A new report, titled “Global Automotive Condenser Market Size study, by Type (Single Flow, Tubes & Fins, Serpentines, Parallel Flow), by Application (Passenger Cars, Commercial Vehicles), by Sales Channel (OEMs, Aftermarket), by Material (Copper and Brass, Aluminum, Plastic) and Regional Forecasts 2020-2027,” has recently been added to the vast repository of Report Ocean. According to this research report, the overall value of the global automotive condenser market was approximately US$8.9 Bn in 2019. With a CAGR of more than 4.4% between 2020 and 2027, this market is likely to register a significant rise in the years to come.
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Demand for Sports Car from Young Consumers to Propel Global Automotive Condenser Market
The demand for an automotive condenser is expected to increase significantly in the near future, thanks to the rising production of vehicles. The young consumers are preferring sports cars and other fast vehicles, adding to the demand for automotive condensers. Additionally, the expansion in the passenger car market is also projected to support the global market over the next few years.
On the other hand, the high cost incurred in installing and producing a condenser for automobiles is anticipated to hamper the market to some extent in the next few years. In customized applications, which require more equipment and high-resistance materials, the cost of customized condensers is higher than conventional automotive condensers due to the high production costs.
Increasing Production of Vehicles to Support Asia Pacific Market
North America is the leading regional market across the world, thanks to the early adoption of advanced technology, which led to consumers’ increased inclination towards automation. Asia Pacific is also anticipated to exhibit significant growth rate over the forecast period. Several factors, such as the rising disposable income and high production of vehicles would create lucrative growth prospects for the automotive condenser market in Asia Pacific in the long term, reports the study.
Impact of COVID 19 on Global Automotive Condenser Market
The global automotive industry is one of the severely impacted markets from the COVID pandemic. For some time, the production of vehicles stopped completely, resulting in little to no demand for automotive condensers. This reflected quite negatively on the worldwide market for automotive condensers. However, with the production beginning again, the market is likely to gain impetus in the near future.
- Aluminum has emerged as the key material segment in the global automotive condenser market. The unique characteristics of aluminum, such as its lightweight feature, superior aesthetics, corrosion resistance, and easy manufacturability, and good conductivity, are expected to maintain the impetus in this market segment.
- On the basis of the type, the parallel flow segment is anticipated to report high growth, thanks to longer life and effective HVAC comfort offered by these condensers in real-time working conditions.
- Based on the sales channel, the OEMs segment has acquired the lead in the global market with more than 90% share. The segment is projected to retain its position in the near future.
- In terms of vehicle, the passenger car segment is projected to offer new opportunities in the global automotive condenser market due to augmenting preference for advanced automotive condensers among consumers.
The global automotive condenser market is segmented into:
- Single Flow
- Tubes & Fins
- Parallel Flow
- Passenger Cars
- Commercial Vehicles [LCVs, HCVs]
By Sales Channel
- Copper and Brass
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of the World
Companies mentioned in this report
- DENSO Corporation
- Valeo SA
- Hanon Systems
- Calsonic Kansei Corporation
- Sanden Philippines
- Delphi Automotive PLC
- Mahle GmbH
- T. RAD
- Modine Manufacturing Company
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