PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1064975
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1064975
The global Automotive Heater Core market was valued at USD XX billion in 2020, growing with 6.8% CAGR during the forecast period, 2021-2027. A heater core is a device that is used to transfers heat from the engine hot coolant to produce warm air to the car interior.
The cooling system in the car will become considerably vital because it performs a vital function in regulating the temperature of the engine. The upward push in demand for fuel-efficient cars and stringent emission norms set by regulatory bodies are probably to propel the automotive heater core market during the forecast period. Similarly, growth in vehicle production throughout the globe, due to an increase in purchase power and rapid urbanization, is anticipated to enhance the automotive heater core market during the forecast period.
An increase in the adoption of electric cars because of government initiatives and stringent norms concerning the environment is probably to drive the heater core market during the forecast period. For instance, according to the International Energy Agency (IEA), Electric car sales reached a record 3 million in 2020, up 40% from 2019. In addition, by 2050 Scenario projects 300 million electric cars on the road and they account for over 60% of new car sales, compared with only 4.6% in 2020. Thus, electric vehicles provide a lucrative opportunity for the growth of the heater core market during the forecast period.
Based on type, the automotive heater core market is segmented into aluminum and brass. The aluminum segment is expected to hold the major market share during the forecast period. The growth in the segment is attributed to the demand for lightweight components. Moreover, it is an excellent thermal conductor and can heat up very quickly. Thus, this factor propels the demand for the aluminum heater core segment during the forecast period.
Based on application, the automotive heater core market is segmented into passenger cars and commercial vehicles. The passenger cars segment is expected to dominate the automotive heater core market during the forecast period. The growth in the segment is attributed to the increase in production of passenger vehicles across the globe which includes the factors such as rapid urbanization, increase in per capita, and strong demand from consumers.
Based on region, the global Automotive Heater Core market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region is expected to hold the major market share during the forecast period. The growth in the region is attributed to the high production of commercial and passenger vehicles. In the region, China holds the major market share for the production of passenger and commercial cars. For instance, according to the market analysis, in 2020, approximately 20 million passenger cars and five million commercial vehicles had been produced in China. Moreover, the penetration of electric vehicles mainly from the countries such as China, India, and Japan contributed to the growth of the automotive heater core market across the region.
The COVID-19 pandemic significantly impacted various industries such as oil & gas, manufacturing, retail, and others due to the lockdown imposed by governments across the globe to limit the spread of the virus. Moreover, the disruption in the supply chain of the product and services is the main cause that affects the market growth during a pandemic.
Similarly, the COVID-19 pandemic significantly impacted the growth of the automotive heater core market due to the shortage in automotive sales. For instance, according to the International Organization of Motor Vehicle Manufacturers, global auto production in 2020 was severely hit by the COVID-19 crisis with a 16% drop in world auto production. However, due to the ease of the lockdown by the government across the globe, the market will gain momentum in the approaching years.
The scope of this report covers the market by its major segments, which include as follows: