN 2024–2025        201

TABLE 185            HYBRID ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  201

TABLE 186            HYBRID ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  201

TABLE 187            HYBRID ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            202

TABLE 188            HYBRID ELECTRIC VEHICLE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            202

TABLE 189            AUTOMOTIVE HEAT EXCHANGER MARKET, BY OFF-HIGHWAY VEHICLE TYPE,

2021–2024 (THOUSAND UNITS)  204

TABLE 190            AUTOMOTIVE HEAT EXCHANGER MARKET, BY OFF-HIGHWAY VEHICLE TYPE,

2025–2032 (THOUSAND UNITS)  205

TABLE 191            AUTOMOTIVE HEAT EXCHANGER MARKET, BY OFF-HIGHWAY VEHICLE TYPE,

2021–2024 (USD MILLION)            205

TABLE 192            AUTOMOTIVE HEAT EXCHANGER MARKET, BY OFF-HIGHWAY VEHICLE TYPE,

2025–2032 (USD MILLION)            205

TABLE 193            AGRICULTURAL EQUIPMENT HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS) 206

TABLE 194            AGRICULTURAL EQUIPMENT HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (THOUSAND UNITS) 206

TABLE 195            AGRICULTURAL EQUIPMENT HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (USD MILLION)                 207

TABLE 196            AGRICULTURAL EQUIPMENT HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION)                 207

TABLE 197            CONSTRUCTION EQUIPMENT HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (THOUSAND UNITS) 208

TABLE 198            CONSTRUCTION EQUIPMENT HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  208

TABLE 199            CONSTRUCTION EQUIPMENT HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (USD MILLION)            209

TABLE 200            CONSTRUCTION EQUIPMENT HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (USD MILLION)            209

TABLE 201            AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2021–2024 (THOUSAND UNITS)  213

TABLE 202            AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION,

2025–2032 (THOUSAND UNITS)  213

TABLE 203            AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2021–2024 (USD MILLION)          213

TABLE 204            AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION)          214

TABLE 205            ASIA PACIFIC: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY,

2021–2024 (THOUSAND UNITS)  215

TABLE 206            ASIA PACIFIC: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2025–2032 (THOUSAND UNITS) 216

TABLE 207            ASIA PACIFIC: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2021–2024 (USD MILLION)                 216

TABLE 208            ASIA PACIFIC: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2025–2032 (USD MILLION)                 216

TABLE 209            CHINA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)                 220

TABLE 210            CHINA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)                 221

TABLE 211            CHINA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION) 221

TABLE 212            CHINA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION) 221

TABLE 213            INDIA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)                 222

TABLE 214            INDIA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)                 222

TABLE 215            INDIA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION) 223

TABLE 216            INDIA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION) 223

TABLE 217            JAPAN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)                 224

TABLE 218            JAPAN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)                 225

TABLE 219            JAPAN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION) 225

TABLE 220            JAPAN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION) 225

TABLE 221            SOUTH KOREA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)      226

TABLE 222            SOUTH KOREA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)      227

TABLE 223            SOUTH KOREA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION)            227

TABLE 224            SOUTH KOREA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION)            227

TABLE 225            REST OF ASIA PACIFIC: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)      228

TABLE 226            REST OF ASIA PACIFIC: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)      229

TABLE 227            REST OF ASIA PACIFIC: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION)            229

TABLE 228            REST OF ASIA PACIFIC: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION)            229

TABLE 229            EUROPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2021–2024 (THOUSAND UNITS) 231

TABLE 230            EUROPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2025–2032 (THOUSAND UNITS) 231

TABLE 231            EUROPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2021–2024 (USD MILLION)           232

TABLE 232            EUROPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2025–2032 (USD MILLION)           232

TABLE 233            GERMANY: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2021–2024 (THOUSAND UNITS)  237

TABLE 234            GERMANY: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2025–2032 (THOUSAND UNITS)  237

TABLE 235            GERMANY: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            237

TABLE 236            GERMANY: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)            238

TABLE 237            FRANCE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2021–2024 (THOUSAND UNITS)  239

TABLE 238            FRANCE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2025–2032 (THOUSAND UNITS)  239

TABLE 239            FRANCE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            239

TABLE 240            FRANCE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)            240

TABLE 241            UK: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)           241

TABLE 242            UK: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)           241

TABLE 243            UK: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION)      241

TABLE 244            UK: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION)      242

TABLE 245            SPAIN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)                 243

