PUBLISHER: Allied Market Research | PRODUCT CODE: 1566799
PUBLISHER: Allied Market Research | PRODUCT CODE: 1566799
The global automotive condenser market was valued at $6.8 billion in 2022, and is projected to reach $10.9 billion by 2032, growing at a CAGR of 5% from 2023 to 2032.
An automotive condenser, also known as air conditioning condenser, is an essential component of a vehicle air conditioning system. The condenser works to reduce the temperature of the refrigerant during the condensation process. The automobile air conditioner holes also discharge the cold liquid that forms in the condenser when the heated temperature is effectively lowered. It plays a pivotal role in producing cool air circulated within the vehicle's cabin and increase comfort inside a vehicle cabin.
The growth of the global automotive condenser market is driven by several factors, such as increase in demand for better driving comfort in automobiles and growth in sales of automobiles. Moreover, trend toward reducing environmental impact in the automobile industry is driving the market forward. For instance, on September 11, 2023, "Everycool'', a commercial vehicle cooling system for trucks, had been developed that improves cooling efficiency and reduces environmental impact. The new cooling system is used when a truck engine is not running. The technology achieves the dual objectives of improving driver working conditions during hot summer seasons and reducing environmental impact and promoting efficient energy utilization by lowering fuel consumption.
However, high costs and fluctuation in the price of raw materials and perception of risk restrain the development of the market. Contrarily, increase in vehicle production and sales of automobiles are anticipated to provide lucrative growth opportunity for the companies operating in the automotive condenser market. For instance, in 2022, the Society of Indian Automobile Manufacturers released a data that portrayed passenger sales in India in FY 2022-2023 accounted for 38, 90, 114 units which was around 30, 69, 523 units in 2021-2022. During the same period, the sales of commercial vehicles increased from 7, 16, 566 to 9, 62, 468 units.
Segmentation Overview
The automotive condenser market is segmented into type, material, vehicle type, sales channel, and region. Depending on type, the market is segregated into a single flow, tubes and fins, serpentines, and parallel flow. By material, it is bifurcated into aluminum and copper. According to vehicle type, the market is fragmented into passenger vehicles and commercial vehicles. As per sales channel, the market is categorized into OEM and aftermarket. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Findings
Depending on type, the serpentines segment accounted for the highest share in the market in 2022.
By material, the aluminum segment held the largest market share in 2022.
According to vehicle type, the passenger vehicle segment gained the maximum share in the market in 2022.
As per sales channel, the aftermarket segment acquired most of the market share in 2022.
Region wise, Asia-Pacific dominated the automotive condenser market in 2022.
Competitive Analysis
The major players operating in the automotive condenser market include Robert Bosch GmbH, Denso Corporation, MAHLE GmbH, Hanon Systems, Marelli Corporation, Valeo SA, Subros Limited, OSC Automotive Inc, Delphi Technologies, and Koyorad. Co., Ltd. Other players in the automotive condenser market include Air International Thermal Systems, MODINE MANUFACTURING COMPANY, and Reach Cooling Group. These players have adopted several strategies to maintain their foothold in the competitive market.
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