TABLE 246            SPAIN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)                 243

TABLE 247            SPAIN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION) 243

TABLE 248            SPAIN: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION) 244

TABLE 249            ITALY: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)                 244

TABLE 250            ITALY: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)                 245

TABLE 251            ITALY: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION) 245

TABLE 252            ITALY: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION) 245

TABLE 253            REST OF EUROPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)      246

TABLE 254            REST OF EUROPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)      246

TABLE 255            REST OF EUROPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION)            247

TABLE 256            REST OF EUROPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION)            247

TABLE 257            NORTH AMERICA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY,

2021–2024 (THOUSAND UNITS)  249

TABLE 258            NORTH AMERICA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY,

2025–2032 (THOUSAND UNITS)  249

TABLE 259            NORTH AMERICA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY,

2021–2024 (USD MILLION)            249

TABLE 260            NORTH AMERICA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY,

2025–2032 (USD MILLION)            250

TABLE 261            US: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)           253

TABLE 262            US: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)           254

TABLE 263            US: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2021–2024 (USD MILLION)            254

TABLE 264            US: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)            254

TABLE 265            CANADA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)                 255

TABLE 266            CANADA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)                 256

TABLE 267            CANADA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION) 256

TABLE 268            CANADA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION) 256

TABLE 269            MEXICO: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)                 257

TABLE 270            MEXICO: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)                 257

TABLE 271            MEXICO: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION) 258

TABLE 272            MEXICO: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION) 258

TABLE 273            REST OF THE WORLD: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2021–2024 (THOUSAND UNITS) 259

TABLE 274            REST OF THE WORLD: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2025–2032 (THOUSAND UNITS) 259

TABLE 275            REST OF THE WORLD: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2021–2024 (USD MILLION)                 260

TABLE 276            REST OF THE WORLD: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2025–2032 (USD MILLION)                 260

TABLE 277            BRAZIL: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)                 263

TABLE 278            BRAZIL: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)                 264

TABLE 279            BRAZIL: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION) 264

TABLE 280            BRAZIL: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION) 264

TABLE 281            RUSSIA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)                 265

TABLE 282            RUSSIA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)                 265

TABLE 283            RUSSIA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION) 266

TABLE 284            RUSSIA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION) 266

TABLE 285            SOUTH AFRICA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (THOUSAND UNITS)      267

TABLE 286            SOUTH AFRICA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (THOUSAND UNITS)      267

TABLE 287            SOUTH AFRICA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2021–2024 (USD MILLION)            268

TABLE 288            SOUTH AFRICA: AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE, 2025–2032 (USD MILLION)            268

TABLE 289            KEY PLAYER STRATEGIES/RIGHT TO WIN, 2021–2024        270

TABLE 290            MARKET SHARE ANALYSIS OF TOP 5 PLAYERS, 2024        271

TABLE 291            AUTOMOTIVE HEAT EXCHANGER MARKET: REGION FOOTPRINT, 2024           280

TABLE 292            AUTOMOTIVE HEAT EXCHANGER MARKET: COMPONENT FOOTPRINT, 2024                281

TABLE 293            AUTOMOTIVE HEAT EXCHANGER MARKET: OFF-HIGHWAY VEHICLE TYPE FOOTPRINT, 2024               282

TABLE 294            AUTOMOTIVE HEAT EXCHANGER MARKET: VEHICLE TYPE FOOTPRINT, 2024              283

TABLE 295            AUTOMOTIVE HEAT EXCHANGER MARKET: LIST OF KEY STARTUPS/SMES   286

TABLE 296            AUTOMOTIVE HEAT EXCHANGER MARKET: COMPETITIVE BENCHMARKING OF

KEY STARTUPS/SMES    286

TABLE 297            AUTOMOTIVE HEAT EXCHANGER MARKET: PRODUCT LAUNCHES/DEVELOPMENTS, MARCH 2021–JULY 2024        287

TABLE 298            AUTOMOTIVE HEAT EXCHANGER MARKET: DEALS, FEBRUARY 2021–MARCH 2025      289

TABLE 299            AUTOMOTIVE HEAT EXCHANGER MARKET: EXPANSION,

JULY 2021–OCTOBER 2024             291

TABLE 300            AUTOMOTIVE HEAT EXCHANGER MARKET: OTHER DEVELOPMENTS, JANUARY 2025–JULY 2025          293

TABLE 301            MAHLE GMBH: COMPANY OVERVIEW    295

TABLE 302            MAHLE GMBH: SUPPLIER ANALYSIS        298

TABLE 303            MAHLE GMBH: PRODUCTS OFFERED     299

TABLE 304            MAHLE GMBH: PRODUCT LAUNCHES/DEVELOPMENTS    300

TABLE 305            MAHLE GMBH: DEALS   300

TABLE 306            MAHLE GMBH: OTHER DEVELOPMENTS                 301

TABLE 307            DENSO CORPORATION: COMPANY OVERVIEW                 304

TABLE 308            DENSO CORPORATION: SUPPLIER ANALYSIS                 305

TABLE 309            DENSO CORPORATION: PRODUCTS OFFERED                 306

TABLE 310            DENSO CORPORATION: EXPANSIONS    307

TABLE 311            DENSO CORPORATION: OTHER DEVELOPMENTS              307

TABLE 312            VALEO: COMPANY OVERVIEW   309

TABLE 313            VALEO: SUPPLIER ANALYSIS       310

TABLE 314            VALEO: PRODUCTS OFFERED    311

TABLE 315            VALEO: PRODUCT LAUNCHES   312

TABLE 316            VALEO: DEALS  312

TABLE 317            VALEO: OTHER DEVELOPMENTS             313

TABLE 318            HANON SYSTEMS: COMPANY OVERVIEW                 315

TABLE 319            HANON SYSTEMS: SUPPLIER ANALYSIS 316

TABLE 320            HANON SYSTEMS: PRODUCTS OFFERED                 317

TABLE 321            HANON SYSTEMS: DEALS             318

TABLE 322            HANON SYSTEMS: EXPANSIONS                318

TABLE 323            HANON SYSTEMS: OTHER DEVELOPMENTS                 319

TABLE 324            T.RAD CO., LTD.: COMPANY OVERVIEW                 321

TABLE 325            T.RAD CO., LTD.: SUPPLIER ANALYSIS   322

TABLE 326            T.RAD CO., LTD.: SUBSIDIARIES AND AFFILIATES (HEAT EXCHANGER BUSINESS)        324

TABLE 327            T.RAD CO., LTD.: PRODUCTS OFFERED 324

TABLE 328            T.RAD CO., LTD.: OTHER DEVELOPMENTS                 325

TABLE 329            SANDEN CORPORATION: COMPANY OVERVIEW                 327

TABLE 330            SANDEN CORPORATION: PRODUCTS OFFERED                 328

TABLE 331            SANDEN CORPORATION: PRODUCT LAUNCHES                 329

TABLE 332            SANDEN CORPORATION: DEALS               329

TABLE 333            SANDEN CORPORATION: EXPANSIONS 330

TABLE 334            MARELLI HOLDINGS CO., LTD.: COMPANY OVERVIEW          331

TABLE 335            MARELLI HOLDINGS CO., LTD.: SUPPLIER ANALYSIS            332

TABLE 336            MARELLI HOLDINGS CO., LTD.: PRODUCTS OFFERED             333

TABLE 337            MARELLI HOLDINGS CO., LTD.: PRODUCT LAUNCHES          334

TABLE 338            MARELLI HOLDINGS CO., LTD.: DEALS 334

TABLE 339            MARELLI HOLDINGS CO., LTD.: OTHER DEVELOPMENTS              335

TABLE 340            DANA LIMITED: COMPANY OVERVIEW 336

TABLE 341            DANA LIMITED: PRODUCTS OFFERED  337

TABLE 342            DANA LIMITED: EXPANSIONS    338

TABLE 343            DANA LIMITED: OTHER DEVELOPMENTS                 339

TABLE 344            BANCO PRODUCTS (INDIA) LTD.: COMPANY OVERVIEW          340

TABLE 345            BANCO PRODUCTS (INDIA) LTD.: PRODUCTS OFFERED             341

TABLE 346            BANCO PRODUCTS (INDIA) LTD.: DEALS                 342

TABLE 347            BANCO PRODUCTS (INDIA) LTD.: OTHER DEVELOPMENTS              342

TABLE 348            NIPPON LIGHT METAL HOLDINGS CO., LTD.: COMPANY OVERVIEW   343

TABLE 349            NIPPON LIGHT METAL HOLDINGS CO., LTD.: PRODUCTS OFFERED    344

TABLE 350            MODINE: COMPANY OVERVIEW                345

TABLE 351            MODINE: PRODUCTS OFFERED 346

TABLE 352            MODINE: PRODUCT LAUNCHES                346

TABLE 353            MODINE: DEALS               347

TABLE 354            MODINE: EXPANSIONS 347

TABLE 355            MODINE: OTHER DEVELOPMENTS         347

TABLE 356            AKG GROUP: COMPANY OVERVIEW        348

TABLE 357            AKG GROUP: PRODUCTS OFFERED         348

TABLE 358            ESTRA: COMPANY OVERVIEW   350

TABLE 359            ESTRA: PRODUCTS OFFERED    351

TABLE 360            S.M. AUTO: COMPANY OVERVIEW            352

TABLE 361            NISSENS AUTOMOTIVE A/S: COMPANY OVERVIEW          353

TABLE 362            G&M RADIATOR: COMPANY OVERVIEW                 354

TABLE 363            BORGWARNER INC.: COMPANY OVERVIEW                 354

TABLE 364            TYC BROTHER INDUSTRIAL CO., LTD.: COMPANY OVERVIEW   355

TABLE 365            TATA AUTOCOMP SYSTEMS: COMPANY OVERVIEW          355

TABLE 366            SIAM CALSONIC CO., LTD.: COMPANY OVERVIEW          356

TABLE 367            SENIOR PLC: COMPANY OVERVIEW        356

TABLE 368            CONFLUX: COMPANY OVERVIEW             357

TABLE 369            CLIMETAL S.L.: COMPANY OVERVIEW   357

TABLE 370            CONSTELLIUM SE: COMPANY OVERVIEW                 358

TABLE 371            SUBROS LIMITED: COMPANY OVERVIEW                 359

LIST OF FIGURES

FIGURE 1              RESEARCH DESIGN         40

FIGURE 2              RESEARCH PROCESS FLOW         41

FIGURE 3              KEY INSIGHTS FROM INDUSTRY EXPERTS                 44

FIGURE 4              BREAKDOWN OF PRIMARY INTERVIEWS                 45

FIGURE 5              MARKET ESTIMATION METHODOLOGY                 47

FIGURE 6              BOTTOM-UP APPROACH              48

FIGURE 7              TOP-DOWN APPROACH                48

FIGURE 8              MARKET ESTIMATION NOTES   49

FIGURE 9              DATA TRIANGULATION                50

FIGURE 10            MARKET GROWTH PROJECTIONS FROM DEMAND-SIDE

DRIVERS AND OPPORTUNITIES                51

FIGURE 11            AUTOMOTIVE HEAT EXCHANGER MARKET OVERVIEW          56

FIGURE 12            ASIA PACIFIC TO CAPTURE DOMINANT MARKET SHARE BY 2032                57

FIGURE 13            PASSENGER CAR SEGMENT TO LEAD MARKET BY 2032 58

FIGURE 14            PLATE-TYPE HEAT EXCHANGER TO GROW AT FASTEST RATE

DURING FORECAST PERIOD       59

FIGURE 15            KEY PLAYERS IN AUTOMOTIVE HEAT EXCHANGER MARKET   60

FIGURE 16            INCREASING DEMAND FOR FUEL-EFFICIENT VEHICLES TO DRIVE MARKET    61

FIGURE 17            ASIA PACIFIC TO BE DOMINANT MARKET IN 2025        62

FIGURE 18            TUBE AND FIN HEAT EXCHANGERS TO LEAD MARKET BY 2032               62

FIGURE 19            PASSENGER CAR SEGMENT TO LEAD MARKET BY 2032 63

FIGURE 20            ICE SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE BY 2032                63

FIGURE 21            BATTERY ELECTRIC VEHICLE SEGMENT TO LEAD MARKET BY 2032  64

FIGURE 22            CONSTRUCTION EQUIPMENT SEGMENT TO LEAD MARKET BY 2032  64

FIGURE 23            AUTOMOTIVE COOLING SYSTEMS          66

FIGURE 24            AUTOMOTIVE HEAT EXCHANGER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES                 67

FIGURE 25            EVOLUTION OF BATTERY COOLING SYSTEM IN TESLA MODELS                 68

FIGURE 26            AVERAGE SELLING PRICE TREND, BY COMPONENT, 2022–2024 (USD) 73

FIGURE 27            AVERAGE SELLING PRICE TREND IN ASIA PACIFIC,

BY COMPONENT, 2022–2024 (USD)           74

FIGURE 28            AVERAGE SELLING PRICE TREND IN EUROPE, BY COMPONENT, 2022–2024 (USD)           75

FIGURE 29            AVERAGE SELLING PRICE TREND IN NORTH AMERICA, BY COMPONENT, 2022–2024 (USD)      76

FIGURE 30            AVERAGE SELLING PRICE TREND IN REST OF THE WORLD, BY COMPONENT, 2022–2024 (USD)               77

FIGURE 31            ECOSYSTEM ANALYSIS OF AUTOMOTIVE HEAT EXCHANGER MARKET   78

FIGURE 32            SUPPLY CHAIN ANALYSIS             81

FIGURE 33            INVESTMENTS AND FUNDING IN AUTOMOTIVE

HEAT EXCHANGER MARKET, 2022–2025  86

FIGURE 34            PATENT ANALYSIS, 2015–2024     87

FIGURE 35            LEGAL STATUS OF PATENTS, 2015–2024 88

FIGURE 36            CITY DRIVING ENERGY PATHWAYS         91

FIGURE 37            OPERATING PRINCIPLE OF PHASE-CHANGE MATERIALS WITH THERMAL CONDUCTIVITY IMPROVEMENT METHODS           92

FIGURE 38            OVERVIEW OF WORKING METHOD FOR BATTERY THERMAL MANAGEMENT SYSTEMS   93

FIGURE 39            THERMAL MANAGEMENT OF AUDI Q6 E-TRON QUATTRO           94

FIGURE 40            IMPORT DATA FOR HS CODE 870891, BY COUNTRY, 2021–2024 (USD MILLION)     102

FIGURE 41            EXPORT DATA FOR HS CODE 870891, BY COUNTRY, 2021–2024 (USD MILLION)     103

FIGURE 42            IMPORT DATA FOR HS CODE 841520, BY COUNTRY, 2021–2024 (USD MILLION)     105

FIGURE 43            EXPORT DATA FOR HS CODE 841520, BY COUNTRY, 2021–2024 (USD MILLION)     107

FIGURE 44            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS OF AUTOMOTIVE HEAT EXCHANGERS FOR VEHICLE TYPES   117

FIGURE 45            KEY BUYING CRITERIA FOR AUTOMOTIVE HEAT EXCHANGERS, BY VEHICLE TYPE 118

FIGURE 46            TRENDS AND DISRUPTIONS IMPACTING CUSTOMER BUSINESS IN AUTOMOTIVE HEAT EXCHANGER MARKET               119

FIGURE 47            FUEL CELL VEHICLE THERMAL LOOP    127

FIGURE 48            VOLKSWAGEN’S SUGGESTED PFAS-FREE TIMELINE            128

FIGURE 49            AUTOMOTIVE HEAT EXCHANGER MARKET, BY PROPULSION,

2025–2032 (USD MILLION)            135

FIGURE 50            AUTOMOTIVE HEAT EXCHANGER MARKET, BY DESIGN, 2025–2032 (USD MILLION)          170

FIGURE 51            AUTOMOTIVE HEAT EXCHANGER MARKET, BY VEHICLE TYPE,

2025–2032 (USD MILLION)            181

FIGURE 52            AUTOMOTIVE HEAT EXCHANGER MARKET, BY ELECTRIC VEHICLE TYPE,

2025–2032 (USD MILLION)            193

FIGURE 53            AUTOMOTIVE HEAT EXCHANGER MARKET, BY OFF-HIGHWAY VEHICLE TYPE,

2025–2032 (USD MILLION)            204

FIGURE 54            AUTOMOTIVE HEAT EXCHANGER MARKET, BY REGION, 2025–2032 (USD MILLION)          212

FIGURE 55            ASIA PACIFIC: AUTOMOTIVE HEAT EXCHANGER MARKET SNAPSHOT            215

FIGURE 56            ASIA PACIFIC: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026      218

FIGURE 57            ASIA PACIFIC: GDP PER CAPITA, BY COUNTRY, 2024–2026              218

FIGURE 58            ASIA PACIFIC: INFLATION RATE AVERAGE CONSUMER PRICES,

BY COUNTRY, 2024–2026                218

FIGURE 59            ASIA PACIFIC: MANUFACTURING INDUSTRY’S CONTRIBUTION TO GDP, 2024  219

FIGURE 60            EUROPE: AUTOMOTIVE HEAT EXCHANGER MARKET, BY COUNTRY, 2025–2032 (USD MILLION)           230

FIGURE 61            EUROPE: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026      234

FIGURE 62            EUROPE: GDP PER CAPITA, BY COUNTRY, 2024–2026        234

FIGURE 63            EUROPE: INFLATION RATE AVERAGE CONSUMER PRICES,

BY COUNTRY, 2024–2026                235

FIGURE 64            EUROPE: MANUFACTURING INDUSTRY’S CONTRIBUTION TO GDP, 2024  235

FIGURE 65            NORTH AMERICA: AUTOMOTIVE HEAT EXCHANGER MARKET SNAPSHOT            248

FIGURE 66            NORTH AMERICA: REAL GDP GROWTH RATE, BY COUNTRY, 2024–2026                251

FIGURE 67            NORTH AMERICA: GDP PER CAPITA, BY COUNTRY, 2024–2026      251

FIGURE 68            NORTH AMERICA: CPI INFLATION RATE, BY COUNTRY, 2024–2026      252

FIGURE 69            NORTH AMERICA: MANUFACTURING INDUSTRY CONTRIBUTION TO GDP, 2024            252

FIGURE 70            REST OF THE WORLD: AUTOMOTIVE HEAT EXCHANGER MARKET,

BY COUNTRY, 2025–2032 (USD MILLION)               259

FIGURE 71            REST OF THE WORLD: REAL GDP ANNUAL PERCENTAGE CHANGE, 2024–2026            261

FIGURE 72            REST OF THE WORLD: GDP PER CAPITA, 2024–2026        261

FIGURE 73            REST OF THE WORLD: AVERAGE CPI INFLATION RATE, 2024–2026                 262

FIGURE 74            REST OF THE WORLD: MANUFACTURING INDUSTRY’S VALUE

(AS PART OF GDP 2024) 262

FIGURE 75            MARKET SHARE ANALYSIS OF TOP AUTOMOTIVE HEAT EXCHANGER MANUFACTURERS, 2024                 272

FIGURE 76            REVENUE ANALYSIS OF TOP 5 MARKET PLAYERS, 2020–2024         274

FIGURE 77            COMPANY VALUATION OF TOP 5 PLAYERS (USD BILLION)             275

FIGURE 78            FINANCIAL METRICS OF TOP 5 PLAYERS                 275

FIGURE 79            BRAND COMPARISON OF TOP 5 PLAYERS                 276

FIGURE 80            AUTOMOTIVE HEAT EXCHANGER MARKET: COMPANY EVALUATION MATRIX

(KEY PLAYERS), 2024       278

FIGURE 81            AUTOMOTIVE HEAT EXCHANGER MARKET: COMPANY FOOTPRINT, 2024      279

FIGURE 82            AUTOMOTIVE HEAT EXCHANGER MARKET:

STARTUP/SME EVALUATION MATRIX, 2024          285

FIGURE 83            MAHLE GMBH: COMPANY SNAPSHOT   296

FIGURE 84            MAHLE GMBH: BUSINESS RESTRUCTURING                 297

FIGURE 85            DENSO CORPORATION: COMPANY SNAPSHOT                 305

FIGURE 86            VALEO: COMPANY SNAPSHOT  310

FIGURE 87            HANON SYSTEMS: COMPANY SNAPSHOT                 315

FIGURE 88            T.RAD CO., LTD.: COMPANY SNAPSHOT                 321

FIGURE 89            T.RAD CO., LTD.: HEAT EXCHANGERS FOR FUEL CELL ELECTRIC VEHICLES           323

FIGURE 90            T.RAD CO., LTD.: HEAT EXCHANGERS FOR GASOLINE/DIESEL ENGINE VEHICLES   323

FIGURE 91            SANDEN CORPORATION: COMPANY SNAPSHOT                 327

FIGURE 92            SANDEN CORPORATION: PRODUCT PORTFOLIO       328

FIGURE 93            MARELLI HOLDINGS CO., LTD.: COMPANY SNAPSHOT          331

FIGURE 94            MARELLI HOLDINGS CO., LTD.: THERMAL MANAGEMENT MODULE             332

FIGURE 95            DANA LIMITED: COMPANY SNAPSHOT 337

FIGURE 96            BANCO PRODUCTS (INDIA) LTD.: COMPANY SNAPSHOT          340

FIGURE 97            NIPPON LIGHT METAL HOLDINGS CO., LTD.: COMPANY SNAPSHOT   343

FIGURE 98            MODINE: COMPANY SNAPSHOT               345

FIGURE 99            ESTRA: COMPANY SNAPSHOT   350